Profile picture for user6175308

how do you purchase from owner?

What is the process for buying directly from home owner in regards to escrow & ownership transfer
  • August 18 2013 - Golden Valley
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Answers (8)

As a Realtor or course, you might expect me to say not to buy directly from owner but it happens everyday. It is not the actual sale that is tricky. We all can purchase a home, a car etc. When the deal gets complicated it is always best to have a third party involved. That is why, Realtors play such a valuable role during the course of the transaction. We follow the mortgage process such as making sure purchaser qualified. We also make sure we receive the second deposit. When inspections are performed, we help in negotiating repairs or credits that might be needed. When a buyer and seller get to this point there are obvious tensions that arise. That is why we as Realtors try not to let the seller and buyer have too many conversations during the transaction. We like a friendly atmosphere but we know all to often this atmosphere can change quickly when things don't go as planned. So having said all of this, just make sure you hire an Attorney that deals primarily with Real Estate. Keep in mind, most for sale by owners today cooperate with Realtors so get a good Realtor and they will call the for sale by owner and arrange the showings. I do this all the time and it works out well.
  • October 23 2013
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Profile picture for Dunes ..
You might read this to get a good idea of what's involved

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....
  • October 23 2013
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Profile picture for DanGorfinkle
Hiring an attorney is your best bet to ensure the deed and funds transfers are done properly and legally. It is inadvisable that you and the home owner do it on your own.
  • October 23 2013
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Profile picture for RealEstateCrew
Give the owner the cash and the owner gives the buyer a deed.  - simple version.

Items to ensure prior to giving the cash, title, inspections, value, disclosures, etc.  

This is a couple reasons, individuals and corporations hire Realtors.  
  • October 23 2013
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Profile picture for LauraPena1

At the time of  buying home you will need to document , money (budget) , how you got that money, &  convince lenders that money will continue to arrive to cover your mortgage &  other financial obligations. For all process you need to consider your own realtor or expert person who well knowledge about this field.

  • October 23 2013
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Get a lawyer or a Realtor to help you since you are asking questions like this. Either one will protect you from yourself and a more knowledgeable seller who will be out to take advantage of you.
  • August 18 2013
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Profile picture for Academy Mortgage AZ
Unless you are buying from family or close friend, I would recommend you use a Realtor in the transaction.

If you decided not to, you can go to a title company to help you and the seller draft up escrow instructions and they will also handle the closing and title transfer.  Be sure to use a title company that has good service and are knowledgeable.

Are you working with a lender?

Thanks,
Julio Zapata 
  • August 18 2013
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You may want to consider having your own realtor when buying from an owner. Without an agreement to represent you, a realtor cannot advise you about the process because it is against their license. 

If you buy without a professional realtor or real estate attorney, you will deal directly with the seller and the title company only. 
  • August 18 2013
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