For sale by owner?

I'm in the process of buying my first home.


I have a house picked out, and I am friends with the owner.


My question is this, if we decided to do a FSBO instead of going through an agent, what all would we have to do??


I'm 99% certain we would be able to do it, I'm just not sure where to start!For sale by owner?
first you will want to have an inspection of the house to fully understand the condition of the house





you should talk to a lawyer, they can advise you of all the potential legal issues with buying the house, but they are not required





what is really required is you get clear title to the place thus you will need a title company and in many states title companies do the closingFor sale by owner?
You start by comming to written terms with the seller. You will need both parties signatures on a contract which spells out all the terms of the agreement. At that point both parties will be legally bound by the terms.
The bank you are going through should have available a contract that you and the other seller can fill out. Just because this person is your friend, make sure to get a home inspection done, this may save you several thousand dollars if something is wrong with the house.
You absolutely need an attorney who specializes in real estate law. You each have your own attorney to make sure neither one of you end up with the ';short end of the stick.'; You both need to be protected and there is a lot of legal lingo when it comes to buying and selling a home. Good luck and congrats if it all works out!
When we did FSBO we had a realtor that was a broker do the paperwork for us for $200 instead of the fees they usually charge for listing.
make sure you use a real estate attorney to assist you with title search etc don't assume all is okay make sure before you buy
Your going to need a closing lawyer start there...
You would be wise to have a Real Estate Attorney draw up the purchase agreement between you. Or you could have an agreement printed at the office supply place, fill in the blanks, if necessary use a separate sheet for specifics like personal property to be left on the property... Then have a title company close it for you. Or you could pay a small fee to a Realtor to have them handle the details and schedule the closing. Your choice.