There are risks involved in purchasing directly from an owner. Sellers who don’t work with real estate professionals often overvalue the worth of their homes. This means that they’ll set their initial asking price too high. If you buy one of these homes, you might end up overpaying. Even more dangerous, is the risk of buying a home that has serious problems that aren’t disclosed.
Below are some of the risk factors to consider:
- Paying too much.
Unless you are working in the real estate industry, it is unlikely that you have the ability to determine the true value of the homes you are looking at. With an agent, you have a pro who can tell you when something costs too much. Without an agent, you are extremely likely to pay more for a house than you would with an agent.
- Lack of detailed real estate market analysis
Buyers who do not use the services of a real estate agent will not benefit from the professional’s exclusive tools. These include detailed market statistics that enable real estate agents to establish a fair price for the property the buyer is interested in so that buyers do not pay more than the actual value of the property. Real estate agents have leading-edge tools and an understanding of the real estate market that enable them to properly assess the value of each property in a given area.
- Lack of network of experts
Real estate agents rely on a network of skilled professionals who can contribute to your transaction: mortgage brokers, building inspectors, land surveyors, soil analysis specialists, notaries, etc. Without an agent, buyers may fail to consult with experts who can help them make informed decisions, or may consult with people who do not have the necessary skills.
- Having less specific knowledge
Real estate is an area that requires significant technical, legal, and administrative knowledge. Buyers may not have all of the specific knowledge required to present a complete promise to purchase, or may not know any competent professionals to consult to finance the purchase of their property. The buyer’s promise to purchase may be rejected or the buyer may end up without a property after having already sold their other home.
- Less emotional detachment
Emotions play an important role in the decision to buy a home. For some people, “love at first sight” is the deciding factor in whether or not to invest their savings in a house. It is often difficult for buyers to have the required emotional detachment and they may fail to take into account some of the negative aspects of the property they’re interested in.
- Less security
If a problem does occur, a buyer without a real estate agent is deprived of all the protections provided by this professional.
Buying a home is a major commitment, it is recommended to seek professional advice when making huge commitments like buying a house. Take your time to research in order to make informed decisions.
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