Thinking of buying a house without an agent
... is not a great idea.
I was just at an agent open house in my neighborhood, I didn't really have to see any houses in my neighborhood to familiarize myself with the floor plans and then try to picture which of the many buyers I am helping to look for homes would like one of the houses and I didn't go for the free lunch or the $50 drawing. I actually went because a very good friend of mine from the real estate agency I formerly worked at was hosting it. But I digress.
Here's the reason.
With all the signs and balloons, in addition to agents attending for all the above reasons but mostly for the free food and $50 drawing, potential real estate buyers could also drop in. And one did.
He was discussing the house with the listing agent and inquired as to whether the price was firm. The agent said there was a little bit of flexibility. They talked a little more and he expressed how much he liked the home and they agreed to get together at another time.
Here's the problem. There shouldn't be a little flexibility in the price, there should be a whole lot of room to negotiate. The house has been on the market a while, it is vacant, the sellers have moved, they're probably making their monthly mortgage payment and either paying rent or making another mortgage payment where they currently live and with all the current inventory competing with their home on the market, they should be very motivated to sell and most likely, the home could be bought well below current list price, not just a little bit.
But the buyer will never find any of that out from the listing agent because the listing agent represents the seller and it is their job to sell the house for the best possible price. The listing agent does not represent the interests of the buyer and negotiate the lowest possible price for the buyer. The buyer will not be told how to write contingencies into the offer to protect their interests, will not be provided with the best home inspector or any of the myriad of other things that a buyers agent does to help the buyer avoid potential pitfalls when buying a home.
Thinking of buying a house in today's Charleston real estate market and doing it yourself without an agent. Think again. A good real estate agent will add value to the transaction and there isn't any cost to use a buyers agent since the seller pays the real estate commission to the listing agent who splits it with the agent representing the buyer. The usual disclaimer, the seller pays the commission from the proceeds of the sale provided by the buyer and the mortgage.