How to Buy a House Without a Realtor in Florida?

50% of new homebuyers prefer buying a home without a realtor. This is because of the hefty commission charged by realtors. The NAR settlement has given buyers the power to negotiate, but the commissions are still high. 

A traditional realtor can guide you through the complex process. But, you can buy your dream home without a realtor. Below, we will break down the entire process. But, if you are in a hurry, you can check real estate websites like reAlpha and get access to thousands of property listings.

Let us look into 7 steps to buying a house without a realtor in Florida 2024.

You need to get an estimate of the amount you can afford to borrow to purchase your home. This tells the seller that you are a serious buyer having the finances to close the deal.

A pre-approved loan will also help you with the budget when checking out properties. Furthermore, you get an edge when negotiating with the seller.

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The next step is to look for homes that are in your budget. You need to look at the neighborhood, check basic amenities, and look at the crime rates in the area.

Remember, a great house in the wrong neighborhood isn't a great investment. Take your time with this step! So, check out some trusted websites like reAlpha that’ll help you in buying a home without a realtor.

A seller's disclosure is an important document that will help you get more information about the property. Get the seller's disclosure, and you can find potential issues in the house, like

• Presence of lead paint
• Repairs or damages to the property
• Any flooding or structural issues in the property
• Homeowners Association information

Once you’ve found your dream property, it is time to make an offer. Look into the neighborhood properties and check the number of days properties spend in the market. According to this information, make your purchase offer to the seller.

When you are drafting the letter, include the price, contingencies, and your proposed closing date. You can contact a real estate attorney to ensure all your interests are met and the offer is legally binding.

The next step is to do a home inspection to uncover any defects or issues in the property. Home inspections cost anywhere between $325 to $600, based on your locality.

The report from the inspection will help you find the present value of the property. Furthermore, the inspector can look into the recent sales and determine the value based on their inspection report.

Looking into the inspection results, you can negotiate with the seller. You can request fixes for issues found during the inspection or ask for a price reduction. However, you should be prepared to walk away if the seller is unwilling to address these issues.

This is the home stretch, and you’ll need to do legal checks on your mortgage applications and appraisals. You’ll also be required to do a final walk-through of the property.

If everything is great, you can review and sign the closing documents. Once you have paid your closing and made the down payment, you can celebrate in your new home.

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Now that you’ve understood how to buy a house without a realtor, let’s look into its pros and cons.

Pros

• Complete control- You can choose everything by yourself and explore the features you want. An agent cannot always provide you with personalized support as they tend to multiple clients.
• Cost savings- You can easily avoid agent commissions and directly pay the seller. Even though commissions have changed, why would you want to shell out extra cash?
• Direct negotiation- You can directly get in touch with the seller. This allows you to understand the seller and put through your points better to them.

Cons

• Complex Paperwork- The paperwork of buying a house without a realtor is complex as it contains several key documents. If you go in without a realtor, you can miss important documents.
• Negotiating skills- Agents have excellent negotiation skills through their years of experience. They can help you with the price and even find any issues in the home with a first look. This is one of the biggest risks of buying a house without a realtor for a new home buyer.
• Time Consumption- Buying a home without a realtor is quite time-consuming as you’ll have to do everything yourself. From property searches to contracts, you’ll have a tough time managing everything.

No, you can buy a house without a realtor, saving you thousands in commissions. However, it does require more time, effort, and knowledge on your part.

If you're feeling overwhelmed, remember that there are resources available that can help. Platforms like reAlpha offer numerous benefits when buying a home without a realtor, especially savings on commission fees. We combine AI-powered tools with human expertise to simplify your home-buying journey.

The first step is to get a pre-approved mortgage. Follow this by searching for properties on websites like ReAlpha. After this, you can draft the offer, negotiate with the seller, and close the deal.‍

Staying calm and confident is key in a negotiation battle. You need to look into the current market conditions and counter accordingly. However, you can always walk away if the terms don’t make sense to you.‍

One of the simplest ways is to search real estate websites like reAlpha, Zillow, and Redfin. These websites will help you look at the intricacies of the property and make an offer on the property.

Save Big when you Buy a Home with reAlpha!

Discover how our all-in-one homebuying platform can increase your buying power and put money back in your pocket. Start your journey today!

Sign up for free