The real estate buyer takes many forms. You may know exactly what you are looking for or you may need some guidance. You might know a little or a lot about the current real estate market. You might be a seasoned residential investor, a business owner looking for a corporate space, or a family who has simply grown out of their home. Whatever the circumstances, Lottmann Realty Group can help buyers of all kinds, and at all experience levels, better understand their options and make the right purchase.
Below are some of the most FAQs our team receives from buyers, and our answers:
Q: Can I buy a house on my own?
A: Technically, yes. There is no law that prevents you from buying property without professional real estate assistance. You can search for homes, call the sellers and arrange showings, and even negotiate pricing and move-in requirements on your own (although some municipalities require you to pay an attorney to draw up the actual sales contract). The real question may be "do you really want to do it on your own?" Most often, that answer is “no.”
Q: If I use a realtor to buy a piece of property, won’t I have to pay a commission?
A: No. The commission for the sale of a home is paid for by the seller, not the buyer.
Q: If I decide to buy on my own, how will that affect my list of options?
A: They will shrink. The only properties you can buy without a realtor’s involvement are those that are “For Sale By Owner” (FSBO). These properties comprise only 20% of the market or less.
Q: Is there something wrong with properties listed FSBO?
A: For Sale By Owner simply means the seller has decided not to use a real estate agent in the sale of their property. Some sellers think they can make more money by not paying a commission or by finding an uneducated buyer that will pay more than market price. Others are hoping to avoid disclosing problems that agents are required to disclose to potential buyers. Still others probably had a difficult time finding an agent to represent their property at the price they demanded. Buyers should do their research and secure an independent appraisal of the FSBO property they are considering for purchase.
Q: Why do I need an agent if I can call about advertised properties directly or place a few calls to listing agents?
A: It’s risky. In addition to limiting your property options, you risk not having an advocate—and all the benefits this brings—throughout the transaction. Listing agents, by law, must represent the seller’s best interests.
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