#Adulting101: How to buy a house without a realtor

In terms of competition, the housing market has been like never before. That’s led to some potential buyers thinking outside the box and hoping to find ways they can get an advantage over others interested in the same properties. The way some are hoping to do this is by going at it alone and without a professional realtor to help them along throughout the process. 

That’s going to add a lot more work and potential stress to the buyer choosing to go at it alone but it might end up being the correct decision. Choosing not to use a realtor is going to be one of, if not the most, important early decisions when planning to buy a house. If it’s right for you, here’s what you need to know:

Get pre-approved

The first steps to buy a house, realtor or not, are going to be making sure there’s enough saved up for a down payment and that your credit is in order. Once both of those numbers are where they need to be for the amount you are looking to borrow, it’ll be wise to get pre-approved ahead of the actual buying process. The market is hot and you don’t want the wait for approval to be the reason someone else gets the house instead of you. 

This is also going to give you a firm idea of what your actual budget is. It can feel easy to do an estimation of that math yourself but the added confidence when speaking to sellers will be worth the effort of knowing exactly what your budget is. 

Research potential neighborhoods / cities

(Image courtesy of Pixabay)

For those already living in, and familiar with, the area they are looking to buy in, this might not be much of an issue. You’ll know the differences from town to town as well as all the pros and cons you’ll find throughout the areas you are considering. If you are looking to buy in an area where you aren’t familiar, this is where a realtor would come in. You’d tell them everything that matters most to you and they’d make it come true to the best of their abilities. 

Given it makes the most sense for you to purchase without a realtor, make sure you don’t rush into a home simply because the market is hot and you’re afraid of missing out. There’s also more to a location than the closest possible place to your work or your favorite areas of downtown. Become familiar with seemingly minor differences like municipal taxes because those can add up to major differences in total investment by the time the house is paid off. 

Hire a lawyer

This is something that’s legally binding and it won’t be wise to go at it alone. With the right experience and the right research, it can feel possible to forgo a realtor but the same shouldn’t be said about a lawyer. There’s going to be plenty to sign and you’ll need to have the confidence that everything you are signing is exactly as it should be. 

No matter where you are looking to purchase a home, odds are in your favor that there’s going to be local lawyers that specialize in real estate and it cannot be said strongly enough that it’s best to have a professional looking over every document that’s being exchanged and signed before the transaction is completed.

*Thumbnail from Pixabay.

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