Buying House without a realtor?

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How can you guys afford realtors? You must be rich.


This is a no brainer, you just need a lawyer, and hire other professionals as needed (appraiser, house inspector, etc).


It is funny that the original questions was "Buying House without a realtor?".
But it just turned into people recommending realtors to the OP.
 
Scuba Steve said:
You can't buy a house that is listed without a realtor

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What? Not that I don't believe you but that's unbelievable.
 
Scuba Steve said:
You can't buy a house that is listed without a realtor

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*listed on mls.
Even if just the selling agent. As mentioned before will do both ends of the deal.

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All this talk about realtors this and realtors that....I think if I had the time I'd just go and become a realtor on my own LoL. Only reason would be to buy / sell my own house and the money for the course/certification would probably be covered by the first saved commission!

I think it's like 5k + for the certification anyway. And last time I talked to a manager at a brokerage he said majority of the agents are doing the job part time because they can't make enough to live off.
 
mimico_polak said:
All this talk about realtors this and realtors that....I think if I had the time I'd just go and become a realtor on my own LoL. Only reason would be to buy / sell my own house and the money for the course/certification would probably be covered by the first saved commission!

I think it's like 5k + for the certification anyway. And last time I talked to a manager at a brokerage he said majority of the agents are doing the job part time because they can't make enough to live off.
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Becoming a real state agent just to sell your house? No way man!
That is like registering with OMVIC as a car dealer, just to sell your used bike.



I wrote that a person must be rich in order to afford a realtor. I am half joking, but the truth is, realtor are expensive. The internet disrupted this business. Either do it yourself, or deal with one of those discount brokers that offer a bare bones service ($1,000 flat-fee MLS listing service). Anything else, and you are paying just for the convenience.
 
Technically only the seller is paying the realtor. I do believe they are over paid. But I'm ignorant to the behind the scene stuff they do.

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daisoman said:
Technically only the seller is paying the realtor. I do believe they are over paid. But I'm ignorant to the behind the scene stuff they do.

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Technically the Buyer is paying the realtor because the Buyer is providing the money to the Seller...who in turns pays both realtors. The whole 'Seller pays the realtor only' is a BS statement IMO.
 
MarcosSantiago said:
Becoming a real state agent just to sell your house? No way man!
That is like registering with OMVIC as a car dealer, just to sell your used bike.
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I wasn't serious but if you look at the numbers....

Let's say cost of being a realtor is 5k for the sake of argument. Including courses, training, registration, and a few months of desk fees.
Sell your house of 500k with a 4 or 5% commission split b/w buyer and seller agent 50/50....that's either 10k or 12.5k each
Factor in 70/30 split with the brokerage....that'll leave you with 7k or 8,750 in YOUR pocket before taxes

Math wise I'd think you're ahead, especially considering that house prices are over 500k

Practically speaking....doesn't make much sense.

Mind you I am looking for another gig to bring in some more $ ... but not sure real estate is the answer....might have to start a new thread! LoL
 
mimico_polak said:
Technically the Buyer is paying the realtor because the Buyer is providing the money to the Seller...who in turns pays both realtors. The whole 'Seller pays the realtor only' is a BS statement IMO.
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Kinda depends on how you look at it. Say a house can't be bought for anything but 500k cause that's the market. The buyer is gonna pay that no matter what. In one case the commission comes out of the 500k that the seller gets. So seller pays. Seller nets 500k less commission. If there's no selling agent and the seller only takes 500k, they get the full amount.

Realistically it more like both buyer and seller pay a bit each.
 
mimico_polak said:
Technically the Buyer is paying the realtor because the Buyer is providing the money to the Seller...who in turns pays both realtors. The whole 'Seller pays the realtor only' is a BS statement IMO.
Click to expand...

Technically the buyer is paying for the house to the seller for asking price. The realtor(s) then get commission from the sellers.

Like stated if no realtors was involved the seller would keep all their money.

My parents bought their current house from the sellers direct. No realtors involved. They sold their house before this one with a realtor....

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daisoman said:
Technically the buyer is paying for the house to the seller for asking price. The realtor(s) then get commission from the sellers.

Like stated if no realtors was involved the seller would keep all their money.

My parents bought their current house from the sellers direct. No realtors involved. They sold their house before this one with a realtor....

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And if sellers didnt have to give away 4% of that price they would be willing to accept less money.

When selling the thought is always "how much am i going to clear after all the fees and paying back the motrgage?", thats the number that matters to sellers
 
mbroyda said:
And if sellers didnt have to give away 4% of that price they would be willing to accept less money.

When selling the thought is always "how much am i going to clear after all the fees and paying back the motrgage?", thats the number that matters to sellers
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I guess that's true.... gotta pay for convenience

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mbroyda said:
And if sellers didnt have to give away 4% of that price they would be willing to accept less money.

When selling the thought is always "how much am i going to clear after all the fees and paying back the motrgage?", thats the number that matters to sellers
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Agreed. If the seller wants 500k in his pocket at the end of the day he doesn't care if it's private, or through an agent. He wants his 500k.
 
FWIW, they only time I'm ever using a home inspector is if I'm buying a property and the lenders or insurance people require a written report. The two I've had were ridiculous and incorrect, and three I've gone over with friends were incomplete and incorrect. One was a legitimate fraud attempt.
If I'm looing t properties now and something ems amiss I'll call in a contractor first , most will gladly take $250 cash for a 20 minute chat. If the listing agent, or ComFree self listed property has any issue with me bringing a contractor over, they are nervous about something.
 
Except that it doesnt work like that in real life. Go look at all the "list it yourself" places....Are those houses listed any lower than on MLS with agent representation? No.

Well if it comes down to paying 500k and running around doing all my own work so the seller can pocket more or i pay 500k and just sign some documents, guess which one i'm taking?

You boys can keep your 500k shoeboxes that need 100k renovations.....****ing insane.

I'll take my 2 acres, 3 bedrooms 3000sqft living space, one car attached garage, two car detached garage for 400's all day long.

mbroyda said:
And if sellers didnt have to give away 4% of that price they would be willing to accept less money.

When selling the thought is always "how much am i going to clear after all the fees and paying back the motrgage?", thats the number that matters to sellers
Click to expand...
 
My take is that your cousin can't afford to fire you as a client. Some clients take up way too much time.
The real estate company would probably feel negatively if someone just starting out were to fire clients.
We had a friend who was in the business at the time help us. We didn't know at the time that we were that type of client.
Anyways, she found us a stale listed house in an area where we weren't searching, and took a commission cut that the seller demanded, to close the deal.

As far as inspectors, we've only had success with using them. They've pointed out different things that we'd need before it became an issue.
Both of ours had retired from the construction business. Around Toronto, you'd want to be aware of issues with termites and such at the least.

Finally here's a funny video:
[video=youtube;e8l9qhfO6J4]https://www.youtube.com/watch?v=e8l9qhfO6J4[/video]
 
When I purchased my house our agent was fantastic and came in with some great strategies for looking and negotiating that got us everything we wanted in a house $40K below listing in the ultra hot Toronto market (5yrs ago). The house next door to sold the month before I bought for the same price and was a smaller house that needed more renovation. My agent was the difference here.

If I had of approached buying the house by myself I wouldn't have gotten what I did because I didn't know the industry or have the experience. Now a good agent is worth the cost but the barely there agents might not be worth it. Not all agents are created equal.
 
A lot of these realtors are d-bags that want quick sales. Very poor education and no real intelligence. They will say anything to get commission. Very cut throat. Anytime I can do It without realtor I do.
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