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.
Real Estate Agent · Naples, FL · Member since 2016 · 298 posts · 268 votes
5y
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.
Investor · Rochester, NY · Member since 2017 · 206 posts · 175 votes
5y
@Bryson Goforth
Gotcha. Then it depends how bad you want it. If you’re going to live there with your family for many years to come, then it doesn’t matter if you over pay a little for it.
For piece of mind, hire an inspector and review the contract with an attorney.
Real Estate Broker · DC MD, VA & NV · Member since 2014 · 512 posts · 292 votes
5y
@Bryson Goforth and you’re not using an agent because....? You clearly need professional advice! If you want to compete with other offers and be taken seriously by the Seller & Listing Agent, my advice would be to find a good Realtor. Good luck!
Real Estate Broker · DC MD, VA & NV · Member since 2014 · 512 posts · 292 votes
5y
Sorry- missed the other comments... I would offer a bit more than your calculating for not having a professional involved as there is increased risk... of course learning more about the Seller and their motives will help!
Multifamily Syndicator · Houston, TX · Member since 2016 · 1k+ posts · 2k+ votes
5y
If there is a motivation from the Seller and since you know the Seller, ask them what they want for it.
There is a big range: what they paid for it - what you think it's worth.
Based on quick research, I'm sensing a range of $480k-$550k.
Thought on smoothing the process is reaching out to a local title company to see if they can help you coordinate closing and refer you to an appraiser. If you know the Seller, it is definitely possible to do.
Rental Property Investor · Columbia, SC · Member since 2020 · 302 posts · 186 votes
5y
If you know the seller just call them and say what you are thinking, if they are interested call the agent offer them 4% no buyer commission and go from there
although alot of Agent will tell you that it is pointless to not use an agent i can tell you from experience that is not true. i save thousands on a deal because of it. you just have to tell the sellers agent you want to put an offer in with out an agent and request that they lower there commission to make your deal more appealing some agent will do this some wont. i normally see it as a win win as the agent can get paid more, the seller can profit more and you can get a better deal all at the same time. the only thing you lose out on his that the seller agent is going to be biased on there clients side but if you are comfortable with negotiation your on your own then its great way to go.
Real Estate Agent · Slidell, LA · Member since 2017 · 207 posts · 267 votes
5y
If you need an inspector lookup David Throckmorton (Jodat inspection), he was my inspector when I lived down in VB and Norfolk. He inspected about 20 of my deals as I was buying down in the Hampton roads area. I have a team of contractors and such even PMs. Good luck securing the deal!
Real Estate Agent · Tucson, AZ · Member since 2018 · 112 posts · 73 votes
5y
People forgo money for confidence and convenience. Your offer would need to provide confidence and convenience to the seller at a higher level than listing with an agent or you would need to offer more than they would net with an agent.
Property Manager / Licensed Realtor · Toledo/Columbus, OH · Member since 2019 · 244 posts · 262 votes
5y
Hey @Bryson Goforth, There are pros and cons to doing it without an agent. If you found an agent that is willing to help you through the paperwork process, I am sure you can offer a slim window of commission, I have actively done this.
With that being said, I have clients and friends that do not always want to use me as their agent, I refer them to the local board of realtors for all of the required documents needed for the sale. The biggest documents that I give my friends/clients would be (Keep in mind I am in Ohio): - Purchase Agreement - Property Disclosure - Lead-Base Paint Disclosure - List of any improvements made - Copy of any warranties that are to be transferred
If the property is occupied with a tenant: - Copy of the Lease - Copy of the lease ledger
I am available if you want to PM me with any additional questions. But don't let it intimidate you, my first two purchases were without an agent and I learned quickly, that an agent has more value than I thought haha
I've bought and sold several homes without an agent. A good agent can prevent a lot of problems, but for *most* transactions those things never come up anyway. The agent's main purpose is to bring buyer and seller together, so you really don't need one. Just hire a lawyer or title company to handle the paperwork and closing. All will go well.
just ask the listing agent as your agent and split theier commision back to you. I did it all times. There's no need for buyer agent if you understand risk, really.
I just wanted to take a moment to thank all of the amazing people on this site for giving me some great advice and helping me in completing two real estate transactions.
I was able to successfully buy a different home in the neighborhood FSBO and then sell the other home I own in the neighborhood FSBO.
Thank you to everyone who helped me and the mentors and knowledge I gained from this process! I look forward to obtaining my license and starting my journey.