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How to buy a house without a realtor: Best tips for first time home buyers


Want to know how to buy a house without
a realtor? That’s coming right up. Welcome to Homebuyer’s School brought to you by Brookfield Residential. Hi everyone I’m Karl Yeh, welcome to
another Homebuyer’s School video, a channel where you get the latest
strategies tactics and tips from home buying experts, and remember if this is your first time on
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miss anything. So today I’m joined by Cory McDonald community manager with
Brookfield Residential and the topic we’re gonna discuss is, can you actually
buy a house without a realtor? So Cory do I need a Realtor to buy a house? They’re not needed, it’s a common misconception that you need a realtor in
order to purchase a home, I will say that it does help especially if you’re a
first time home buyer because they have a lot more experience in the market, they
know great questions to ask regarding the community, the previous homebuyer,
what factors are gonna potentially affect resale value down the road when
you’re trying to resell, so they are a very useful tool but they’re not 100%
necessary in buying a brand new home. I would even go to say specifically with a
new home build that sometimes the sales associate or the sales team there, they’re
working on behalf of the customer to get them into the home that best fits
their needs. So why would I use a realtor if I
wanted to buy a house? Again, when
you’re a first-time home buyer it’s a simple fact that you don’t know what you
don’t know and that’s what you’re basically using when you’re getting a
realtor is that they have the experience and a maybe a wider knowledge base as
far as the questions to ask about the new home, if there is any issues with the
the build, if they’re older and if it needs more maintenance than you really
want to put into a brand new purchase, the community and and the benefits of
living in one community versus another. So they’re very helpful in helping
narrow down your search a little bit. Do I–do I have to pay the realtor if
they’re buying–if I’m buying a house? How does that work? Great question because
that’s something that a lot of people may be shy about asking. When you’re
bringing a realtor into a brand-new Builder to buy a new home, it’s
actually the Builder that pays commissions for almost a ‘thank you’ for,
“thank you Mr. realtor for bringing this customer into our homes and for showing
them the benefits of buying a brand new home”, so we pay the kind of the
commission’s for that realtor whereas if you’re going a resale home it’s actually
the person that’s selling the home through their realtor they would be
paying the realtors commission so when looking for a brand new home you don’t
have any fees associated with using a realtor. So if I wanted to buy a resale
home, if I was a seller I’d not only have to pay my realtor but I’d also have to
pay the other realtor as well? It’s worked into your realtor commission,
that’s correct. Yeah so the the fees that you’re paying your realtor for listing
the home also covers the fees for the the purchasing so it isn’t like you
don’t ya know, but again these are–these are things that you’d want to be
knowledgeable about so asking your realtor what are the commission rates
for when selling your home also very important to know that if you are
purchasing a brand new home and you’re working with a realtor what the
commission rates could possibly be for that realtor. And remember we do have a
video on how realtors get paid if you want to take a look. Now, so if I didn’t
want to use a realtor and I wanted to buy a house, buy a new home right, how
do I go about doing that? Buying a brand new home, a lot of the presentation centres
they’ll have a lot of information on the homes that they have available, they’ll
be very knowledgeable about the community and you know different
homes that could fit your needs. If you’re looking for something quicker, MLS the
Multiple Listing Service you can look at online for what’s available for quick
possession homes, a lot of builders will also advertise some of their quick
possession homes or their feature homes on their website, so again taking a
little bit of time and maybe researching online different builders or even on MLS
some of the homes that are available within the timeframe that you’re looking
at your home once you maybe narrow down a community that you really like, finding
the presentation centre for that new build and then having those discussions.
It doesn’t cost anything to come visit a
presentation centre to go look through the show home so you’re more than
welcome to explore the space and have a look through and then the sales team,
we’re more than happy to answer any questions you may have about the home
specifically or the builder or the community that you’re looking to
purchase in. So obviously if you’re planning to buy a house without a realtor
you have to do a little bit more research? It doesn’t hurt to do a little
bit more research, again you want to be able to cover all your bases but again, a
great sales team will be able to help answer all of your questions and get you
into the right fit as well. And that’s what they’re there for right. So
would you say that the sales team kind of replaces the need for a realtor if
you’re buying a new home, obviously? There’s–there’s benefits of using a
realtor but I think yes the sales team definitely does work on behalf of the
purchaser in getting into the right home that best suits their needs. Awesome, well thank you very much for
joining us, the question I have for you is, did you use a
realtor when buying your first home and what was the experience? Let us know in
the comment section below thank you very much for joining us and we’ll catch
you next time. That’s another edition of Homebuyer’s School. Tune in next time for more expert tips and tricks and visit homebuyersschool.ca to bring you one step closer to finding your dream home. As with everything, it would be great if you like and share our videos, also please
let us know if you have any home buying questions you want us to answer.

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