The Jeff Lottmann Group in Dallas works with all kinds of home buyers: whether you are a savvy investor, a growing family or even a business owner searching for commercial property. Our top priority is to help our clients better understand their options and make a great purchase that will set them up for success.
Reach out today if you are ready to make a move, or if you would like to discuss any questions you have about the home buying process.
Still evaluating your options? There’s no rush. Below are answers to some of the most frequently asked questions we receive from buyers. Take a look and see if this helps address any uncertainties you may have about the buying process.
Q: Can’t I just buy this house on my own?
A: Yes. Technically, there is no law preventing a person from buying property without consulting a real estate agent. Anyone can search active listings, call sellers and arrange a showing, or even negotiate the specifics of an offer and move-in requirements — though some municipalities do require the actual contract to be drawn up by an attorney. The real question is this: “Do you WANT to do it all on your own?” Often, the answer is “no.”
Q: Is it true that I have to pay commission if I work with a realtor to buy property?
A: No. The property’s seller(s) pay commission for the transaction.
Q: How will my options be affected if I decide to represent myself?
A: Unfortunately, they will be very limited. Without a realtor’s involvement, the only properties you can buy are those listed as FSBO, or For Sale by Owner. This type of property is typically less than 20% of active listings on the market.
Q: Should I avoid FSBO properties?
A: Not necessarily. FSBO means simply that the seller(s) are not using a realtor to sell their property. This could be because the sellers are hoping to make more money by avoiding the need to pay commission, or by finding a novice buyer who will pay above the market price. In other situations, the sellers are trying to avoid the need to disclose problems that real estate agents are required to share with prospective buyers. The seller(s) might also have had trouble finding an agent who was willing to represent their property for the price demanded. If you are considering purchasing a FSBO property, you should do your research and have an independent appraisal completed.
Q: If I can call listing agents directly to ask about a property, why do I need an agent?
A: Aside from limiting your options, you also risk not having a trusted advisor to advocate for you throughout the buying process — along with the benefit of all their knowledge and expertise. By law, listing agents represent the best interests of their sellers.
Do you have more questions? We are happy to answer them!