Maybe you don't think real estate agents serve a useful purpose, just collecting big checks for opening a few doors and pushing some paper around. While from doing the job for over a dozen years I KNOW there's a lot more to it than that and a great real estate agent will more than earn their commission check, it's totally your right to forge your own path. So if you want to be a home buying do it yourselfer, there are some things you need to know.
1. The listing agent for a home works for the SELLER, not you! Odds are there's no better deal for going without an agent and because the agent does this dozens of times a year and probably has for years, their experience is most likely going to trump your negotiating skills. Not trying to be rude, it's just the way things are.
2. A For Sale By Owner (FSBO) home seller doesn't know what he doesn't know. For instance, the state of Ohio requirement to fill out and provide a copy of the Residential Property Disclosures and a Lead Disclosure. And don't assume they priced their home lower because they don't have a listing agent to pay. In general, they'll actually price HIGHER than the general market going rate for homes listed with an agent. And after the FSBO seller finishes giving you their spiel on how their home is THE very best one in the area and all the things they've done to it, you just MIGHT believe it's worth that inflated price.
3. Builder's reps work for the builder. It's another version of point 1. The rep can ONLY sell you homes from their builder, even if a builder a 1/4 mile away actually has the PERFECT home for you.
4. Get a home inspection. Get a home inspection. Get a home inspection. Get the point??
5. Be prepared for a fight, especially if you're working with a FSBO seller. We've seen people act like they're your best friend as long as things are smooth, then turn into a junkyard dog when things go the least bit sideways. That state certified radon tester? She didn't know WHAT she was doing, I looked it up on the Internet and she did it all wrong. #TrueStory
6. Choose wisely. The further from the mainstream you get for your home, the more likely it'll be a challenge to sell when it's your turn.
7. Get preapproved. Having your financial ducks in a row before you start is critical.
8. Understand the paperwork. Whatever contract you use, KNOW it. It's legally binding and the other side isn't interested in any phrase that starts with "I thought...". Hiring a real estate attorney if you refuse to hire an agent just might save your bacon and your checkbook.
9. Know the neighborhood and understand the factors of pricing. A change from one side of the street to another might literally mean tens of thousands of dollars in price difference.
10. Be wary of online information. Whether it's an article written by some NYC journalist that's never bought a home in suburbia, or a website providing estimates of value, info on the Net can be totally whacked! That syndication site might grab the nearest school, but NOT the school that actually serves the home. This is where expertise can REALLY pay off. And bonus tip? Most of what you see on "reality" TV about home buying and selling is so far from the truth it might as well be in orbit around Jupiter.
11. We're not telling you EVERYTHING we know about buying real estate or we'd be here for days. If you go solo, know it comes with risks. If you want a pro to help, just contact us and we'll take care of items 1 through 10 and a whole lot more.
More questions about buying or selling a home in the Warren County area Just give us a call at 513-520-5305 or email Liz@LizSpear.com.
Serving Warren County area home buyers and sellers,
Liz and Bill aka BLiz
Serving Warren County Ohio & Adjacent Areas
The Liz Spear Team of RE/MAX Elite
Elizabeth Spear, ABR, CRS
William (Bill) Spear, CRS
Ask for us by name if you visit the office!
Two locations: Lebanon & Mason, OH
Direct #2: 513-265-3004
Search Homes: Http://WarrenCountyOhioRealEstate.com
Our Website: www.LizTour.com
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