Buying a Home WITHOUT an agent

Hey, everybody, it’s Janine Sasso, your local Chicagoland realtor. And in today’s episode, we will be covering what to consider if you’re buying without an agent. Now, the first thing to understand is that in Illinois, the listing agreement is already pre-negotiated before the home even hits the market. So it’s important to understand, if you are a buyer looking to save some money, you need to understand if the seller has a site agreement that lets him pay less of a commission than if he had to reimburse a buyer’s agent. So if there’s an unrepresented buyer coming along and all the seller has to pay is the listing side. You might be able to get yourself a deal. Now, the first thing that you may want to expect from the seller, if he does not have to pay a commission to the buyer’s side, is the fact that his home should be selling for about 2 to 3% less than the average camp that had a buyer’s agent on the other side. So there is the potential for you to save some money. Another thing you want to make sure of is that you will review the closing disclosure a few days prior to the actual closing date, as this is a perfect time for you to make sure that there are no discrepancies and everything you discuss with your lender is actually on there.

Keep in mind that there are some numbers that will fluctuate. However, there are also numbers on there that are a fixed cause cost and shouldn’t fluctuate in that term. So make sure you review it and if you have any questions. Which brings me to point number three. You should hire legal counsel. Having a real estate attorney is one of the best things you can do in a real estate transaction. They will make sure that they’re watching out for any pitfalls that there are and protecting your best interest. Considering the large sum of money that is transferring and that you will be responsible for in terms of a mortgage. This is the best investment that you can make when it comes to the real estate purchase. You also want to make sure that you request the final builds for the property prior to closing or at closing day. The latest because you want to make sure that the seller paid up all of his obligation before you take over the day of closing. You want to make sure you have a few things handy. One of them is your photo ID.

You want to make sure you have certified funds or a cashier’s check for the down payment amount, and you want to make sure that you have your homeowner insurance paid for copy available now on the closing date. There will be two sets of documents to sign. One of them is your mortgage document and the other ones are the transfer documents transferring title from the seller to you for the property because of the stack of documents designed. You should plan about 1 to 2 hours and make sure you definitely review every document carefully. I hope this helped. When it comes to buying a home without an agent. If you’re looking for representation, there are agents out there and on the buyer’s side in Illinois. The buyer’s agent does not charge a fee. So consider hiring somebody that will watch out and make sure that you are not falling prey to pitfalls within the transaction. At such a large sum.

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