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Answers (7)
- Grizzmaxx
- Contributions:3
Thanks for the feedback. It is my second home purchase. My first home, which I have lived in for 14 years and is paid for was also a FSBO. The seller had all the necessary documents and the transaction went very smoothly. As far as what money I could have saved by using an agent, I do not know. I looked at the tax assessed value of the home I am looking at and it is about $90,000 lower than the asking price of the home. I figure that it is assessed wrong or low.
- Terri Linnell, "DebtsNMesses"
- Contributions:6728
It can be done through an escrow company w/o an agent or a lawyer. I would NOT recommend this if you've never bought before. Terms and conditions should be negociated before escrow is made, the same as if you had agents working for you.
If you've bought before, you can use a form that the real estate agents use, or find a current one from a neighbor as use as a template. Both parties read it carefully and agree on all terms. Wait a few days before accepting everything, so both parties know that they are comfortable with every single thing.
If you don't know what all is in the contract, then get a lawyer or agent, that is there job. We personally removed some terms that we didn't like after our agent explained them. Such as the late penalty... it was only a penalty for the buyer, not the seller! We wrote in that it was a penalty for BOTH.
Honestly, I may have taken the agent courses, and I may be well educated, but there was so many things I didn't know, that my agent did know. I had a great buyers agent.
If you've bought before, you can use a form that the real estate agents use, or find a current one from a neighbor as use as a template. Both parties read it carefully and agree on all terms. Wait a few days before accepting everything, so both parties know that they are comfortable with every single thing.
If you don't know what all is in the contract, then get a lawyer or agent, that is there job. We personally removed some terms that we didn't like after our agent explained them. Such as the late penalty... it was only a penalty for the buyer, not the seller! We wrote in that it was a penalty for BOTH.
Honestly, I may have taken the agent courses, and I may be well educated, but there was so many things I didn't know, that my agent did know. I had a great buyers agent.
- Adrian Freeltor, "freeltor"
- Contributions:8
if its your first time.
find a qualified realtor who will service you for maybe 1/2 a percent.
[content removed by moderator for being self promotional]
find a qualified realtor who will service you for maybe 1/2 a percent.
[content removed by moderator for being self promotional]
- Maria Morton, "MariaMorton"
- Contributions:716
Mr. Hill's answer is a good one. A realtor will save you money in the long run. Also, only about 10% of FSBO transactions make it to closing. The agent should be involved immediately. An attorney is not usually necessary in a residential transaction.
Fair Market Value is what a ready, willing and able buyer will pay today. Realtors watch their market, see the houses, keep track of what's selling and what's not, they can run the numbers, do charts, etc. Full time, full service realtors will be able to make an educated guess as to what the final sales price will be. Once you've signed an agency agreement with your realtor, s/he will be able to share their opinion with you. Beyond that, your realtor will be able to point out potential hazards and problems with the house, the contract, and the negotiations.
An offer is made by presenting an Offer To Purchase which, when signed by all parties becomes the Real Estate Contract. Your realtor will know which addenda and amendments to use in this instance.
Buyer Costs and Seller Costs can be calculated and estimated prior to the Final HUD 1 Settlement Statement. Your realtor will do that for you. Depending on the property, the location, DOM, etc, you may be able to ask for some Seller Paid Buyer Costs or a Homeowners Warranty.
This is getting very long. Talk to a local realtor. Find one that you like.
Fair Market Value is what a ready, willing and able buyer will pay today. Realtors watch their market, see the houses, keep track of what's selling and what's not, they can run the numbers, do charts, etc. Full time, full service realtors will be able to make an educated guess as to what the final sales price will be. Once you've signed an agency agreement with your realtor, s/he will be able to share their opinion with you. Beyond that, your realtor will be able to point out potential hazards and problems with the house, the contract, and the negotiations.
An offer is made by presenting an Offer To Purchase which, when signed by all parties becomes the Real Estate Contract. Your realtor will know which addenda and amendments to use in this instance.
Buyer Costs and Seller Costs can be calculated and estimated prior to the Final HUD 1 Settlement Statement. Your realtor will do that for you. Depending on the property, the location, DOM, etc, you may be able to ask for some Seller Paid Buyer Costs or a Homeowners Warranty.
This is getting very long. Talk to a local realtor. Find one that you like.
- real estate mike
- Contributions:2001
Without a realtor You could try buying for tax assessed value or below. Is it possible that the assessed value is too high? sure. Most assessors websites give you a tax value history so you can see what's been happening. A local title company can probably assist with the "meeting of the minds" for a fee. Generally speaking in todays market I would ask the seller to pay your closing costs up to the maximum your lender will allow.(I've usually seen between 2-5%). You will need an option(grace) period to do inspections and get insurance quote,etc. Since you are asking I would have a buyers agent if I were you. This appears to be your first and you don't wanna make a huge mistake. best of luck
- Be Ga, "bagnn"
- Contributions:526
Mr. Hill is correct.
You already found a home you like, so there is no driving around and I guess you already have financing.. But do not understand the documents and local ordinances regarding the buying process.
You could talk to your home financing consultant and ask for a recommendation. Negotiate a commission paid by you or talk to the seller, which I guess does not want to make mistakes neither, and get one time showing contract with a commission paid at closing.
You already found a home you like, so there is no driving around and I guess you already have financing.. But do not understand the documents and local ordinances regarding the buying process.
You could talk to your home financing consultant and ask for a recommendation. Negotiate a commission paid by you or talk to the seller, which I guess does not want to make mistakes neither, and get one time showing contract with a commission paid at closing.
- Bryan Hill, "Bryan Hill"
- Contributions:94
This will sound wierd, but stay with me.
Hire a realtor.
WAIT. Don't hang up. Hear me out.
It is not uncommon to find realtors that will handle the transaction for you at a fraction of the cost. You can pay them per hour and their expertise will be invaluable. If you're hiring them just for transaction handeling you can het away with 20-40 hours.
Trust me. This sounds strange. But a realtor will save you thousands. I'm an investor and I swear by their help.
At the very least, a title agency can help you with the legal conveance of the deed. But a realtor can help with offers, inspection, real vs. personal property, seller contributions, financing options, everything.
Good luck
Bryan Hill
Hire a realtor.
WAIT. Don't hang up. Hear me out.
It is not uncommon to find realtors that will handle the transaction for you at a fraction of the cost. You can pay them per hour and their expertise will be invaluable. If you're hiring them just for transaction handeling you can het away with 20-40 hours.
Trust me. This sounds strange. But a realtor will save you thousands. I'm an investor and I swear by their help.
At the very least, a title agency can help you with the legal conveance of the deed. But a realtor can help with offers, inspection, real vs. personal property, seller contributions, financing options, everything.
Good luck
Bryan Hill
What steps need to be taken in buying a home for sale by owner? What things should I ask for?
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