How do I buy a house with no agent?

Question

I’m about to partner with a friend of mine on a single family real estate deal. The numbers look great and I will actually buying the house from him for his payoff and putting a down payment on it to increase cash flow and get a lower rate. There is one hiccup. I have no Idea how to buy a house without a real estate agent! Any advice or tips to speed this process up or things I need to look out for?

Tyler Gibson · Answer

@James H Webb III so am I understanding that you are going to buy the property from your friend? I assume you both don't want to get an agent involved so that you all don't pay commissions. If this is the case you will need to talk to your lender to figure out what they will need to close. Both of you need to sign a purchase agreement contract and then find a title company to perform the closing. There will be fees but no commission.

Karl B. · Answer

You don't need an agent. I bought my first multi-family investment property without an agent. Once you agree on a price with the seller the buyer (you) contacts a real estate attorney with the basic details and your attorney will contact the sellers' real estate attorney to get the ball rolling.

Any questions, let me know and I will gladly answer them.

Tyler Gibson · Answer

@James H Webb III Agents serve a few purposes but mostly they are in place to protect you. If you were buying form someone that had an agent then I would say get an agent. If you trust the person you are doing business with then just figure out the pieces. The title company should be able to help you with most of the steps to get to closing and the bank will will with the financing. An agent coordinates between all those people in transactions.

Tanner Marsey · Answer

Reach out to a realtor, explain your situation and just let them know you guys need the paperwork ran. You can usually find someone to do it for a flat fee and it’s well worth the money.

Mario Zendeli · Answer

Find an agent that will help navigate you through the transaction but can do it for less than the standard 3%. I charge 1% for simply facilitating the transaction if the parties have agreed terms.

Jaysen Medhurst · Answer

@James H Webb III, you answered your own question: "I have no idea how to buy a house without an agent" Which means, you need an agent.

I assume you're trying to avoid the commission your friend would have to pay. You can always pay it yourself (it will only be half since there's no selling agent).

Don't go this alone, that would be foolish.

August Olgren · Answer

@James H Webb III I was able to purchase a rehab in Colorado without an agent. I downloaded the purchase contract from the state site, I used an old contract as a guide and then once signed,  I sent to my lender and had my title company review. It went pretty smoooth. I do caution that I have reviewed many contracts before, so one mistake can be costly. Ad others suggested,  maybe see if an agent will revoew/write for a smaller commission to make sure all t's are crossed and i's are dotted.

James H Webb III · Answer

@Tyler Gibson absolutely! I have a title company I just used for a refinance on my current property that I can talk to and am working on the pre approval through my bank now. I don’t mind paying and agent and definitely see the value! I just struggle getting one involved when I found the property, negotiated the price, and did the financing myself.

Ola Dantis · Answer

@James H Webb III We have bought using realtors and either sell-side or buy-side OR without an agent.

This is possible, but not advisable if you are just starting out.

Now, if you are certain that the property is in decent condition, has no liens or any "surprises" then maybe, just maybe, you can just find a local title company that has a Real Estate attorney on call to help out with the closing.

Geraldo Holter · Answer

I’ve bought homes with and without agents in TN.

There’s a purchase agreement available online for free that has all you will need( pm me if you can’t find it)

You submit that signed contract to your lender and tell them the closing agency you will use and that will get the ball rolling. Next appraisal( scheduled by lender), termite inspection and home inspection( these 2 scheduled by you)can be scheduled.

Good luck!

How do I buy a house with no agent?

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