Get your hands on the definitive guide on do-it-yourself home buying! Learn practical tactics and advice for buying a house without the assistance of a realtor.   

The short answer to the question, "Do I need a real estate agent to buy a house?" is no. Of course, you can purchase without one. But first, consider the advantages and disadvantages: To save money, you can bargain for a realtor's fee or even have the seller cover it. A realtor can be of great assistance in guiding you through the complex purchasing process. Although hiring an agent is unnecessary when purchasing a home, weigh all the options before choosing to go alone. Take these actions if you're sure you want to buy a house without a buyer's agent:

Obtain a Loan Preapproval

Lock down your finances so the seller understands you're prepared to buy if you want to be a serious bidder for a house. Preapproval is the best guarantee a lender can give that you are prepared for a mortgage, but it requires more paperwork than prequalification.

Engage a Real Estate Lawyer

The documentation, which can include offer letters, title documents, bills of sale, and disclosure statements, is likely to overwhelm you if you have a lot of experience buying real estate. A real estate lawyer can examine your rights and guide you in avoiding making the wrong decision.

Do Some Research

To ensure you're receiving the greatest deal, you should check the sale prices of other comparable properties in the neighborhood, even if you're purchasing a property from a family member or a newly constructed home from a builder. If you are broadening your search, you could concentrate only on "for sale by owner" properties that might not require an agent.

Make a Proposal

Before they are formalized, you should have the lawyer analyze the offer letters and purchase contracts that real estate brokers in your state and area usually draft. Ask the seller if they would be willing to give you a lower price if they are working with an agent, as the seller won't have to pay a commission to a buyer's agent.

Examine and Negotiate

Set up a home inspection as soon as you have an agreement on the purchase price, and pay special attention to any problems found. You or your attorney will need to discuss with the seller what needs to be rectified before closing following the inspection.

Complete the Purchase

Even if it's not required by law, it's a good idea to have legal counsel present at closing in several places. To ensure you understand what you're signing, a lawyer can go over each document with you at closing.

Bottom Line

It is feasible to purchase a home without a buyer's agent; in some circumstances, it may even be better. However, these are uncommon situations that won't only affect some prospective homeowners. It's usually preferable to trust a professional when most individuals are thinking about making what could be the most costly purchase of their lives.