A growing trend I have noticed over the last few years is homebuyers looking to go through the process without a realtor. And while you can save some money in fees to the realtor, I personally would not recommend this. A realtor adds a lot more to the home buying process than many prospective homebuyers realize. But if you are going to try to buy a house without a realtor, remember a few things.

Just because you are not using a realtor does not mean you will not need a preapproval letter. You will likely be working with a seller’s agent when getting ready to make an offer, and that realtor will likely expect a preapproval. And if you are purchasing a house that is for sale by owner, the seller can, and likely will, still ask for a preapproval letter.

It is also important to keep in mind that your realtor is usually the person who determines whether or not a house you are interested in is listed at a fair price. Your realtor does this through a combination of market knowledge and various online tools. You can do a pretty good job of estimating a home’s value now, but it might be a good idea to at least consult a mortgage professional for some assurance as to the fair market value of a house.

Now, if you are buying a house without a realtor from a for sale by owner seller, then you need to coordinate with a real estate attorney and write up your own offer to purchase the property. These steps can be tricky, as you have to be careful of the wording in an offer and a contract for a home purchase.

If you have any questions about the process of buying a house without a realtor, please contact me. If you have anything to add about the process, please leave a comment.