Buying a home WITHOUT an Agent...help!

38 Replies

Alright Bigger Pockets experts, this is my first post and I need some professional advice.

https://www.zillow.com/homedetails/513-Wood-Nymph-Ln-Chesapeake-VA-23323/248592125_zpid/

Looking to make an offer without an agent on this property.

I'm thinking of making the offer at 480k as they plan to list between 500 and 515k. Houses are going fast in this market and especially this neighborhood, and I do not want to insult them.

This will be my second home purchase and I'll be using a VA backed loan. I already own another home in this neighborhood and plan to continue to own it as a rental property.

What are your thoughts/suggestions as to smoothing the process? What is your evaluation of the home?

If anyone has done a deal without and agent and has some wisdom I would be honored to learn.

Thanks to all who have read this far!

As both a broker and investor I can tell you that you should be using an agent. If you are using a skilled agent they have many things that they can do to make your offer more attractive. The seller has already negotiated the commission with their agent so that doesn't offer an advantage to you. The buyers agent cost you nothing, not using one could cost you the deal. 

@Shawn Mcenteer I am not using an agent to save the seller commission and to lower my final home price. I personally know the seller.

I am interested in what you think is a reasonable price for the offer. What do you think?

Full disclosure...I plan to get my real estate license within the next two years. This will also be a learning experience for me.

Any help is appreciated.

I assume the property is not listed yet? Because if it is the commission will be paid, regardless if you have an agent.

Before you make an offer you should understand fair market value. Nobody on BP can tell you what to offer without that information. Offer less is the default, but thats not helpful.

Getting licensed for your own deals is silly. I know from experience, because thats what I did. The learning starts after you got your license. I have been an investor mucu longer than an agent.

If you don't close at least 12 transactions a year you don't know what you are doing and should not practice without a mentor. 25 is proficient, 50+ is outstanding. National average is 7, that's why agents have often a bad reputation.

Buying without an agent is not difficult at all. the question is does this property even make sense to buy at half a million dollars ? I mean What kind of rent do you expect to get off this house a month