While the percentage of people who buy an FSBO (for sale by owner) home without a real estate agent is relatively low, some do choose to go it on their own. There are a variety of reasons that some are wary about working with an agent, but the fact is most Big Island real estate professionals truly want to help buyers through the process, find the right home, the right neighborhood, etc.
If you’re determined to find a home on your own it’s important to be aware of the risks involved. Some include:
Negotiating an offer with the seller. Seasoned agents know how to negotiate so that buyers get the best possible deal, however, there’s more risk involved when investing in a home than there is in purchasing a boat or a car.
Seller disclosures. Real estate agents know all of the information and documents that should be provided to the buyer, such as seller disclosures. These disclosures make potential buyers aware of any issues with the home such as leaks, foundation problems, even fire hazards, earthquakes, or other issues depending on the state the property is in. While most sellers try to be forthcoming and honest, buyers won’t know whether they received all disclosures or other pertinent information without an agent.
Real estate agents know the neighborhoods and communities. If you’re moving in from another state or even another city in the same state, an agent can be extremely helpful when it comes to crime rates, quality of schools, activities, entertainment, and other things buyers want to know about the area they’re considering moving to. Sellers may not disclose any information about the neighborhood that could potentially turn a buyer off.
From mountains of paperwork that you don’t clearly understand to closing costs, finding a mortgage, or knowing what kind of inspections you should have performed before buying a Big Island home, there are so many reasons to work with a real estate agent – and so many risks involved if you don’t.
Whether you are interested in a huge estate, a single-family home in the countryside, or a luxurious condo close to the beach, count on our Hawaii real estate professionals to help you every step of the way.