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How to buy a house without a realtor

Mediafeed Logo By Kelly Boyer Sagert of Mediafeed | Slide 1 of 12: Most people you know who have bought a home have probably done so with the help of a Realtor or real estate agent. Realtors, by the way, are real estate agents who belong to the National Association of Realtors, requiring them to adhere to a certain code of ethics.But considering the commissions that agents charge, you might be asking yourself, “Do I need a Realtor or real estate agent to buy a house?” The answer is no, you aren’t required to go through a professional to complete the transaction.That said, it’s not a decision to make lightly. Buying a house is likely the biggest investment you’ll ever make. Consider that the median sales price of a new home exceeded $374,000 in mid-2021, according to the US Census Bureau and the Department of Housing and Urban Development. So if you make a mistake in the homebuying process, there’s a lot of money and possibly other risks on the line.However, if you do want to buy a home on your own, knowledge is key.Related: Should you use your 401(k) to buy your first home?

Pros and cons of buying a home without a realtor

Most people you know who have bought a home have probably done so with the help of a Realtor or real estate agent. Realtors, by the way, are real estate agents who belong to the National Association of Realtors, requiring them to adhere to a certain code of ethics.

But considering the commissions that agents charge, you might be asking yourself, “Do I need a Realtor or real estate agent to buy a house?” The answer is no, you aren’t required to go through a professional to complete the transaction.

That said, it’s not a decision to make lightly. Buying a house is likely the biggest investment you’ll ever make. Consider that the median sales price of a new home exceeded $374,000 in mid-2021, according to the US Census Bureau and the Department of Housing and Urban Development. So if you make a mistake in the homebuying process, there’s a lot of money and possibly other risks on the line.

However, if you do want to buy a home on your own, knowledge is key.

RelatedShould you use your 401(k) to buy your first home?

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