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[luke_cage]

I'm in the market to purchase a home. This is my first time buying a home, and I grew up in a renting family. My professional career, however, involves the study of housing markets, neighborhood change, etc. I know how to look up neighborhood data from the census and other sources, etc.

Using various search engines (i.e. trulia, zillow, etc.) I believe I have found a house I would like to purchase.

I do not have a realtor working for me. Do I need to obtain one at this point?

[historywoman]

Yes.  Make sure that they are licensed by the proper authorities where you are buying the house.  In the U.S., each state licenses realtors.  Not sure where you are located, so check this out thoroughly.  It may sound tempting to forgo paying realtors' commissions, but don't do it.  Just. Don't. Do. It.

[clean]

As a buyer, I dont think that you need a real estate agent.  Essentially, one is as good as the other.  They ALL work for the seller.... The seller is paying the commission.  The agent works for them.
You will need:

A home inspection
appraisal
set up home insurance
loan paperwork

You may need:
survey

Some will claim to be "buyer's agents".  But, they are "agents" and in the end represent the seller. 

[concordancia]

You know how some people say you should have a lawyer look at everything? In your case, I would consider that instead. In actuality, I did it all myself, but I probably didn't get the best deal.

[hegemony]

I would have a lawyer look over the paperwork if you don't get a formal realtor.  The other thing is that you can get a realtor to just do the paperwork, for a flat fee.  Many realtors will swear up and down that no realtor will do this and that you must pay the full commission no matter how little you employ their services.  And then others will agree to do it for a flat fee.  Of course the ones who charge you full commission no matter what don't want you to know about the others who do it for a flat fee.  In my experience the ones who will do it for a flat fee will be local agencies, not national franchises.  For one thing, local agencies are feeling the pinch.  So you could try that route.  But again, get a lawyer to look over the paperwork too.  After all that, the fee might be high enough that you just want to go with a full-commission realtor anyway.

[clean]

You have already found the house.  It is for sale?  There is a real estate sign in the front yard?  Call the number. 

[oldadjunct]

As a buyer, I dont think that you need a real estate agent.  Essentially, one is as good as the other.  They ALL work for the seller.... The seller is paying the commission.  The agent works for them.
You will need:

A home inspection
appraisal
set up home insurance
loan paperwork

You may need:
survey

Some will claim to be "buyer's agents".  But, they are "agents" and in the end represent the seller. 

Yes, the seller has already hired a realtor, you don't need one.  If you are financing, the bank will take care of the rest.  After all they own more of the place than you do and will require appraisal, inspection, and obviously will handle the loan paper work, and will require title insurance for no other reason than to have a secured position on the loan.  The lender will also review the transfer doc's in their own interest, you are junior partner in the transaction but they want you to have secure title.  Insurance is your job, but the bank will less than gently remind you of that.

If you are paying cash all the due diligence of appraisal, inspection, and title are your responsibility.  You will need a real estate lawyer, not just some person with a law degree, for the title search and review of transfer documents.

A survey is overkill, since any meaningful survey generally requires multiple lots not just yours, if not entire plats or subdivisions (tens of thousands of dollars).  The likelihood of your getting involved in a survey dispute in a long standing, historically established area is exceeding small.

[clean]

A survey is overkill, since any meaningful survey generally requires multiple lots not just yours, if not entire plats or subdivisions (tens of thousands of dollars).  The likelihood of your getting involved in a survey dispute in a long standing, historically established area is exceeding small.

I dont know... Knowing the property lines helps you know a lot.  Is the fence on your property?  IS that dead tree your problem or theirs?   Is the neighbor's dog/cat dumping in your yard or theirs?  Is someone already encroaching on your future property? 

Is this and established area?  Where are the easements?  Can you put a pool there, or a shed, or will the city/county make you move it if they decide to _______?  Can someone drive through your back yard to access their property?  (A neighbor of my grandfather put up a fence in the front and decided that since my grandfather parked in the backyard, that the neighbor was entitled to use my grandfather's driveway to access his property too. )

Having the markers placed is not too unlike any other animal marking its territory.  Once the surveyor places the little flags, you know where to pee to make your claim official.

[prytania3]

In Virginia, surveys are required but not in Connecticut. Anyway, I've had a couple of surprises with the surveys. Agree with Clean and Oldadjunct about the realtor.

[whatmeworry]

In New York, agents do not always work exclusively for the seller. You can sign an agent as a buyer's agent, even though the seller will pay the realtor fees. It would be worth exploring; I have had several excellent experiences with this type of arrangement.

[anon99]

Maybe this is a Canadian thing, but here the seller pays the realtor's fees which are a percentage of the sales price and if there are two agents, they split it.  So I would say get your own realtor as they are on your side.  If you have to pay out of your pocket, then ask what the comparable houses sold for in the area and read up on how to negotiate and what to ask for. Under no circumstances use an inspector recommended by the seller's realtor.  Have an inspection done where you can attend and see what they look at and what the problems are (every house has a problem).

[concordancia]

Maybe this is a Canadian thing, but here the seller pays the realtor's fees which are a percentage of the sales price and if there are two agents, they split it.  So I would say get your own realtor as they are on your side.  If you have to pay out of your pocket, then ask what the comparable houses sold for in the area and read up on how to negotiate and what to ask for. Under no circumstances use an inspector recommended by the seller's realtor.  Have an inspection done where you can attend and see what they look at and what the problems are (every house has a problem).

No, that is how it works here, too. Actually, the buyer used to pay the fees, but that got shifted onto the seller with the housing boom and since sellers are now desperate, they are stuck with it.

[prytania3]

Assume the commission is 6%. Assume there is only one agent, the listing agent. In that case the agent gets all 6%.

Assume the listing agent shows the buyer + his agent the house and sells it. Each agent gets 3%.

Assume a different agent (other than the listing agent) shows the house to the buyer and his agent; then, three agents are involved and each gets 2%.

That's why optimally you would deal *only* with the listing agent because then you are in a better position to knock off at least 2% of the commission. It's like, "Dude, if you don't go down to 4%, I'll get my own agent and you'll only get 3%, dig?"

The agents are in it for their commission--not your well being.

[luke_cage]

Thanks for the responses, although I'm still somewhat unsure.

A little more information.
The house was on a real estate website. I sent an e-mail to the realtor listed on the website. The  realtor showed me the house.

THose suggesting I hire a realtor, I would tell the realtor "I found a house I want to buy, please represent me."

[prytania3]

Thanks for the responses, although I'm still somewhat unsure.

A little more information.
The house was on a real estate website. I sent an e-mail to the realtor listed on the website. The  realtor showed me the house.

THose suggesting I hire a realtor, I would tell the realtor "I found a house I want to buy, please represent me."

I wouldn't marry any of them. They aren't giving you a freaking ring. Go with the listing agent each time with the objective of knocking off 2% or whatever of the commission. Realtors don't like this approach but f*** them if they can't take a joke.