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Buying a house without a realtor?
Anybody have any experience with this? What exactly is it they do that I CANNOT do? So far I cannot find a solid answer during my internet search.
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9 Replies
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The convince the buyer and ensure the legality of the whole process, because their commission depends on the sale.
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A real estate agent doesn’t really offer a lot of value anymore to a educated and self-directed home buyer. A real estate lawyer can handle all of the paperwork
The problem is that you are not going to see any savings if you buy a house listed by a real estate agent. When you sell, you agree to a certain commission (typically 6% ) that goes to the realtor. If there are two realtors, they split it. If you don’t have a realtor, the seller’s realtor will act as you’re buying realtor and they will take the full commission.
The only real way you’re going to get a deal is buying a house for sale by owner.
Another option is to use a discount buyer’s realtor. I used upnest to buy my current home and actually got quite a bit of money back. It might have been 1% or something
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I agree 6% is very expensive for what they do, but they also deal with lot of activity which doesn’t lead to a sale. See if you can negotiate 5 or 4%.
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Real estate is a racket. 6% for what? I see friends raking in busy ortho PP equivalent money. For what? Dressing up in a suit and selling something that sells itself for the most part.
Real estate is ripe for disruption. Zillow and Redfin need to just charge a flat 1% on all home sales and push out these real estate agents. Sell a 2 million dollar home and get 60k (3%) for one sale? Give me a break
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If you know what you are doing real estate wise, you can do that. ‘I am unrepresented, here is my offer, it’s low but keep in mind you only pay your 3% realtor commission, you don’t pay mine.’
The problem is their realtor will talk them out of taking your offer because they are lazy azzes and just want to deal with other realtors, not a unrepresented buyer and his RE attorney.
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Probably not lazy as much as greedy. Also probably lazy too tho. Real estate is like a brotherhood and they dont want to normalize this type of activity which dimishes their fees
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Quote from sartoriusBIG
Probably not lazy as much as greedy. Also probably lazy too tho. Real estate is like a brotherhood and they dont want to normalize this type of activity which dimishes their fees
Their fee is unaffected. They get their 2 or 3% whether the buyer has an agent or not. They just don’t want to deal with a purchase contract that may be different from the boilerplate the realtors racket puts out or with someone who calls bullshit on the various made up ‘fees’ they try to sneak into the closing statement. I have bought land unrepresented and the seller’s agent was ready to kill me towards the end.
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Yeah i know. Just saying they dont like to normalize this kind of activity because if it catches on, it takes money out of the system as a whole which will inevitably affect them.
I personally think all fees should be capped at 1%. Perhaps through regulation. Govt caps reimbursement rates for imaging, no reason they cant do it with real estate. Real estate agents are vastly overpaid. I have a friend with no college degree making more than me working as a realtor.
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Quote from sartoriusBIG
Yeah i know. Just saying they dont like to normalize this kind of activity because if it catches on, it takes money out of the system as a whole which will inevitably affect them.
I personally think all fees should be capped at 1%. Perhaps through regulation. Govt caps reimbursement rates for imaging, no reason they cant do it with real estate. Real estate agents are vastly overpaid. I have a friend with no college degree making more than me working as a realtor.
You are free to use a discount realtor at 1% or a fee only company for a listing. No need for regulation.
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