Profile picture for datruth41

buying directly from homeowner

any advise on buying from owner without agents...should i hire one to finalize the process...does it take longer etc?
  • March 18 2009 - Fayetteville
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Answers (18)

Profile picture for Randy Mabry
There are too many reasons to use a realtor to list.  Home ownership is the largest investment and decision a couple can make.  How do you know it is a fair price?  Did someone say "trust me"?  Only a person trained in comparable value or having knowledge can get a true value for a home.  Want protection from termites? You need to get professional people to do termite inspection and a home inspection.
  • May 03 2010
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Profile picture for real estate mike
Don't pay too much. Get a home inspection, paid for by you and you pick the inspector. You find a title company you like and close the deal there. The title company will have lots of info for you.
  • May 28 2009
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Most FSBO's offer some buyer agents a commission. If you go through the process and the appraisal comes in too low and the seller won't go down then what. At least an aent can do a CMA and talk to the owner so they see the range.
  • May 28 2009
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Profile picture for natewolf
There are also special addendums for use in For Sale By Owner transactions. Also, there is the Property Disclosure Form, which is mandatory for the seller to complete. And if there is a HOA, there is a HOA Addendum. The list goes on depending on the property and transaction.
  • March 30 2009
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Profile picture for natewolf
That's a copyrighted form. But, no, that's not the correct one. It has changed several times since that one was used. The new form is 9 pages long.
  • March 30 2009
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Profile picture for Mr Caveat
get an attorney ^_)^
  • March 29 2009
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It used to be that way in AZ, now for a couple dollars you can buy them at the association.

I'm not from NC, so I don't know your current forms, but out of curiosity, is this form 2T, the one you use? or something made up by a group of lawyers there?

NC form
  • March 29 2009
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Profile picture for natewolf
Realtor forms in North Carolina are copyright protected and for exclusive use of Realtors. I can send you the documents if you want to read them over. But they actually require a Realtor to be listed as part of the transaction, as indicated on Page 8 of the contract. I can also provide you free consumer information from the North Carolina Real Estate Commission regarding "Working with Real Estate Agents in North Carolina."
  • March 29 2009
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I have only occasionally found a fsbo to be a good deal. Most owners who want to save commission by selling alone, also want to sell at an unreasonable price. So be careful, evaluate the price well. Are you a business savvy person?

Another point, you can probably find the real estate contract that most Realtors use in your locality for sale at the local Realtor association office, for sale. This will actually have quite a few protections for you thought out and spelled out in detail.
  • March 29 2009
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Profile picture for natewolf

If you plan on obtaining a mortgage, you need to format your offer in such a way as to protect your deposit / earnest money. You also must include financing and closing cost considerations in the contract. Trying to change this on your contract AFTER it has been given to your mortgage banker is nearly impossible. So, if you are unsure, you really need to hire a professional to help you with the paperwork.


In North Carolina, most real estate attorneys are going to refer you to have a Realtor fill out the Offer to Purchase, because it's pretty much standard practice for them to do this. Otherwise, you're going to be paying an attorney his hourly fee.

  • March 29 2009
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Profile picture for LyndieQ
Most FSBOwners I've spoken with do not trust r.e.a.s (often for good reason based on bad experiences), and won't consider paying their fee.  On the other hand, I have yet to find a FSBOwner who had their house priced reasonably.  For one thing, they don't seem to think they should have to lower the cost by how much the commish would'a been, thinking they'll just pocket that 6 or so % themselves rather than share it with the buyer (which is stupid because they'd certainly have more lookers if the price reflected the lack of commission.)  Plus, they are usually basing their price on what they paid for it, adding on what the bubble reflected several years ago, and don't want to hear the facts of the current economy.  When we first put the house we last sold on the market, we began doing it FSBO, and did our own comps.  Then we subtracted the usual 6% commission because we were aware that the market was beginning to tank.  In a different market we may have thought more of splitting the 6% with the buyer.  We took our emotions out of the equation, but we did put the things that made our home and property unique to all the others around us, because they do count.  I'm sure we would have sold it at our price had we been able to stay around (had to move too far away), but as it turned out it was just as well because the company bought it from us for more than we were previously asking.  And... yes, we would have hired a R.E. attorney!  Would not try doing it without one.
  • March 28 2009
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I absolutely agree.  You want to work with a Realtor if at all possible.  If you're buying a house and it's not a For Sale By Owner, it's not costing you anything to hire a Realtor (atleast in NC).  If you want a property that is For Sale By Owner - try 1 of 2 things. 
1) Talk to a Realtor - tell them you want to buy a FSBO and ask them if they will check with the owner to see if they will pay the agent's fee.  Many times a call to the owner letting them know they have an offer on the table but won't deliver unless they can negotiate, makes the owner want to pay the fee to hurry up and sell.
2) If (1) does not work, you can ask the agent to represent you on the purchase of that house and you pay the commission.  Then you can always try to negotiate a reduced price on the house based on the fact that you're paying commision.
Either way someone has to pay the commission.  You should know exactly how much you're willing to pay in case you do have to hire the Realtor.  Make sure you don't go over your expected total price.
  • March 26 2009
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Profile picture for natewolf


You can find more information at The NCREC website. Or HIRE A REALTOR-- pay a flat fee for some help. It' money well spent for professional assistance.

  • March 19 2009
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Profile picture for natewolf

For Sale By Owner AND No Buyer's Agent ???


I hope you know what you're doing.


Agents in North Carolina must be Licensed Brokers, and as such are required to have a minimum 90-hours or classroom instruction (several months of classes), then pass a major examination. Then they must attend manditory update courses ANNUALLY regarding laws and changes in the industry. We also must carry specialized insurance called Errors&Omissions Insurance. We utilize copyrighted contracts which have been approved by the North Carolina Real Estate Commission, the NC Realtors Association and the North Carolina Bar Association.

  • March 19 2009
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Profile picture for sunnyview
nvchaz is right. Many times FSBO's do not really know where to price their house so they price with little knowledge of their market or price the house at what they need to get out to sell. FSBO's can be a good deal, but just like nay house, shop around and look at the comps in the area.
  • March 19 2009
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Profile picture for natewolf
There are plenty of REALTORS who will help you with the paperwork at a reduced fee. You can pay a flat fee and get the paperwork required to turn in to your bank for financing. They can also help you ensure the required NC Property Disclosure Form, Homeowner Association Disclosure Form, and all of the other seller required disclosures are completed. Then they can help you with inspections and termite inspections-- which may be required by your lender as well. And can help you find an attorney or closing agent *an attorney is not technically required in North Carolina to close escrow-- unless your bank requires it.
  • March 18 2009
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Profile picture for sunnyview
I'm sorry for that typo. What I meant to say was you can hire a realtor to help you with the paperwork or consult a real estate attorney to look over the contract.
  • March 18 2009
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Profile picture for sunnyview
You can or you can hire a Real Estate attorney to do the paperwork. Make sure to have all inspections and appraisals done and have a professional look over the final contract. It is worth a paperwork fee or attorney consultation to protect yourself from problems.
  • March 18 2009
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