The Dangers Of Buying A House Without A Realtor

[@denisebatt8155]

Paperwork is provided by the Title company. I’ve used realtors for market analysis and developed my own spreadsheet to figure a fair price to sale my home. I have successfully done several DIY sales as a layman. It’s definitely not for everyone but if you have some knowledge or want to seek knowledge, you can save a ton of money. I just saved 38k by not using a realtor.

[@nneisler]

A good selling agent is worth it. They can get you the right price and can find and negotiate with a buyers agent. Depends on the house you are selling - a newer house in the right location may sell itself

[@lanialost1320]

Oh, all those poor buyers and sellers in Europe and UK don't know what they're missing! Typically a 1% TOTAL commission once a home gets sold, and NO buyer agents exist. Let's have more USA-style middlemen introduced into the home selling process in the UK to milk money since there's so much cash flying around. Gotta get a slice of the pie!

[@nouche-30064]

Exactly ❗🤣 By the way, UK is in Europe ❗💡😁

[@Ms.Merotica]

Australia also has no buyer agents. As I write today of yesterday, 11/26/24, it's final. The judge in the Sitzer-Burnett approved the more than $700 million dollar settlement, effectively handicapping the NAR/Home Services. It's trending opposite of your hopes.

[@jacque4697]

From what I’ve seen the points made here are mostly trying to justify paying someone 10000s to make an appointment, fill out a form, schedule an inspector, and escrow company. Basically very little value for a lot of money. All of this could be done by anyone in couple hours effort max.

[@KG-ho7bj]

When I bought, I had an agent. I still ended up doing my own research to find the lawyer, title company and inspector etc. because what I saved like 3-4k diy

[@MrSethmo13]

Why do I need a survey as a buyer? There’s going to be a title company that will be providing title insurance and they will either conduct a survey themselves or they will rely on what’s recorded at the register of deeds. They’re going to provide me with title insurance. I have purchased over a dozen rental properties in Michigan and I have never once needed to pay for or conduct a survey. Is this some requirement that is unique to the state where you practice law?

[@caseydbriscoe]

I agree! I’m an agent and investor in Texas. Title orders survey.

[@MrSethmo13]

@@caseydbriscoe The only “vendor“ I have ever had to purchase services from as the buyer of a property has been a home inspector. Listening to these two KZbinrs speak, it seems as though they are deliberately trying to create the appearance that a buyer‘s agent performs essential tasks. In my experience, the buyers agent never does anything more than merely transmit offers and counter-offers back and forth to the seller‘s agent and maybe coordinates dates times and locations for the title company to run the closing. I think the buyer‘s agent is the least essential part of the homebuying equation. I don’t understand why these KZbinrs are pushing so hard to convince their viewers that the buyer‘s agent plays an essential role. This is, of course, coming from the perspective of a real estate investor who finds his own properties and does not need the buyer‘s agent to act as an escort. If I were a first time homebuyer, I would probably feel differently.

[@Starfish2145]

I’m in Arizona. Title companies do not order surveys! The buyer pays for a survey if they want one. It is not automatically done.

[@MrSethmo13]

@@Starfish2145 As a buyer of 17 rental properties (plus two personal residences), I have never been asked by my buyer’s agent to pay for a survey nor have I ever even been offered an opportunity to have one conducted. I am agreeing with you that one is not necessary. So why would the KZbinr making this video bring up the subject of getting surveys as a reason for procuring a buyer‘s agent?

[@yogareset]

I think it depends on your state

[@serenaborden3171]

Speaking for self. It’s not the new guidelines of the real estate agent. Some buyers feel more comfortable without an agent because of the experiences with agents. My agent wasn’t very knowledgeable nor engaged so I had to remove them from the sell.

[@ThatGuy1of1]

The responses here falsely assume that ALL agents are as good as they're presenting, and/or that these good agents are very common. They certainly are not, so the common experience/view holds weight in the eyes of the average buyer.

[@HaiNguyen-zh8cv]

Agreed 100%.

[@ashoksahu2642]

What is the average hours spent by the buyer’s agent by looking at the 10 last transactions? Is there a standard list of items the agent actually do to help the buyer ?

