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Updated almost 6 years ago on . Most recent reply
Purchase Offer without Agent
How do you go about sending an offer letter to a seller's agent if I am not represented by a buyer's agent? My state requires all offers to be on official state forms, is it legal for me to use these state forms or are these forms usually only accessible for licensed Real Estate Agents? I found the forms online through the state's gov't portals.
I understand the forms are legal documents and understand the risks and work it takes to not have a buyer's agent representing me. I am just curious if anyone can submit offers on real estate and if they can use the state issued purchase of real estate forms.
Most Popular Reply
What a lot of people don't realize is that you don't need a license or an agent to purchase a primary residence. For example, I have my SC license and am shopping for a new primary residence in NC. I could represent myself as an agent, but then I'd be splitting my commission with my firm.
...OR...
I can represent myself as principal (no agent or firm involved on the buyer's side) and negotiate that 100% of the 3% goes towards my down-payment at closing!
So for all of the agents out there who "just can't imagine why someone would..." Well, there's ONE big reason right there for ya :)
Even when I have a real estate license in the state I'm looking to purchase a primary residence (for myself), I would still represent myself NOT as an agent, but as principal. Especially when I'm being creative and applying 3% to the down-payment. Just my $.02, but here's a third (cent):
A person without a RE license buying as principal can ALSO negotiate that the 3% set aside for the agent you never hired go towards YOUR down-payment!
In a way, it's kinda crazy to use a real estate agent... that's 3% you can keep! From my experience, it's surprising how many AGENTS don't understand the forms... so don't feel defeated if you don't understand them after 1 read-through. It takes a little bit of time, but is definitely worth it if you want to represent yourself and GET PAID at closing.