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Secrets to Buying Real Estate Without an Agent. |
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Find out what real estate agents don't want you to know.... Click
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You can get rid of the realtor, BUT you cannot get rid of the realtor's work.
Buying or selling property, on your own, requires a significant amount of time to do some
of the complicated work that a real estate agent normally would do. In addition,
without a real estate agent
it may require extra help from outside professionals, such as accountants or
attorneys, for some of the jobs that require specific expertise. REMEMBER: Unlike
Realtors who work for you on a contingency basis, attorneys will
charge you by the hour. Going on your own means you will be
responsible for taking care of everything the Realtor would usually do for you
and making sure
each item is done before closing. You certainly don't want to take this process lightly.
If you're going it alone, make sure you spend the time to get well versed in the
process, to avoid expensive
legal ramifications later! There are many components of buying and selling property on your
own that you will need to
get familiar with such as title work,
examination of title of the property, purchase of title insurance to protect
against any flaws or deficiencies in clear title, knowing what each of the
documents is and who takes care of obtaining and preparing
them, who pays for what and if the cost can be settled at
closing, knowing when it is to be signed, knowing where to
start looking to getting the best possible interest rate financing (which
may not be locally), following up to verify that financing is secure,
make sure you are aware of deadlines, coordinate to
ensure that all contingencies have been completed, including those special
contingencies that may arrive up to the final hour:, repairs, seller property disclosure statements, Home Inspections, Termite Inspections, etc. – with reputable inspectors
property inspections yourself and any others
involved in sale, IMPORTANT TO REMEMBER: Real Estate law is extensive and has its own language. Even those experienced at selling property, are finding that real estate transactions have become more complex, as laws and regulations change. With more loopholes and details that need focused attention, selling property has become fraught with potential liability for unwary sellers, particularly in states that have extensive disclosure requirements Although many owners use copies of realtor agreements or forms found in published handbooks, laws and regulations vary so widely, by county, that these generic agreements often have to be rewritten at closing. With so many "I's to dot and T's to cross" when you buy or sell property on your own , it would be foolish to consider a deal in real estate without professional assistance. If you are not going to use a Realtor, make sure that you don't stumble into legal trouble by hiring an attorney. BUT REMEMBER: Attorneys charge you by the hour, while Realtors work for you on a contingency basis. Many who start the process on their own, quickly realize that they are
better off with a real estate professional on their side, making sure
their rights are protected and that they are fully informed about the condition
of any property they consider buying. Normally the seller pays
for the service so it's FREE to the buyer! (If your seller is not
willing to use a licensed Realtor many times there are agents who will
agree to act as a consultant, to the buyer, for a fee. Having an expert on your
side can be money well spent.) If you'd like more detailed information on the checklist below e-mail us (or simply pick up the phone and call direct at 918 306-1212) IF YOU BUY REAL ESTATE, WITHOUT A REAL ESTATE AGENT, HERE ARE A FEW OF THE ITEMS YOU WILL WANT TO INCLUDE IN YOUR CHECKLIST: APPRAISALS Accurate information will allow the property to be priced correctly. CLOSING- There are appraisals and other activities that must be accomplished well ahead of closing. COMPLIANCE - There may also be local customs and regulations requiring mandatory compliance. CONDITIONS - clauses that prevent the offer from being a legal contract. Be very aware of the conditions placed on an offer. . CONTRACTS - Contracts are complicated, and intimidating. You don't want to go to a closing with some doubts. But remember, NEVER sign a contract until you completely understand ALL of the terms and conditions (even if you are buying from a family member or good friend). COUNTER OFFERS Almost every offer to buy will require some measure of negotiation before you come to a mutual agreement. DEPOSIT -is given by the potential buyer to show they are serious about their offer. The deposit is held in trust and applied to the purchase price at the time of closing. DISCLOSURES - In the last few years some major changes have occurred in the sale process. Sellers must comply with the disclosures required by federal law, plus all Oklahoma statutory disclosure requirements. The seller who sells the property "as-is" sale doesn't pay for repairs, but still must disclose known defects. FINANCING -- You need to get up to speed on financing. Make sure you deal with someone who does NOT have a vested interested in the property. INSPECTIONS- Don't randomly select inspectors, attorneys, and title reps. Like any profession, there are inadequate individuals who will slow, delay and possibly even cost you the transaction. A realtor has dealt with them enough they know which ones to use. But, remember if you aren't using a realtor you should not expect them to provide you with this valuable information. IRREVOCABLE PERIOD- like any contract, the offer or subsequent counter offer can't be left on the table indefinitely. Therefore, there is a deadline attached to all offers. LAST MINUTE CONTINGENCIES concerning the contract, inspection, appraisal or any thing else not completed before closing. NEGOTIATING- Many sales have been lost due to misinterpretation of what was negotiated. OFFERS- Don't base your decision on price alone - what does the rest of the offer look like? POSSESSION DATE - The date the property changes hands has many ramifications for the buyer and the seller. The party compromising on the possession date may want compensation through a reduction on the final purchase price of the property. This is another area your realtor would handle it for you PRE-QUALIFY The ability of a buyer to qualify can throw a last-minute wrench into the entire process. But there are ways to help reduce the chance of a deal going sour. PRICING YOUR HOME- Set The RIGHT Price For Your Home From The Very Beginning Some sellers discovered that, by overpricing their home in the beginning, they have actually ended up settling for a lower price than they would have normally received. They lost money simply, as a result of poor pricing decisions.REPAIRS You must be certain of which repairs for which you are responsible. TITLE COMPANY- property profile from title company to determine ownership, liens, legal description, square footage, bedrooms, baths, roof, heat/air, or special amenities such as a workshop. STAY INFORMED Monitor current market conditions, watch sold properties in your area and other competition on the market. WARRANTY- In many areas the seller can offer a Warranty. It offers buyers peace of mind and helps them overcome fears of things breaking down. Edie Maitlen Rogers Cell: 918 306-1212 Andrea Rogers Morris Cell: 918.225.9481 Specializing in Real Estate in Cushing, OK and the surrounding areas, including Drumright, Ripley and Yale. Real Estate Buying and Selling Tips Pancoast Smith, Realtors ~ 222 E. Moses ~Cushing, OK 74023 ~ 918-225-4198 |
