Everything that comes with DIY home buying explained
- Maintain a good working relationship with the listing agent, but know that you'll be doing your own work—the listing agent's job is to represent their client, the seller
- Be proactive, stay organized and utilize of all of the information available to you
- Take some time to brush up on your negotiating skills with the links provided below
So, you've decided to take control and represent yourself while buying a home. Since you won't be using a buyer's agent (which is totally a thing by the way), be ready to tackle a few responsibilities on your own. No need to worry too much, though—you've probably done these things in some capacity or another before.
Interacting with the listing agent or seller
From getting you details about a home's history to showing you the home in person, the seller's agent can be of tremendous help to you—for this reason, it's important to maintain a good rapport with them. However, be aware that the listing agent has a fiduciary duty to their client and ultimately has the interests of the seller at heart. Don't expect them to compromise the seller's leverage or do your work for you. If the home is being sold by the owner (FSBO), you'll have to communicate with the seller directly.
From inspections to showings, many things need to be scheduled when buying a home. Make sure you're comfortable with picking up the phone and setting up meeting times. Also, make it a point to stay organized during the home buying process—it'll only make things easier for everyone, including yourself. Home Savi's Transaction Dashboard calendar makes this simple, but it doesn't hurt to get used to setting yourself reminders every now and then. Apps like Updater and Google Calendar could help.
Feel like you're unprepared when it comes to negotiating? Not to worry. Learn the basics:
- Start by making your offer stand out from the competition.
- Remember that it's a give and take. You can't always have everything.
- Fearing a bidding war? Fear not.
- More about negotiating with home sellers and negotiating repairs.
Interacting with your lender
These days, buyers are becoming more and more in charge of finding and securing their own financing. Online resources such as Rocket Mortgage can help you get pre-approved online and find a loan that works for you. Be prepared to communicate with your lender and provide financial information that'll help them more easily qualify you for a home loan. If you're making an all-cash offer, you'll need to obtain a "Proof of Funds" from your bank so you can show sellers you mean business.