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Hi my name is herbie. I would like to know what if the seller is directly selling the house to me.

Hello

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July 09 2012 - Chicago
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I am assuming you mean "no REA involved". If so, just make sure you know what you are doing.

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July 09 2012
some options are that you can often get an attorney to write a contract for you and explain it to you.  If you dont' want to do that you might seek  out a fill in the blank contract and read it carefully.   You might visit with the title company for any fill in the blank contract they might have.  

You might research some blogs that define the steps, or you might just wing it.  if you have a concern it is probably best to communicate your specific concern as soon as possible and research it.

if there were an REA invovled, here are some events that would happen.
terms would be negotiated, Earnest Money would be provided and held in some sort of trust or escrow account (title company can do this for you).  both parties woudl agree to what details result in a cancellation and whether or not that causes a refund of that deposit.  both parties agree on a time period to perform inspections and whether or not there are negotiations for repairs or if issues result in a cancellation, parties agree on what type of contingencies might exist around condition, financing, and other factors, parties agree on when to close and what is acceptable title, transfer means.  then you act upon those agreements. (do inspections, apply for loan etc).

it wasn't  my intent to make it sounds more complicated than it is.  It doesn't ahve to be complicated, but you do want to cover your bases up front and define responsibilities and rights when you deal.

hope that was remotely helpful.

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July 09 2012
Do not sign anything before you have your attorney review it. If your attorney does not write the contract let him review it first. JUst remember the seller does not care about your interests.
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July 10 2012
I believe you mean if theres no agent involved. I would get a good real estate attorney to make sure you are protected.
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July 10 2012
Hello,

Your question is not very clear, but if you are referring to buying his home due to foreclosure you may need to sign an arms length transaction affidavit, get an attorney involved.

If it's not a short sale/foreclosure then get an attorney involved regardless to ensure you have a clear title before you purchase or turn over any money.

Good luck!
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July 10 2012
Often times " For Sale By Owners" Will tell you that they will give you a better deal if you go directly to them.  However, in California for example there is 52 legal disclosures that must be in compliance when closing a Real Estate transaction.  I would recommend you have an attorney review it.  If you can't afford an attorney, seek and inexpensive Legal Service like " Legal Shield" they provide you access to an attorney that will review legal documents, unlimited for as little as $17.00 a month. I have personally used them and love them.  Just  google them, and see if that is a good fit for you.  If not tell the Seller that you NEED an agent, as you want to be well represented.  Good luck.
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July 10 2012
 
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