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Buying house from for Sale by owner
Posted on 7/14/17 at 11:40 am
Posted on 7/14/17 at 11:40 am
How difficult is buying a house directly from an owner without a buyers agent. Honestly I have bought 3 houses and I have always had an agent take care of everything for me. Looked at two last week and think I want to make offer on one but would really like to use the no agent as leverage. I already have comps, just want to know if I will kick myself for not employing a buyers agent!
10
Posted on 7/14/17 at 12:31 pm to finfeathersport
I sold a house by owner last year. We agreed on a price, found a free online contract and signed it and they took that to the bank. No issues. I bought the same house from owner. The bank guided me on everything that had to be done.
This post was edited on 7/14/17 at 12:34 pm
Posted on 7/14/17 at 12:54 pm to finfeathersport
I have sold one that way and bought one from a family member.
I don't see a need for an agent
I don't see a need for an agent
Posted on 7/14/17 at 1:00 pm to finfeathersport
It will really make you wonder why agents get paid so much. If you are structuring a deal with any special circumstances, you might want to consult a real estate attorney. If you have bought/sold a few properties already, you should have no problem. The only recommendation would be to make sure every little detail is spelled out in the contract (amendments, seller concessions, work to be done, etc). When in doubt, add more clarifying words.
Posted on 7/14/17 at 1:55 pm to finfeathersport
If both parties have previously bought/sold a house it is very easy. When it is the buying parties first house it can be more difficult.
ETA: more difficult just because they don't know what to expect, not that it requires more paperwork or anything.
ETA: more difficult just because they don't know what to expect, not that it requires more paperwork or anything.
This post was edited on 7/14/17 at 1:57 pm
Posted on 7/14/17 at 2:11 pm to Creamer
Just go to a title company and they will help with paperwork. If you are in the Baton Rouge area, put your email down and I can help you.
Posted on 7/14/17 at 2:47 pm to LSU1018
A title attorney will generally be happy to be the mediator and make sure everything is done right. As a buyer you want to run a title search and get title insurance anyway.
Every for sale by owner is different, some are experienced and great while others are underwater on a house and can't afford to lose 6% to agents so they try to sell their dream house they are all emotional about losing because the ex husband gambled all the money away.
It's very easy to pull comps in most states where real estate is public information, just go to the appraisers office online and run a report to see what homes have recently sold for in the area.
Every for sale by owner is different, some are experienced and great while others are underwater on a house and can't afford to lose 6% to agents so they try to sell their dream house they are all emotional about losing because the ex husband gambled all the money away.
It's very easy to pull comps in most states where real estate is public information, just go to the appraisers office online and run a report to see what homes have recently sold for in the area.
Posted on 7/14/17 at 3:00 pm to finfeathersport
Purchasing a home is no different with an agent or w/o an agent. If your comps look good and don't have any issues with your appraisal you should be fine. Home agency is unnecessary once terms are agreed upon.
Posted on 7/14/17 at 7:58 pm to finfeathersport
If you've bought three houses (all in the same state), then you should be familiar enough with the standards and practices. At least in my state, if you're the one writing the contract, more of the burden is on you, should something not be clearly spelled out or there's some sort of misunderstanding. If the seller makes a counter and inserts some conditions or language that you're not sure about, a good real estate attorney can help.
If it's a pretty straightforward/bread & butter transaction, do the contract right and you should be fine.
If it's a pretty straightforward/bread & butter transaction, do the contract right and you should be fine.
Posted on 7/15/17 at 9:54 am to Jag_Warrior
As said previously, a title company/closing attorney will likely help with the contract.
The seller may also do the paperwork, but make sure it's not tilted his way.
The seller may also do the paperwork, but make sure it's not tilted his way.