[@doitjack8400]

Imagine having to pay 3% to an agent on a 400k house that you plan to put down 10% down with these new regulations. Your cost of purchase increases from 40k + closing to 52k + closing. If you were ambitious enough you can become a realtor in 3 months with about $600 worth of online classes to increase your knowledge base. With home prices and mortgage rates through the roof, many people will opt to learn through KZbin university lol

[@inhoseo]

I have so many degrees from YTU.

[@sophiafunchess8078]

Great interview, however, he keeps cutting her off. He seldom allow her to finish her thought. I would have loved to hear her complete thought.

[@robertyoung1777]

The most important thing for a buyer is to work with a trusted lawyer BEFORE signing any papers with a realtor. In my experience, the process of buying property is needlessly complicated. That said; buyers need legal representation from a lawyer. Realtors do not work for buyers or sellers. Realtors work for agencies or are possibly self employed. A lawyer, that you as the buyer hire, is working for you.

[@TheRealEstateLawyer]

Preach

[@Starfish2145]

That’s ridiculous. In Arizona we don’t use Attorneys at all. Been this way for a very long time. Our purchase contract is extremely clear and protective for both the seller and the buyer.

[@estonosestapasando7764]

Buyers don't need a lawyer, that's a give away fee. A lawyer will do nothing for a buyer

[@yunissegura3319]

Ok. Do you know how much the lawyer will charge per hour just to view documents? And of course, they will have a minimum of certain hours to negotiate anything for the buyer and probably without RE expertise...

[@yunissegura3319]

The compensation paid by the seller is deductible from the income tax.

[@YakMotley]

Great video! You nailed it.

[@Bernard_Ralph_The_Realtor]

Many DIY buyers and sellers don’t know their rights and obligations. In the Maryland Real Estate Contract of Sale FHA Financing Addendum for example if the house under appraises, the buyer is NOT obligated to purchase at the contract price. The buyer has a finite amount of days to inform the seller and the seller has a finite number of days to respond. The seller is not obligated to sell at the appraised value. But on FHA loans, a HUD case has been opened and that appraised value will likely be the appraised value for any future FHA buyers if the seller decides not to sell to the original buyer. I say likely bc the new lender would have to get the initial appraisal transferred to them which sometimes is a hassle. And sometimes the new lender may not see the older HUD case for some reason. I don’t know if this changed recently with all that’s been going on but this is just a small example of what most DIY buyers/sellers don’t know. Thanks for the video!

[@TheRealEstateLawyer]

Yes, each state is wildly different as well. Most buyers have no idea that the process can vary so much from state to state.

[@Ms.Merotica]

Did you know in 31 US states there is no inheritance/estate tax? Feeling sorry for you in Maryland. If people in the housing market don't know their rights and obligations for the largest purchase they'll ever make in their lives, you know who is to blame. Just because you have a buyer's agent doesn't mean they will be competent. Take care of yourself and your ass-ets.

[@WalterDorcas]

May I ask which investments are good? I've been looking at a few different ones but want others' opinions as well.

[@WalterDorcas]

Have been in need of an Adviser for long now..

[@WalterDorcas]

I looked up her name online and found her page. I emailed and made an appointment to talk with her. Thanks for the tip!

[@HaiNguyen-zh8cv]

Whether you need a financial advisor or not, you must educate yourself first. It takes time but I think investing in real estate is worth studying. I am considering buying a property as an investment since I know nothing about stocks.

[@andiharper4498]

The only scare is... that consumers can save a bucket load of money and poor integrity by not using a Real Estate agent.

[@michaelpaul5801]

incredible info & discussion! much needed to hear these different sides of the biggest transaction one can make

[@BD-rs8qx]

For Russians, Chinese or Jewish people, they will DIY if they can save 3% or 6% commission.

[@HaiNguyen-zh8cv]

Only these three ethnicities? LOL. How about Indians?

[@MyGarden-os6dd]

Ukrainians 🙂

[@nneisler]

Still gotta pay a buyers agent

[@pugstar64]

Please assist ironland! Also, nice video!

[@larryjones9773]

Never hire a buyer's agent. They add negative value.

