Buying a House On Your Own
Interested in buying a house on your own? If so, it is important to keep in mind that going it alone, without the help of a professional real estate agent, will take time, patience and a tremendous amount of effort. More importantly, without an agent, you will only be able to purchase "For Sale By Owner" (FSBO) properties. If you're OK with the somewhat limited FSBO selection, you can find the vast majority of FSBO home listings in local newspapers and online classifieds. If you are open to using an agent during the final stages of the buying process, but you want to do all the searching and visit the properties on your own, then there are more home listing options available to you.
You can begin the process of buying a house on your own by searching for listings through reliable sources such as MLS.com and Realtor.com. MLS.com allows users to perform a basic property search by area, home price, number of bedrooms and baths, property type, listing price, and age of property. In order to access your MLS.com search results you must register to use the service. To register you simply need to provide your full name, address, work and home number and a valid email address. Registering with the MLS gives you access to home listings available in more than 60 Multiple Listing Services, in more than 34 metropolitan areas across the U.S.
Realtor.com, the official website of the National Association of Realtors, is another great home listings resource. Registration is not required and the search is simple. All you need to do is enter the city and state/province or zip code along with the price range and number of bedrooms and bathrooms that you're interested in.
If you are a seasoned buyer and you are interested in foreclosed homes and/or fixer-uppers, visit any bank website and select the real estate owned (REO) option to search for foreclosed properties in your area. You may also want to visit the Department of Housing and Urban Development (HUD) website at www.hud.gov. It's important to keep in mind that, in some cases, you may not have access to the foreclosed property prior to signing on the dotted line, so it's important to make sure that you are financially prepared for any major repairs that may have to be done.
If you are looking into new developments, keep in mind that the advertised "starting at" price is never the actual price you will pay for a complete home. The advertised price is simply a way to bring in potential homebuyers. In general, it does not include options or extras.
Buying a house on your own can be time-consuming and complicated. After you find a home you like, you'll have to work out the finances, calculate your down payment and loan rates, negotiate a price with the seller or the seller's agent, work with an escrow firm, etc. Make sure to do your homework before committing to buying a home on your own. It can be done and will likely save you money, but make sure you know what you're getting yourself into first!
If you would like to find out more information about new homes, new home sales, buying a new home, and more, visit the consumer center at the National Association of Home Builders website at www.nahb.org.