The Pitfalls of Buying or Selling a Home Without a Realtor

Of all the home transactions across the nation, about 20 percent are done without a real estate agent. This is because homeowners (sellers) and prospective buyers wish to save the cost of a realtor’s commission, which generally ranges between 5 and 7 percent of the purchase price of the home. However, many of these people find themselves regretting their decisions because not hiring a realtor costs them even more than that 5-to-7 percent they were trying to save in the first place. But why is that? To begin with, there’s a lot involved in the sale and purchase of a home. Sellers have to prepare a listing, decide upon a starting price, setup and hold open houses, and coordinate all home inspections and appraisals, etc. Taking care of all these tasks is anything but easy and certainly demands a considerable investment of time, effort and money from the homeowner’s end. However, reliable realtors like John Wells from Newburyport can assist homeowners with all of these tasks. For buyers, realtors first help determine just how much they can afford to pay for a home. They then weed through the myriad of homes that are on the market, matching potential homes to the buyer’s purchase specifications. They arrange to show the homes to potential buyers, assisting in what to look for and what questions to ask. They also help in representing the buyer’s best interests and their offer. Once the offer is accepted, the realtor may even suggest mortgage lenders. The realtor then works with the seller’s representative to ensure all inspections, appraisals, title searches, and permitting is properly completed. Again, working with the seller’s representative, the realtor coordinates a real estate attorney for the buyer, as well as the closing. A professional realtor like John Wells knows the right questions to ask. It is their job as professionals to keep abreast of the real estate market for their area. They handle any problems that may arise, protect you as the buyer or seller, know what to avoid in real estate and during negotiations, and know what is and what is not covered by the home warranty of the sale. They also ensure that all compliance and disclosure issues are dealt with properly, making sure that nothing is overlooked that could cause you a legal problem in the future. Most importantly, a realtor maintains objectivity during an event that can be emotional for both buyers and sellers. Your realtor remains objective during negotiations, executing the best deal possible for you. So, to sum it up, in order to avoid the pitfalls of selling or buying property, use a realtor, and save a lot of money in the long run.