[@junebarnett7350]

Good luck. Also the safety aspects are enormous, someone knocks the door and says can I come in and look? Who knows who is coming in. Maybe you should research how many realtors have been murdered and attacked. It's scary.

[@ryanm9371]

What a stupid comment..

[@Ms.Merotica]

That happens all the time, even if you have an agent. Get more outdoor security cameras. You can always take them with you. Don't hire a lock-box listing agent. Ask them to attend private showings with "qualified" potential buyers only. You or your listing agent should be asking about work, income, and where's the money coming from.

[@Badficwriter]

One hidden issue that might come up. I have agreed to sell my townhouse to my neighbor for $90,000. I will do $30,000 worth of work to repair and replace stuff. Prices for this townhouse complex vary from $30,000 (bad condition) to $60,000 (ok) to house flipper renovation $120,000. A comparative market analysis is that the house is worth $60-70,000. It is assessed for taxes at $85,000. The buyer will be using a VA loan. VA loans require a VA inspection to meet standards, which should be covered by the repairs. However, the lender will also want an appraisal, and if the house doesn't meet $90,000 worth, they won't loan my neighbor the difference. Most of what I've read is that a realtor has to provide proofs that the house is worth the higher price. For now, I'm planning on hiring my own appraiser, and asking them what we need to do to get the house to be worth $90,000.

[@dougg4633]

Attorneys for the most part Dont negotiate

[@TheRealEstateLawyer]

Correct, we do zero negotiating in our firm. We focus on making sure we can convey clear title.

[@RootBeerGMT]

@@TheRealEstateLawyerGood for you. All these cheapskates complain about agents, but they don’t want to do it themselves.

[@Ms.Merotica]

In a better world, sellers would get their own inspections/appraisals, fix the problems before listing, and list at market value to sell their home faster. Negotiating is messy and costly. Where I live in North Carolina, it's a seller's market (for now).

[@KM_TwinCities]

Great example

[@crowant3717]

Please assist iron land

[@gromit1252]

sadly its just not affordable as a first time buyer to get a realtor agent . DIY is the only affordable option for me at the moment.

[@Ms.Merotica]

Don't feel sad. The last home I bought was directly through the listing agent. We closed in 2-3 weeks. She worked hard to get us in three (3) days before Christmas.

[@bobneedham6224]

Good Real Estate agent/Real Estate lawyer perspective. Ditch the hat.

[@TheRealEstateLawyer]

Well he’s not a real estate agent or real estate lawyer…he’s my husband that’s just very knowledgeable so I’ll let him keep wearing a hat if he wants

[@haileyfierce9540]

I’m consider being a lawyer but will ai take over lawyer jobs also what is lawyers work life balance I heard they work a lot of hours and I want to have a life.

[@RootBeerGMT]

People bash realtors, but if you don’t want to use one, just go to a lawyer.

[@Ms.Merotica]

You can also shop for FSBO (For Sale by Owner) homes. Some say these are better maintained. Either way you'll need a lawyer to process the sale.

[@Burps___]

Buyer's real estate agents...the *only* salesperson of any type (car, insurance, etc) that is working *solely* for the Buyer. HAHAHAHA. 🤣

[@pvillhard]

Please assist ironland!

[@Triggerhappy283]

please assist ironland

[@aryades]

Please assist Ironland!

[@goldbondisgod]

It’s upsetting to hear people think all I do as a buyer agent is just let them in the door. I know my clients wouldn’t agree with that. I really feel an obligation to have my clients get the house they want with as least stress as possible. That stress doesn’t go away I just take it lol

[@jenniferfreeme]

Why did he keep interrupting her?

[@TheRealEstateLawyer]

You and I have a very different idea of what interruption is

[@BAD_BAY465]

iron land

[@mprrx]

Since is not the same transacción what is the fee and the extra work? How much an hour vrs commission. You sound like that girl scout mother that volunteer For the girl scout group. Don't forget to have the paper of no liability. As a closing attorney who You represent?

[@TheRealEstateLawyer]

No comprende

[@mommom3172]

Easy. A closing attorney doesn't represent either side of the transaction

[@BigMan-ce5yk]

Please assist ironland!

[@SHSLDetective2.0]

Please assist Ironland!