How do you go about purchasing a house that is 'for sale by owner'?

I want to purchase a home in Texas that is being sold by the owner rather than a realtor. I have checked into land value and property values around here. The house is actually at a very good price, and had a good inspection. How do I go about purchasing a home like this? Do I just contact a bank and see if they can finance it for me, or what? Thank you!!How do you go about purchasing a house that is 'for sale by owner'?
My current home was a ';For Sale By Owner.'; Assuming you have viewed the home and made the decision to purchase. You should first get pre-qualified for a mortgage to make sure you can secure suitable financing. I would then highly suggest contacting a Real Estate attorney and having him/her assist you in writing an offer. It is in your best interest to use an attorney, especially when no Real Estate Broker is used. Provided you and the seller reach an agreement, be sure to use your own attorney for the closing. How do you go about purchasing a house that is 'for sale by owner'?
One thing nobody mentioned yet is that you actually DO have the option of hiring a real estate agent to act as your buyer's agent, but the seller may not cooperate or pay the commission which would mean you would have to. Personally, I wouldn't, but it's a matter of comfort level and familiarity with residential real estate proceedings. A buyer agent might take a lesser commission if they know they are not going to be searching for homes for sale and meeting you all over town to find the right home.





But, in the absence of a good buyer agent, retain the services of a qualified real estate attorney...and expect to pay for that yourself.
they are all right. get a good attorney, home inspection, and appraisal done. also, you will need to get pre-approved for the amount (and i would go 10-20 percent higher) than they want to sell the home for. that is not to say that you want to spend your entire pre-approval amount. it's just good to have a cushion.





michelle, what you are talking about is ';rent to own'; situations. it is not ';for sale by owner';. make sure that the contract is written well and that all of your contingencies are spelled out in black and white. do not even think about handling this without an attorney.
Michelle you either need to reread the question or stick to something you know about. The first person is correct. Get the Attorney and you can either go out and get your own financing or perhaps the proper Atty will assist in this.





Do not skip the Atty as you seem to be in over your head with the questions. Get your own inspections and of course the lender will need an appraisal.
Usually what happens is the owner finances it himself for the first two years. So your payments would go directly to him in that time. After the two years is up he hands the mortgage to a bank so you don't have to go through a credit approval deal. Good luck.
you need to see what the bank says before you do anything...see how much they will loan you...i suppose you could see if they would do contract for deed...then seek legal advise to make sure everything is on the up and up.
Phone your lawyer to put together an offer. Just make sure it is subject to you obtaining finance that is acceptable to you.
You get yourself a good real estate lawyer to look over your deal.

eye liner

foot cream