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How to make an offer on a house with no Realtor?.

Hi, I'm looking at the houses in 400-450k range and know what i want. Don't feel like paying 10 000 to someone to help me make offers and give advice I don't need.I want to get at least some money from real estate commissions to pay closing cost.  Can I just draw offer with Real estate attorney help and put my terms about getting let say 2% commission back, letting selling agent have his 4% or 3%.
Thank you
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January 27 2013 - US
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Best Answer
Go ahead and do what you want to do.  A good understanding of the system will help you, but you seem to know what you are doing so I say, go and do your search, make the appointments, search for the comps,  write the offer, negotiate, monitor the process, organize the loan and the closing, there isn't much to it.  By the way, the fact that you will not be using a buyer agent representing your interests does not guarantee you that the seller will give you a discount. Commissions are set with the agency and oftentimes they are non-adjustable., which means that the seller will pay the full commission to the listing agent that represents the property. Give it a try on your own though, and see what happens.  I wish you good luck!
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January 27 2013
Certainly you can make a proposal to the listing agent that you would like to be represented by an attorney, and ask if your idea would be acceptable. From the replies by the agents here, you can see that they take pride in the value that they provide the buyer.  A great agent will know the market very well, and won't let you overpay.  Knowledge of the best home inspectors, so deferred maintenance doesn't go undetected, and positive working relationship with the listing agent can go a long way toward getting you the very best value, and making sure you don't lose out on a great home.  They can help show you properties that meet your needs that you might not have seen on your internet searches, and will often have previewed them, saving your time.  As a broker, I could certainly represent myself in a transaction, but would not do so.  The listing firm has a contractual right to the total fee, which could mean that the half of the fee that was earmarked for the selling agent, your agent, will simply all go to the listing side of the sale.

Best of luck to you, however you choose to proceed.


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January 27 2013
In addition to all answers. Even with an agent you can make an offer that you need credit for closing cost and most mortgage company will allow you up to 3% of purchase price. 
Of course you can do the leg work yourself and have a lawyer handle the purchase documentation for you. But a good agent is not only one who finds the right property and negotiates but they also serve as a mediator. Buying a property can be stressful and emotional and it is always a good idea to have a qualified agent to act as your go between.  One of the functions of the listing agent is to get the highest price for the seller... not less, and Buyer agent is fighting for your best price. Negotiating process can be very dynamic and in this coming up market its more happening multiply offer situation where you really would like to have an agent working for you.
The lawyer likely won't continue to check on progress and keep you updated and make calls, remind you of deadlines, etc, they most likely will do the paperwork and then show up at closing.
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January 27 2013
As previously stated, the listing commission is between the listing Brokerage and the seller.  The listing Broker then agrees with the MLS service to provide a percentage of this to the buyers agent/office.

As a buyer, the commission is paid by the seller...not by you, so as you may feel you are paying it, the seller has already calculated this fee and is aware of his costs.

 When you choose an agent to help you, interview several in order to find someone who will truly do this.  A Realtor can help you with solid negotiations (as your agent and not a dual agent) between the other agent and yourself...from closing costs credits to repairs needed, there are always unforeseen issues with every sale.

Just get involved with a professional that is ONLY representing you...and not both sides. When its all over, I am certain you will be pleased that you had a professional in your corner.

Scott Cary
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January 27 2013
In addition to the other 2 answers, you'll be paying the real estate attorney where you would not be paying your buyer's agent. Your buyer's agent doesn't just offer advice and submit offers. They keep the transaction on time and going smoothly thru whatever hiccups that might happen.
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January 27 2013
Make an offer with an agent who isn't a member of the National Association of Realtors.  The term Realtor describes a member and agents don't need to belong to the Association.
And who says the Seller won;t discount the price by 3-4%? You'll never know if you're working with their representative.
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January 27 2013
 
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