Buying without an Agent

[Dustin Cramer]

Hey folks, I'm new to this and have questions about buying without an agent. I have bought two primary residences in the past, both with agents involved. I am looking at buying from wholesalers or maybe something cheap on the MLS. I am going to be doing a cash buy. Do I need an agent or will the settlement company be able to walk me through it? From what I understand, as long as I have a good purchase agreement, that would be the biggest issue. Any idea where to find a good template or completed document? I'm in Pennsylvania if that makes a difference. Also, for stuff on the MLS, should I just approach the listing agent and ask them to represent me as well for a discount? Any other pitfalls I need to be wary of? Any ideas would be appreciated, Thanks!

[Edward Holland]

Hi Dustin, 

full disclosure - I am a licensed agent, but I have also purchased several properties as investments and I have always used another buyers agent to represent me. 

My advice is in regards to the more typical transaction. Not a wholesaler deal. 

I always encourage buyers to use an agent. It just takes away so much of the headache in the buying process. Especially when you consider that you are really only looking at a 2.5 - 3% savings... while this may be significant if you are buying a multimillion dollar property, its really pennies on your mortgage if you are looking at real estate on the inexpensive side. I would also mention that where it is allowed, listing agents who act in a dual-agent capacity are going to want to realize that dual agent commission and will be minimally interested in sacrificing a portion of their commission and almost certainly not half. They may agree to give a 1% discount ( or somewhere around there).... which once again is saving you a trivial amount of money in the long run. Let someone do the work for you and let the seller pay their commission. Good Luck to you! 

All the best, 

Edward