Real Estate Agents:

Real estate agents can be rather expensive, making some people second guess if they even need them. Deciding on going about real estate business yourself or using a real estate agent is a very critical decision. Before acting on a decision, you should review a few key factors.

Many times, the homeowner will use a real estate agent. If you are looking to buy a house, then you may still see fees. You can try finding houses that are for sale by owner only, but this could cut your options drastically. Selling your own house means you control the price- this can be either good or really bad for buyers. Since the house usually isn’t appraised, buyers may not always know if they are getting a good deal or not.

A typical commission is 6 percent, which can potentially save you a lot of money. You will most likely have to spend additional time and effort in completing the transaction, however. Even if you are looking to cut costs by selling or buying without a broker, you will want to look into a real estate attorney still. They can provide valuable legal advice that not even brokers could provide you- and they should be seen as mandatory.

If you are buying from someone who is using an agent- make sure you make it known that you do not wish to incur any of the costs of the agent’s services. It should be in the contract that the agent fees incurred by the seller are to be solely by the seller. You may want your lawyer to review this contract, just to make sure.

Alternatively, you may wish to participate in dual agency agreement. These will represent both buyer and seller- but are actually a bad idea in general. Representing two separate parties at once is not only a bad idea- but bad practice. There has even been some controversy as to how effective these institutions really are- you are better off without them.

Going through with a sale or potential buy without a broker can save you a lot of money. If you feel you are ready for the added frustration- you may be able to save up to another $5,000 depending on fees and values. Either way, you will want to invest in a real estate lawyer- they are vital to the operation. All in all, you will have to way out the consequences for each possibility, and choose what is right for you.