How to Buy a House Without a Realtor

In recent times, mostly everyone who buys a house does so with the help of a real estate agent or broker. But since new rules about agent fees started in August 2024, buyers might have to pay these fees themselves, making some wonder if skipping the Realtor could save them money.

Here's a simple guide on buying a house on your own and some things to think about:
 

Steps to Buy a House Without a Realtor

1. Get Preapproved for a Mortgage

Know what you can afford before looking for houses by getting preapproved for a loan. This shows sellers you mean business.

2. Find the Right Home

Use online tools to search for homes in your preferred area. Filter your search to find exactly what you’re looking for and then set up visits.

3. Ask for a Seller’s Disclosure

This is a list of problems the homeowner knows about. It can include things like flood damage or issues with the home's structure.

4. Make an Offer

Decide on a fair price and submit your offer. If you're not using an agent, consider getting a real estate lawyer to ensure the offer complies with local laws.

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5. Get an Appraisal and Home Inspection

Lenders usually want an appraisal. Even if not required, a home inspection is a good idea to spot potential issues.

6. Negotiate

If the appraisal or inspection reveals problems, you might negotiate a lower price or ask the seller to fix certain issues.

7. Close the Deal

Finally, sign all the necessary documents to complete the purchase. Having a lawyer help with this part is often a good idea.
 

Things to Consider

When you buy a house without a Realtor, you’re doing a lot of the heavy lifting yourself. This includes everything from finding homes and understanding market trends to negotiating and dealing with paperwork. It can be a lot to handle, especially if you’re new to buying homes.

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