Benefits of Working With A Realtor

• It costs you nothing (Seller pays your agent’s commission)
• You get to leverage their expertise in negotiating the best deal for YOU (if you work with the Seller’s agent he/she places the Seller’s best interest first).
• A Buyer’s Agent knows what to look for to protect you in contractual matters and getting disclosures, appropriate reports and fulfilling requirements by state statutes.
• Not all Real Estate Agents are Realtors - Realtors must pass additional tests and requirements, are typically better trained and are held to higher standard of ethics.  Ask your agent if he/she is a Realtor.

Things to Consider if Going it Alone

• The initial offer and negotiating strategy – Make sure you know how to run the “comps” (comparisons of properties currently on the market, those pending and those sold over the past few months).  You want to make an initial offer that leaves you room to negotiate, but will be taken seriously.  Also knowing how attractive the home’s price is relative to other homes on the market will give you an indication of what the likely demand might be from other buyers and how aggressive you may need to be with your initial offer.
• Know your commitments and terms under which you can legally get out of the contract – Once you make an offer, and once it is signed and accepted by the Seller, you will need to put up an initial deposit.  The amount of the deposit and what the Seller is entitled to in the case of a default is something you will need to know in your negotiations.  Make sure you understand what items in the contract, if any, allow you to cancel without any penalty (contingencies).
• Contracts, disclosures, contingencies and legal issues – Decide if you are going to hire an attorney to provide the legal documents necessary, or, determine where you are going to get these.  There are very specific legal requirements for buying and selling real estate and having the correct updated forms is a must.   Also, there are norms as to who typically pays for certain types of inspections and other costs incurred during the escrow process so you should make sure you are familiar with these.
• Inspections, time lines and sign off  – Make sure you manage this process and obtain the inspections needed within the time frames agreed to in the contract and get the appropriate signs offs.  Once all contingencies are removed, you are in most cases legally bound to fulfill the contract.

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