Advice on buying house private party

GraniteCrystal

GraniteCrystal

New member
Looking at buying a house again. This one for sale by owner. We also don't have a realtor. Both of us hoping to save money by not having to use one.

Anything I should be aware of? Obviously we'll get an inspection and an appraisal. Anything else?
 
Rubicon310

Rubicon310

New member
Disclosures. Have them fill out an official disclosure of the home like they normally would using a realtor. That way nothing is hidden from you.


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Rubicon310

Rubicon310

New member
Also, not sure how commission is paid in your state but here in California, the buyer never pays an agent for finding a home. It’s free for a buyer, the seller pays the agent a commission for finding a willing and able buyer.


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BaddestCross

BaddestCross

Active Member
GraniteCrystal said:
Looking at buying a house again. This one for sale by owner. We also don't have a realtor. Both of us hoping to save money by not having to use one.

Anything I should be aware of? Obviously we'll get an inspection and an appraisal. Anything else?
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Find a good escrow/title company and they will get you all the necessary forms and disclosures needed in your state and walk you through the process. I would recommend doing a home inspection by a certified inspector.

The seller not paying a commission could be to your advantage when it comes to negotiating a price.

--
Build Thread - Adventures of Fiona - https://wayalife.com/showthread.php?t=47407
 
GraniteCrystal

GraniteCrystal

New member
Rubicon310 said:
Disclosures. Have them fill out an official disclosure of the home like they normally would using a realtor. That way nothing is hidden from you.


Sent from my iPhone using WAYALIFE mobile app
Click to expand...
Great point. Forgot about that one. When does that happen in the process?
Battle Born JK said:
And also get a lawyer
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What's the lawyer for specifically?
BaddestCross said:
Find a good escrow/title company and they will get you all the necessary forms and disclosures needed in your state and walk you through the process. I would recommend doing a home inspection by a certified inspector.

The seller not paying a commission could be to your advantage when it comes to negotiating a price.

--
Build Thread - Adventures of Fiona - https://wayalife.com/showthread.php?t=47407
Click to expand...
This is different than whoever I'm getting my loan/mortgage thru yeah? If have this, then no lawyer needed?
 
BaddestCross

BaddestCross

Active Member
GraniteCrystal said:
Great point. Forgot about that one. When does that happen in the process?

What's the lawyer for specifically?

This is different than whoever I'm getting my loan/mortgage thru yeah? If have this, then no lawyer needed?
Click to expand...
Every state is different. Some states close with attorneys, some with title companies. I can't speak to your state... Yes, it'd be one or the other.

--
Build Thread - Adventures of Fiona - https://wayalife.com/showthread.php?t=47407
 
Arrcherr

Arrcherr

Caught the Bug
GraniteCrystal said:
Looking at buying a house again. This one for sale by owner. We also don't have a realtor. Both of us hoping to save money by not having to use one.

Anything I should be aware of? Obviously we'll get an inspection and an appraisal. Anything else?
Click to expand...
Second home I purchased was sold by a private party. Neither of us had realtors for the sale. I would just suggest you have a good real estate attorney review the docs and be present at the closing. We had zero issues with the sale and we managed to save a significant amount of cash without paying commissions.
 
MTG

MTG

Caught the Bug
Spit on your hands and then shake. Shouldn’t have any problems. If so, resolve any disputes via a duel...preferably with a rapier. Second choice, pistols.


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TLife

TLife

Member
GraniteCrystal said:
Great point. Forgot about that one. When does that happen in the process?
Click to expand...

If there were agents involved yours would have had the disclosure at the initial showing. I would request one be filled out before you spend any money having it inspected or appraised. (Not suggesting this in lieu of an inspection)
 
WJCO

WJCO

Meme King
I would definitely consult an agent. I've owned a few homes and even had a previous agent in the family but still used an agent. A competent one knows the laws and ins and outs. But that's just me.
 
blackrubi14

blackrubi14

Member
Having just recently bought a house and started out trying to do so without an agent or realtor as we knew the seller, I'd suggest going through a realtor as there is a metric fuck ton of paperwork and like others have said, a realtor will know the in's and out's and any "hidden" laws or requirements that come with buying a house.
 
Good2Go

Good2Go

Member
Arrcherr said:
I would just suggest you have a good real estate attorney review the docs and be present at the closing. We had zero issues with the sale and we managed to save a significant amount of cash without paying commissions.
Click to expand...

If I didn’t have an agent, I would definitely do this.


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GraniteCrystal

GraniteCrystal

New member
Thanks everyone. Part of the appeal of us to the buyer is not having an agent so they don't have to pay that cost. As a result, they're viewing us as their prime buyer and working with us on price.

Sounds like we'll need them to fill out the full disclosure form asap and I'll want to pull in a real estate attorney before I sign anything.
 
catahoula

catahoula

Caught the Bug
I would forget the realtors and inspectors. They both overcharge for what they do. Which is very little and something you can do yourself. I have had 5 properties and used both every time for some stupid reason. I guess I just wanted to give my money away. I have a real good friend that sells his on his own and should have listened to him. I have just been extremely busy and wanted to not worry about it, but I ended up doing so in the process. I believe realtors lie. Some price low for a quick profit. It can go two ways in a great market like I am in. It can sell quick and you lose money or have it priced right and make some. It depends on the CMA which is basically an opinion, same as an appraisal. I had an appraiser come in to our house that we recently sold and she had already made an opinion once she walked in the door. Some agent charge between a 5% - 7% commission and that is a lot of money. It is split up four ways if two are involved. You cannot go back on an inspector for a shitty inspection as well. I would just have the trades inspect next time myself.
 
trailraider

trailraider

Active Member
talk to the neighbors,a house my buddy was looking at had flooding issues. Only found out because neighbors mentioned it in the conversation. asked the seller, when confronted they finally disclosed it. this was with realtors involved with both sides.

he ended up getting 15 g back to outfit with a sump pump. but they tried to hide the fact the house flooded during heavy rains.
 
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