Do I really need a realtor? Am I missing something?

Question

So Im about to go view a property I probably will buy all cash. The seller listed it on craig's list and they dont have an agent and neither do I. I do however have a prepaid real estate attorney that I can use. Does anyone know if thats all I need? Should I be contacting a title insurance company or a closing and abstract service company or can the RE attorney do all that? I will call and ask the lawyer but I'd rather do my research first so I can ask him the right questions. Am I missing something, should I have a realtor? Thanks guys, this site has proved invaluable to me.

Wayne Brooks · Answer

Start with your prepaid attorney and a title co.  The title co. can give you and the seller an estimated cost to close, and who normally pays what in your area, as a place to start.  Get title insurance, and perhaps pay $300-400 for a professional inspection.  Your prepaid attorney/title co. will probably charge you a little extra for guidance, it's worth it.

John Thedford · Answer

Agree 100% on an inspection. I thought about that after posting. I do carry a blank contract at all times, but I always put in escape clauses in case I want out of the deal. I always have a professional inspection done and one clause states I can back out if not happy with the inspection report. A good inspector's report is a small price to pay and can save the buyer a lot of money and headaches in the long run.

Angelina Grace · Answer

Thanks again Wayne, that helps!

Angelina Grace · Answer

Thank you all for your responses. They are appreciated.

This property will be a primary residence for less than a year and then, hopefully a long term rental. My concern is not whether its a good investment or not, it is, so if that's the only added value in my situation in regards to having a realtor I could do without it then.

Joel Owens · Answer

My answer would be you do not know what you don't know.

Define if you are going to wholesale this to someone else, rehab as a flip to sell, or hold as a long term rental??

Then also look at how much this property cost relative to your cash on hand. If you are paying 30,000 and have 35,000 cash to your name then you are all in versus having 300,000 cash where you are only a little over 10 to 15% invested with liquid cash.

This is huge as a mistake can mean the difference between stubbing your toe and going down like the Titanic. Brokers/agents locate  properties but only  a handful invest themselves and can offer value to you.

Bill Gulley · Answer

In this case see your pre paid attorney, you need a contract and from there they can probably guide the two of you to closing. I'd get an appraiser just to make sure your you could pay for a BPO, broker's price opinion that would be cheaper. The title company can guide you in what you should do locally. Good luck. :)

John Thedford · Answer

I don't think you need a realtor. You can go straight to a title company for closing. I carry a blank contract and once signed I take it to a title company and provide them some escrow funds. Good luck.

Do I really need a realtor? Am I missing something?

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