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burgeman
Southeastern LA Fan
Member since Jun 2008
7206 posts

Buying a home for sale by owner process

Found another home in the area that I would like to buy. This home is for sale by owner, what kind of process of purchasing this home am I looking at?


OnTheBrink
Alabama Fan
TN
Member since Mar 2012
4664 posts

re: Buying a home for sale by owner process
Do you have an agent?


burgeman
Southeastern LA Fan
Member since Jun 2008
7206 posts

re: Buying a home for sale by owner process
Not really, we viewed a home last week that we contacted a real estate company for and they showed the home to us. But he has continued sending us homes to look at now. I guess he could be considered an agent.


OnTheBrink
Alabama Fan
TN
Member since Mar 2012
4664 posts

re: Buying a home for sale by owner process
If you had an agent I would think the process would not be any different from your side.

Since you have not signed anything with an agent, I would take them out completely if you feel like you have a good enough grasp on the home buying process.

Just my 0.02. I know there are some good Real Estate posters on here that will probably shite on everything I just said in a little while.


burgeman
Southeastern LA Fan
Member since Jun 2008
7206 posts

re: Buying a home for sale by owner process
I have no idea what I am doing with the home buying process lol


OnTheBrink
Alabama Fan
TN
Member since Mar 2012
4664 posts

re: Buying a home for sale by owner process
quote:

I have no idea what I am doing with the home buying process lol


IMO, I would enlist the help of an agent then. Ask around for some good recs. Best of luck!


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mglsu21
LSU Fan
Prairieville
Member since Jun 2012
907 posts

re: Buying a home for sale by owner process
You should be able to get them down more if you do not have an agent. They will not have to pay 2.5%-6% for your agent. A lot of times the FSBO listings say "agents welcome at ____%". Sometimes they do not say anything hoping that you do not enlist an agent which will save them money.

However you will spend a good bit of time researching and finding the correct forms needed to complete the process.... Offer/purchase agreement (and correct wording you need to use), property disclosure form, inspection forms, etc, etc. If you are a 1st time homebuyer then it could be stressful. It could be very beneficial to you to have a realtor, but realize that it will take away from your negotiating power. It would at least if I was the seller doing FSBO.

As for the rest of the process loan wise, it should be exactly the same. Your mortgage lender will take the reigns and let you know what all they need.



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mglsu21
LSU Fan
Prairieville
Member since Jun 2012
907 posts

re: Buying a home for sale by owner process
quote:

I have no idea what I am doing with the home buying process lol


If this is the case then definitely enlist the help of a realtor that has come highly recommended.

In what city are your purchasing?


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TDsngumbo
LSU Fan
Member since Oct 2011
7102 posts

re: Buying a home for sale by owner process
Read up on legal home-buying processes in your area (state) and go at it. FSBO.com is your friend. They have tons of info and even the contracts that you will need. My wife and I bought our house from a fsbo home without either of us having an agent. Stressful, but not complicated at all. Good luck!


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ragacamps
LSU Fan
Member since Jan 2011
2594 posts

re: Buying a home for sale by owner process
Just bought a for sale by owner. So much easier IMO. Also not having to pay an agent knocks some money of the asking price. Sellers had it listed for 215000, we bought it for 206,000 with sellers covering all closing cost.


burgeman
Southeastern LA Fan
Member since Jun 2008
7206 posts

re: Buying a home for sale by owner process
Went and checked out this home, It is in a great area but this house needs remodeling to make it work. Could I get a contractor or something to walk through this house and give me an estimate on work I would like done before buying a house?


ItNeverRains
LSU Fan
Franklin, TN
Member since Oct 2007
7689 posts

re: Buying a home for sale by owner process
Get agent. Ask to pull comps from area last 90 days, including all pics to compare finishes. Ask to pull tax record to see what they owe on property, see how much flex they potentially have in price. If all this seems kosher, present your offer, agent should automatically know to make contingent on inspection, appraisal, & financing. Also ask for one year home warranty from seller, and seller to pay title expenses as well. Ask agent for 2-3 competing lenders and closing attorneys he recommends, then shop their rates/charges. It will not affect your credit by getting preamp proved from multiple lenders.


matthew25
Ole Miss Fan
Member since Jun 2012
4021 posts

re: Buying a home for sale by owner process
I have never used an agent to sell a home, but I am glad when I bought that the sellers had an agent to walk the sellers, appraiser, loan officer, home inspector, attorney through the process. Sellers paid the 3% cost of RE agent.


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VABuckeye
Ohio State Fan
Oak Hill, VA
Member since Dec 2007
13794 posts

re: Buying a home for sale by owner process
quote:

Could I get a contractor or something to walk through this house and give me an estimate on work I would like done before buying a house?


You need to get a thorough home inspection done. Then you need to identify what items are critical and what work you want the seller to do. Prepare to negotiate as the seller will probably not want to do all the work.


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