Posted on 7/16/17 at 9:07 pm to finfeathersport
Bought a FSBO house a couple of years ago. In LA, there is a standard contract you can get from the state real estate board. Filled it out. Had a couple of rounds of negotiations. We scheduled our own inspection. We used a mortgage broker who make sure all the financing stuff was fine. Closing company helped us with all that stuff and the title insurance. e
Posted on 7/17/17 at 11:20 am to LSUFanHouston
I purchased my house from my parents which was essentially FSBO since there were no RE agents involved. I went to my bank and filled out their required paperwork and the Loan Officer took it from there. He scheduled everything needed - appraisal, inspections, lawyer for deed transfer, etc. It's not a big deal unless you make it into one.
Posted on 7/17/17 at 11:47 am to finfeathersport
Realtors/Buyers Agents don't do much except show up with a key and then bug the lender to death wanting to know when the closing is.
Everyone is going to want to see a Contract, most title companies have a form for you to fill out the basics. Between your lender and the title company they will take care of most of it.
Everyone is going to want to see a Contract, most title companies have a form for you to fill out the basics. Between your lender and the title company they will take care of most of it.
Posted on 7/18/17 at 3:51 am to finfeathersport
As a realtor myself, I highly suggest you use a professional to represent you in this situation.
As a buyer, 1. it doesn't cost you anything since the seller pays the commission and 2. You should protect yourself in any potential litigation between yourself and the sellers.
You may be comfortable but you have no idea how much experience the sellers have and it can end up being a nasty situation.
As a buyer, 1. it doesn't cost you anything since the seller pays the commission and 2. You should protect yourself in any potential litigation between yourself and the sellers.
You may be comfortable but you have no idea how much experience the sellers have and it can end up being a nasty situation.
Posted on 7/18/17 at 11:47 am to finfeathersport
i sold my first home Fsbo. Got an appraisal for like $400 before attempting. Title company and lender(Whitney bank) lined everything out. The buyer and I talked and both knew how to use google and settle everything out. Went fine and we didn't have to lose $10k between us to some pain in the arse realtors who won't let buyer and seller communicate face to face.
Posted on 7/18/17 at 12:06 pm to pakowitz
I sold my last house FSBO, and I would happily do it again. I'm more than comfortable with the process of contract, inspection, etc. so I would NEVER consider hiring a realtor because of the transactional aspects of a sale.
I might hire a realtor if I thought the property would be difficult to sell, or if I had already moved from the area & didn't want the hassle of handling the sale remotely.
I live in a semi rural area; having a buyer's agent adds absolutely ZERO value to the transaction for me. I think many people in un-hyped RE markets feel the same way, for good reason.
I might hire a realtor if I thought the property would be difficult to sell, or if I had already moved from the area & didn't want the hassle of handling the sale remotely.
I live in a semi rural area; having a buyer's agent adds absolutely ZERO value to the transaction for me. I think many people in un-hyped RE markets feel the same way, for good reason.
Posted on 7/18/17 at 12:22 pm to LSUFanHouston
The easiest/quickest solution would be to talk to the lender and find out their requirements. They will set-up the appraiser, but you will need to set-up the inspection (most lenders do not require). Find the standard contract on-line and fill in as necessary. My wife and I used the contract to submit the initial offer in order to make it official, but did all negotiations via phone/e-mail before the seller filled out the counter to reduce the back and forth.
Also, once you start the process get in touch with an Insurance Broker and get your own quotes. If you rely on the lender, they are almost higher than what you can get via open market.
Also, once you start the process get in touch with an Insurance Broker and get your own quotes. If you rely on the lender, they are almost higher than what you can get via open market.
Posted on 7/18/17 at 4:46 pm to hungryone
quote:
I live in a semi rural area; having a buyer's agent adds absolutely ZERO value to the transaction for me. I think many people in un-hyped RE markets feel the same way, for good reason.
As a realtor, I agree with this in most cases. Tertiary and even some secondary markets do not typically require a broker for RE transaction. Major evolving metro areas and surrounding counties/parishes are where the benefits of brokers play a vital role.
I would have posted sooner but, since, as you all know, a closing date is not established as a part of every fricking real estate transaction since the invention of ink and paper, I have been on hold with lender wanting to know when the closing is so I can get paid.
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