We looked at a house today that is being "sold by owner".
We are seriously considering making an offer, but haven't the faintest idea what the process is
We don't know what to do first.
Since there is no realtor involved, we don't know who to ask questions to?
Is there someone we can call to walk us through the process? Maybe a lawyer?
Any information would be truly appreciated. 1|1|Get a lawyer...one who specializes in real estate law|BusterBrown|srfreezerqueen@hotmail.com|18:33:17|11/15/2010|
that way he can let you know all u need to do/ask...good luck 2|1|home inspection & appraisal and the lawyer|tollman62|thebossatnight@yahoo.com|19:26:55|11/15/2010|
email me if interested
please send your board name in your email thanks
I am looking for offers in concealed cash ayor Stamps or BTFE or make an offer in???? I can accept personal paypal or if you cover any fees
I mail all my trades from the post office and get a receipt.
you always hear noises in the dark when you work at night 3|1|I'm a Real Estate Paralegal E-mail me if you have any questions|spilleliz|saving4spending@gmail.com|06:18:49|11/16/2010|
But I agree with Tollman-get an inspection and then find a good real estate attorney
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4|2|a little more information....................|KellyJef|burke3536@yahoo.com|10:04:51|11/16/2010|
Should have made myself clearer.
We will not be applying for a mortgage since the proceeds from selling our current house will pay cash for the new house.
I'm assuming that the seller will have a lawyer draw up the sales contract and we will need to find a lawyer to represent us.
Hopefully, no realtors will need to be involved at all.
Our house is not actually on the market yet (we had not planned on selling for quite a while, but this new house became available unexpectedly through a friend of my daughter's and it's almost exactly what we would want. We currently have a two-story and after DH's knee surgery, his back problems which put him out on SSD, and his heart attack with a quadruple bypass, we need a ranch
Maybe we would be able to sell our house by owner as well.
Guess our first step is to simply get more information. We told them we would give them an answer in a day or two.
One other question -- since it's for sale by owner, do you think it's ok to offer 5% less than they're asking? 5|1|My advice...|Sara_s_Mom|IClipCoupons@gmail.com|11:31:57|11/16/2010|
It would honestly be better if you had the attorney draw up the contract. Include an "out" for if the home doesn't pass inspection. Make the seller fill out a disclosure form. Make sure the title is warranted "generally" and not "specially". General means they'll (seller) defend the title. Special only means "hey, I didn't do anything to make it bad..."
You'll want a title search anyway just to make sure there's nothing in the chain of title that is worrisome. Quiet title actions aren't cheap.
Is the roof ok? If it isn't or there are other things, you can have it put right in the contract if the seller is to pay for certain things. Things like appliances get added in as conveying --- even curtains! Our sellers conveyed the tank and the propane and guess what? They didn't own the tank. We got a nice bill from the tank company the next year, unaware that we didn't own it.
Even things like how taxes are pro-rated can be written to go in your favor.
Cover your backside!
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