Expert: Jessica Bryan - 7/14/2006

Question
Should I consider buying w/o a realtor in colorado?  What are my options and liabilities?

Answer
Dear Dee;
Buying without a REALTOR is very risky when you don't know the market and/or the area.  If you are very familiar with the property, know the values in the area, and have a personal relationship with the seller then perhaps bypassing the services of an agent is a possibility.  However, there is a reason that a professional service is used...as REALTORS (meaning we are licensed agents who are also members of the professional organization that answers to a higher standard which includes a code of ethics)we take update classes, additional courses, attend seminars, and receive monthly updates on the real estate business.  We are kept apprised of changes in the market, proposed ordinances, costs, roads and schools that are going in, environmental hazards, loan programs, inspection issues, consumer concerns, market values, appraisal issues, tax issues, property rights and legal issues to name a few.  We are the watch dogs to help protect our client's best interests. We run interference when negotiations get bogged down, we solve problems, we identify potential problems and head those problems off before they become an issue. We realize that a buyer cannot possibly devote the time to learn everything we, REALTORS need to know to conduct business--after all...we do this 40 +++ hours a week.  Therefore, we are usually more informed than our clients.  I answer questions from people on this website all of the time who have gotten themselves into problems because they have not used a REALTOR.  For that reason I think it wise to choose a top-notch professional as a Buyer's Agent to represent you and assist you with your purchase.

Your options are then: either to use a professional or believe what the Seller tells you and trust your own abilities to determine if this is the right property for you.  Your liabilities??? Well...if things don't go well you could buy something that is not a good or wise purchase and end up losing money on expensive repairs or depreciating values.  You can sign a contract that doesn't protect you in the event you want to back out of the deal.  You could find out later that there were things about the property that were undesirable.  If I haven't scared you enough yet...just read over some of the problems people have had (previously answered questions on allexperts.com)when they go it alone.

Sincerely,
Jessica Bryan