‘Should a 3rd party (real estate agent) be involved when it comes to handling a financial deal?’
This question is wondered by many and asked by few. Today, we will get to the bottom of the mystery and explain all the pros and cons of selling a house without an agent.
The Good Part of Hiring Real estate agent
- Saving Money
The best part of not involving an agent is that you get to save money. Agents usually take 5% – 7% commission of total worth of the house from both parties (buyer and the seller)
- Direct Deal
With no agents, it is understood that you get to save money. This also rules out the possibility of cash home buying companies. As you won’t be dealing with agents, you will most likely deal with a person who is as likely to live in the house, which you are trying to sell.
- Being the Ultimate Decision Maker
You will be the decision maker of the deal as there will be no seller’s agent to guide you about proceedings. You can direct the deal in any way you see fit. (Normally agents are in a hurry to process the deal to get their commission but if it’s a family member you are dealing with, you can stall the deal and take your time)
- Cancelling Out Deal Anytime
Since you won’t be under any legal contract before making a deal, you can change your mind if you think the other person’s offer is not up to the mark.
The Bad Part of Hiring Real estate agent
- Lack of Direction
You might get happy that since you won’t be spending your money on a real estate agent, you have worked it all out but a seller’s agent benefits you in the form of directions. An ordinary person does not know about the state law. He does not know what certifications and credentials are necessary to make a deal whereas, a seller’s agent earns his bread and better through these dealings.
Also, there are times when you are indecisive about a little renovation before selling the house or selling the house on ‘as it is’ condition. With no-one to give you market feedback, you yourself, would have to take the stress of the deal.
- More Chances of Getting into Frauds
There has been fair amount of cases regarding forgery of property papers and fraudulent schemes in terms of real estate dealing so you are in a substantial amount of risk. You don’t know who you are dealing with. Maybe the other person is a fraud and he might threaten, force or swindle you out of your property.
A real estate agent has a reputation to keep because he knows that if he commits fraud, no one would ever trust him. He is connected with a rich network of dealers and it is his responsibility to connect you with the best person for the deal. This reduces the property dealing risk.
If anything goes south in the deal, you can always contact your real estate agent for inquiry but if there is no seller’s agent involved, the risk is great!
- Sometimes There Is No Offer
This is a problem if you urgently need the money. Sometimes you just can’t find the desired buyer. You set up auctions – search online – post on social media but all efforts end in vain!
There is no positive response.
If you had a seller’s agent in the first place, you could have received many offers since he is connected to buyers and sellers alike! With knowledge of supply and demand, you could have benefitted.
- Lack of Getting the Best Offer
Not many people are affluent in public speaking skills. Most of us are introverts and anti-socials. Maybe the other person who is trying to deal with you is a pro and he thinks that since you are a noob, he has a better chance of making the most out of the deal.
With no seller’s agent to hold your back, you are at risk of losing a deal.
Verdict on seller’s agent
While it is true that getting a sellers agent washington dc costs a bit of money but the advantages of having a property dealer far exceeds the advantages of not having a property dealer.
With a small amount to spend as a commission on a dealer, you get to reduce fraud and maximize your possibility of getting the best deal.