NEGOSENTRO.COM | Buying a house is not easy. It requires meticulous decision-making to ensure that the house that you are buying is not damaged, overpriced, or sold illegally. Real estate brokers make sure that houses are sold without the buyer or seller facing such problems. However, there are people who are willing to buy houses even without a licensed professional broker or realtor.
If you watch too much western movies or television, you might have lost your trust on real estate agents because like lawyers or cops, they have been stereotypes with the likes of crooks or loan sharks. This makes their reputation not trusted by many. Another reason why many choose not to have a realtor is because there are no laws which says that everyone is required to have an agent buy or sell the house.
In reality, buying a house without a real estate agent brings out many risks that most people do not know of. There are many honest and good-working real estate agents whose goals are making sure that you find a decent home. Here are some of the risks a home buyer puts himself into when buying a home without a legitimate real estate broker:
Overpaying for a house
Buyers may not have an idea of what the exact price of the house is. Because of this, most homeowners who are selling their house are usually overpricing the value of their houses. The owner could set the price of the house of any amount and because you have no realtor, you have no way of determining if the house price offered to you is the right price.
A real estate agent can analyze the real value of a house because they are required to attend classes to become a broker.
There are homeowners who do not tell problems of their house upon selling it. In the end, the buyer is the one who gets to fix the problem. If you have a real estate agent, problems with a home should be disclosed in accordance with the law. Real estate agents are not allowed to be unaware of such issues because they are hired to check the house fully.
A real estate agent’s job is to negotiate with the home sellers about the issues that the house has and disclose them because the value of the house is affected by these conditions.
No knowledge of the neighborhood
One of the advantages of hiring a real estate agent is his or her knowledge of the neighboring areas near the house you are buying. A realtor knows the school districts, property taxes, homeowners’ association rules, commutes, and the general knowledge of the area that you want to live in.
When buying a home, you are not just buying a shelter for you and your family. You are also deciding if the neighborhood that the house belongs is suitable for living. The location of the house also affects the re-sale value of it once you sell it. Not having a real estate agent makes you unfamiliar of your environment.
Laws, regulation, and paperwork
Real estate law is difficult to understand and varies from country to country, and who knows real estate laws better than real estate agents themselves? Not having a real estate owner causes hassles in completing the necessary paperwork needed for the sale of the house.
All the papers are needed to be accurately passed to the respective authorities and should meet the deadline. If you have no real estate broker when buying a home, it is advisable to contact a lawyer.
On the other hand, here is an infographic that tells you on why you should hire a real estate agent brought to you by Premium Properties PH.