Cash close...do I need a buying side realtor

[Lance Thibault]

Hello,

I'm going to purchase in full my next property essentially with cash (HELOC funds already available).

If I find the property myself, what benefit does having a realtor on my side provide?

Thank you.

[Joe Splitrock]

Originally posted by @Lance Thibault:

@Jimmy Lin the selling agent getting both commissions is also what I was thinking about.  Glad to know you've done this and it did make a difference.

 The cost is the same either way. The difference is if you have no realtor, then nobody is representing you. There is nobody to negotiate on your behalf, because you are placing the offer directly with the sellers agent, who is representing the seller. They even have you sign paperwork acknowledging this.

A realtor really doesn't help with mortgage paperwork. The title company explains what you are signing. Even if you pay cash, there is paperwork to sign, although less of course. Since COVID, agents may not even show up at closing. 

A realtor can help walk buyers through the mortgage process, but my realtor has nothing to do with my financing. I have done both cash and financed through my realtor. 

The value I see with my realtor is they can help you find deals, estimate fair market value, write up offers, negotiate with sellers, work through inspection issues and negotiation, accompany you on a walk through and work through any closing issues. I have had issues at walk through several times that required last minute negotiations. My agent has gotten in heated discussions with sellers agents over things like covered-up carpet damage, dirty property, belongings left behind, etc. Even after deals are done, I have had to negotiate for covered up problems. I had a water heater go out right after closing. I had cat pee smell covered up. In all cases, my agent negotiated extra money for me. If you use the sellers agent, they will not fight for you like that.

Bottom line if you plan to do more than one deal, get an agent to build a relationship. If I contact my agent about a property for sale, they get me in to see it within a few hours. If I want to write up an offer, they will do it at 10PM at night. Relationships are everything in this business. 

If you are always using different agents, the don't know you from Adam. They will gladly take your money and do nothing extra.