Not using a realtor on a purchase - advice needed

[Prab C.]

A wholesaler recently shared an off-market deal with me. The seller doesn't want to put it on the MLS to avoid paying heavy realtor fees. The wholesaler is not a licensed real estate agent.

How important is it to have a realtor involved to represent me on the purchase? Have any of you purchased off-market properties directly with a seller without realtor involved? Any tips/advice is appreciated.

Thanks!

[Charlie MacPherson]

@Prab C.  The title of your post says it all.  "Not using a Realtor on Purchase - Advice needed".

Guess where most novice buyers get their advice.  Go ahead.  Guess.  I'll wait.

BINGO - they get their advice from their Realtor.  The Realtor who is their fiduciary, representing their best interest.

Your post might just as well read "Not using orthopedic surgeon for my knee replacement - advice needed". 

If you had purchased multiple properties and had proper legal counsel, you could do just fine without a Realtor.  But you're not.

How do you know whether you're over paying?  Do you know how to run comps - which is as much art as science? 

PLEASE tell me you're not taking the advice of an unlicensed wholesaler...who in all likelihood is illegally practicing unlicensed real estate brokering - and most certainly is not representing your best interests!

Do you know what disclosures are required by law?  How about contingencies to put in your contract?  How to protect your deposits?  How to negotiate the best price and terms?

Uneducated with a pocket full of money is a bad place to be.  My advice is to find a sharp agent to represent you so you don't end up getting screwed.