Do you want to buy a house on your own and avoid third-party intermediaries? This article will introduce you to some methods.
Obtain an Installment Loan Consent Form in Advance
Unless you pay the full amount at once, you need to understand your financial situation in advance. Installment loan pre-approval lets you know how much you can borrow. Be prepared when negotiating house prices.
Find Properties Yourself
Since there is no agent to help you find suitable properties, you can find suitable properties for sale through the following methods:
- Read the properties for sale section of real estate magazines. But be aware that the homes you’re looking at are for sale by the owner and not by an agent.
- Reputable websites like Craigslist allow you to learn about for-owner properties on the market without leaving home.
- There are also properties for sale in the classifieds and real estate sections of local newspapers.
- Drive around your target area and check for ads for properties for sale by owner. Usually, these advertisements are marked with specific house numbers.
- Real estate websites such as home.com and Trulia.com maintain databases of properties for sale. You can enter keywords such as region, price range, room type, etc. to directly search for target properties.
Contact the Current Owner of the Property You Like
Inquire about house sales and make an appointment to meet.
Valuation of Property
Once you’ve chosen a property, you can calculate its value yourself by doing the following:
- Hire a property appraiser. In return for a service fee, a property appraiser will not only tell you the true value of your property after a thorough appraisal but also prepare the necessary documents for a home purchase loan.
- Using house price calculators on the Internet, you only need to enter property data to get house price results. You can get many of these house price calculators for free through major search engines.
- Another method of calculation is called relative market analysis. It takes into account the structure of the house, its location, and nearby comparable properties to calculate the current price of the property. You can find self-service relative market analysis services on sites such as RedFin.com.
Find a Real Estate Attorney
Once the price is determined, you will need a professional to draft the legal documents. Counteroffer appropriately. Have your attorney draft the document with the terms of the counteroffer in mind before giving the document to the seller. Both parties should negotiate a mutually beneficial price to the greatest extent possible.
Draft Sales Contract
Have your real estate attorney write the sales contract for the buyer and seller.
Tips
- Many people self-buy a home because they don’t want to pay third-party commissions. The real estate agent’s commission is not paid by the buyer but is charged to the seller after the house is successfully sold. It’s just that property sellers often pass on the 6% agency fee to buyers. Therefore, intermediary fees are eliminated and both parties benefit.
- Statistics show that properties sold without a real estate agent tend to be more expensive than those with an agent. This means that eliminating the need for a real estate agent does not mean a guarantee of absolute benefits.