Profile picture for wonbyjc

Buying a home, from owner, we are inexperienced

Hello.  We are looking to buy a home possibly from a home owner in Oregon.  We do not want any realtors involved in the transaction do to the fee's involved.  We are pre qualified, I was just wondering what our next step would be and where we get the paperwork and such?  Does the title company help in any of this?  Thank you.
  • October 04 2013 - Roseburg
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Answers (12)

Can I ask why you both do not want a realtor involved?
A Realtor can protect you as a home buyer and in no way shape or form can harm the transaction.
I would highly suggest that either of you have an agent assist you.
There could be a reason as to why the seller does not want to have any realtors involved. It could be that there is seriously something wrong with the home thus the less you know about purchasing a home the more they may take you for a run.
I come from the "title world"/ Most Attorneys can draft you a sales contract, however, they cannot give you any Realtor guidance, or fill our any local Realtor forms.

A realtor looks out for the best interest of their client. You might want to interview a few agents to see what you are looking for out of the transaction. Always remember to get an home inspection, and attempt to request a home warranty as well.

Good luck to you!
Realtor of TN and an Army Spouse.

  • October 05 2013
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Profile picture for Dunes ..
It's not like "performing surgery with scalpel in one hand and instruction book in the other." ;)
but
A person does need to be willing to take the time and put in the effort to be sure i's are dotted and the t's are crossed.

wonbyjc...Wishing you success whatever route you take


  • October 05 2013
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Mack

It never ceases to amaze me when people shy away from Realtors thinking they are going to save money.  Like performing surgery with scalpel in one hand and instruction book in the other.

The biggest purchase a person makes in their life - the largest anchor they have around their neck - and they think saving a few thousand dollars is a good investment strategy.

  • October 05 2013
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After the next step, you'll be wondering about the step after that, I'm afraid, wonbyjc.

The title company will not be able to draft a contract for you. Perhaps your lender can help guide you.

All the best,
  • October 04 2013
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Profile picture for hpvanc
The title company may be able to provide the services you are looking for. Personally I would pay for a quick consult and contract review by an attorney. If you can find an agent capable of providing a professional services type review and willing to perform in that capacity for a flat professional services fee, that may be a decent option as well.
  • October 04 2013
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Profile picture for Dunes ..
Since I am in Oregon I think I'll add a tad more...

#1...Oregon is a Dual Agency State...means 1 Agent handling paperwork for both sides is not uncommon ;)

#2...The competition for clients is hot and heavy so there is as a result a variety of options/packages available provided often by well established local Realtors/Agents/Agencies...

One of the things imo that makes it nice for a consumer in the RE world at this time is the variety of options available in most locals...bottom line
If you and/or the Seller agree to talk/work out what is the best route to take then one option is to look at all your options

Do it all yourself...Attorney...Fee for Service from Realtor/Agency/Agent (they do paperwork or more or more or whatever..)...Full Service

Be honest about how willing you and the Seller are about devoting the time this is going to take to be sure you are both protected...All routes may work but the one you take should be based on what's best for you..

Attorney...Fee for Service (You may wish to check just what that cost really is..what packages are available)

Anyway...
As they say in the movies "You can doooo it!" whichever route you take just be sure it's the right route for you and you're willing to travel every mile.

Hope ya get the place you want...
  • October 04 2013
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When you are filling out that offer to purchase by yourself, please, please, please do give yourself a home inspection contingency.  Even if this is your friend's house.  Even if it's Grandma's house.  You must do this to protect yourself.  You may also consider an appraisal contingency.  As there are no realtors involved, who is to say if this is a fair price or not?  Give yourself a way out in case this home is not worth it or secretly the movie Money Pit.

Best of luck to you!
  • October 04 2013
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Typically the seller pays the fees for the Realtor even if it is a buyers agent.

Do you think the seller is going to give you a discounted price because there is no Realtor involved?  Hardly.  The seller is going FSBO to keep the most amount of money possible for themselves.

A title company may supply you with forms. You can buy a sales contract at a local office supply.  It is up to you to figure out what clauses apply. What to fill in.  The title company will not help you negotiate or represent you in any way except as a transaction facilitator.

You have no one to guide you or advise you of your rights should a snag occur.  Spend some time reading the threads out here from FSBO buyers and sellers who ran into serious problems during the process when trying to do it themselves.  The reality is - the seller is holding your deposit.  If something runs a muck you may or may not be able to get it back.

Since you have no experience with how a real estate transaction takes place or what the laws are, it is best to hire an attorney to handle your paperwork and advise you. 

  • October 04 2013
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Profile picture for Dunes ..
Big decision to do it yourself but if that is your decision then.....


You might read this

Elizabeth Weintraub is a Realtor & Zillow Forum contributor from California who has written an article on the Buying Process & Serlling Process for About.com that begins with...

Home Buying Path A to Z...The Complete Home Buying Process

Home Selling Path A to Z...The Complete Home Selling Process

You'll see other helpful articles also....

As to forms...yes I think you should drop by a Title outfit in Oregon and see what they say..
Also there are outfits that sell forms, you can google home buying forms or selling forms or or and see what ya see

But personally I think the advice from Neeraj is solid
"you might want to consider having an attorney handle your paperwork"

Good Luck & let us know how it goes
  • October 04 2013
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Profile picture for Neeraj Jassal
If you are admittedly inexperienced and prefer not to be represented by an agent, you might want to consider having an attorney handle your paperwork.  There are a lot of moving parts in a real estate transaction - and you definitely should have someone looking over your shoulder.

Good luck!
  • October 04 2013
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Profile picture for Outer Banks N C
You can write an offer on a cocktail napkin, but are you protected? My next suggestion is to be sure .......... wait, we are mostly all Realtors here and you don't want our help you said.


Bye - good luck.

  • October 04 2013
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Any local title company should be able to provide a real estate contract or you can see a sample contract here http://www.salebyowner.com/pdf/agrmttosell.pdf
  • October 04 2013
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