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6 Reasons Why Purchasing a House Directly from the Owner Could be a Bad Idea

- 18/03/2020
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By Stephen Otieno:

Owning a home is almost a common dream among individuals without one. To become a homeowner is somewhat an achievement in life. However, not everyone that desires to own a house achieves it. While purchasing a home directly from the owner is possible and has worked for some individuals, working with real estate agents is recommended for a number of reasons. Transacting directly without involvement of realtors is not necessarily a bad idea, but it could be, based on the following reasons:

  • There may be little financial benefit than predicted.

One of the main expectations of persons that opt to purchase property directly from the owner is to save some money that would have been paid to the agent. Nonetheless, this may not always be the case. Mark you realtors are equipped with professional skills for property valuation and pricing; this means they can set reasonable prices and can hardly be duped by clients.

  • Finding a good Home is not a walk in the park

For the buyers, trusting any seller may not be easy. A real estate urgency that has good reputation may be easy to trust and work with. For the home sellers, marketing needs an established and reliable network. Real estate agents understand the market and may possibly present the property to potential buyers only.

  • Purchasing a home involves risks.

No one wants their hard-earned money to end up in the hands of cons. People have been conned millions of shillings in the past in the real estate. The only thing that one can do is to learn from others’ mistakes. Selling or purchasing a house is a process; the documents of the property must be verified, the house must be inspected, in some cases the house may be filmed or photographed, and the house should be sold for its true price in the market. People who rush to purchase houses often end up realizing some mistakes or drawbacks after signing the papers and sealing the deal.

  • Even with your full attention, you may possibly mess up

You may pay your best attention by letting everything take place under your watch, but to replace a good real estate agent is almost impossible. You may need to seek for the advice or service from the experts at one point or another. A real estate agent is efficient, skilled, and possibly, secure. You’ll be new in this game and the possibility that you may fail is undisputable.

  • You need to verify the owner.

Just living in the house may not mean that the person dealing with the buyer is the owner. A special verification of the buyer may need to be done especially by professionals or approved real estate organizations. Yes, you would need an agent to process a home that you are purchasing from your best friend. The common phrase that the ‘business of the business is business’ should never leave your mind when doing any big transactions.

  • Legal Concerns

Agents may defend you in court, through their lawyer, in case of any risks. Fighting legal battles in cases where transactions were merely done between a seller and a buyer may be quite difficult. The court may only consider the ‘willing buyer-willing seller’ principle, which may put the purchaser of the property in further risk. Possible risks may involve losing the property or taking it in a poor state that is less than the value you paid for.

18/03/2020
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