Do I really need a realtor if I'm buying a home from someone we know?

We are looking into purchasing a home from someone we know.  If we've already discussed the price of the home and the owner is willing to give up $2k in closing cost do we really need a realtor? Can we do this without one? And should we hire an attorney to look over the paper work?

 

  • February 19 2013 - Houston
  • 2
    2Yes

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Answers (33)

You may be paying too much for the home.  A Buyer's Agent will run all the comps for you, so you will not over pay for the home.  Are you having a house inspection (including pests and radon), so you know if something major is wrong with the house?  A Buyer's Agent will negotiate wih the Seller to make sure the major defects are repaired.  If you are not paying cash, have you shopped lenders to find the best deal for your mortgage loan?  A Buyer's Agent will help you with that.  Did you view some other homes to make sure this house is definitely the right one for you?  A Buyer's Agent would help you with that.  I could go on, but, yes, you need a Buyer's Agent (and the Seller pays the commission for the Buyer's Agent).
  • February 19 2013
  • 1Yes

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Dear Vanessa,

Sounds like a win/win to me!  No, you do not need a realtor but I would recommend getting an appraisal on your friends home. I'm sure that your friends are hoping to get a fair price for their home....but sometimes homeowners see their property as being more valuable than it really is. An appraisal will cost approx. $300.00 (depending on where you live) and that will give you a security that you aren't paying to much.  After all, you and your friends want a great deal....nothing wrong with that.  

A reputable title company will be a great help in this process. They are a neutral entity.

Make It A Great Day,
Liz Huls
  • February 19 2013
  • 1Yes

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No, you don't necessarily need an agent to help, but I would recommend you have an attorney involved to review paperwork and make sure each party understands the contract. 
  • February 19 2013
  • 2Yes

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