Buying a Property without a Buyer's Agent

[Christopher Hui]

I have the opportunity to buy a property for a great price, new construction. I have been in contact with the builder (a real estate agent and his son) since before the construction even started and since I lived right next to the new property, he would give me first crack at the offer. We agreed on $430k, but when I brought up my real estate agents, he said that it wouldn't be necessary and that it would be a deal between his son (the actual builder and owner of the property) and I.

Has anyone purchased a property without a buyer's agent?

Do I really need a real estate agent? Should I insist on my real estate agent? Will he increase the price to compensate for the commission?

Thanks for the help!

[Account Closed]

You only need an attorney. And make sure they are using your state real estate contract. Every contract should have an attorney review period and at least 5 days to perform an inspection. Earnest money should be held by an attorney or title company. 

If you don't know much about real estate valuation, I would suggest you use an experienced real estate agent. You might end up overpaying for the property. If you're dealing directly through them, at the very least they should offer you a 2.5 % discount on the purchase price. They would normally have to pay a buyer's agent a 2.5 % commission.