Handling Your Own Real Estate Transaction
Buying a home is no easy task, especially for first-time buyers lacking the knowledge to ask the full list of questions and concerns involved. With hundreds of websites navigate; finding a home can be very confusing. Having a real estate professional on your side will help you to obtain the most useful and factual information.
Once you find a home you are interested in, you will need to consider things such as seller representations, home inspections, the condition of the sewer or plumbing, the quality and accessibility of local schools, zoning restrictions, neighborhood issues, the accessibility of public transportation, and more. A real estate agent can research the subject property to gather data and pull a Comparative Market Analysis to help you make an educated decision.
Buyer’s Agent– a buyer’s agent will know the neighborhood. They will understand the community perception and also have an idea of past and present inventory. They are also usually very detail-oriented and have great insight to get you the rock-bottom price a seller can accept.
Investor– real estate investors keep an inventory of homes, many of which could be of great interest to you. Like agents, investors really understand the market and the neighborhood you’re looking at. If they bought a home there, they did so for a reason.
Attorney or Title Company– with all of the paperwork being signed, the cost of using a legal professional can prove to be well worth it. Depending on where you live, either an attorney or closing agent can negotiate on your behalf and address any issues that may affect the future of your property. Many states even require their presence. Without an attorney or closing agent, you run the risk of failing to file the appropriate documents. Having legal counsel just makes good business sense.
Sure you will save money handling your own real estate transaction, however it is very clear that whatever money you may save upfront, could cost you big time in the long run.