Lambs to the slaughter.
Really, after this question tonight, I need to log off for the evening.
Now what do I do, that is your question........
You are so lost and looking on here, where any schmuck could answer, for decisions on a huge investment. ';Do I even need to go to a title company?.....'; *sigh*
Just retain a good attorney, you need it, that is my best advice. Keep your ten points, you need a hell of a lot more than that and I really hope you learn a very expensive lesson from this.Buying a house for ';For sale by owner';- what steps do I need to take?
When a home is ';For Sale by Owner';, usually the owner is not willing to pay real estate agent fees in clouding the buying agent. Usually he expects that you will make an offer directly to him and then he will try to do everything on the cheap.
You will likely have to have someone represent you if you are not knowledgeable. You could probably hire a real estate agent (pay 3% if the sale goes through) or a real estate attorney (pay as you go whether or not the sale goes through). Either of those will normally handle your side of the transaction making and negotiating an offer, setting up inspections, contacting the title/escrow company, assisting you with loans, giving you advice, and checking that the documents are correct.
Moosa, I'm sure the seller isn't going to want to pay a realtor now, especially if you have already been in the house and talked with them. Are you planning to pay a realtor to prepare the process the documents necessary to purchase this house? If not, then you need to hire an attorney to do it for you.
Purchasing a home can be a long, confusing process. There are a lot of steps involved and if you are not familiar with them you can get burned. Jus because the seller has decided save money and not list with a skilled professional, does not mean you have to.
In the purchase of real estate there will have to be contracts drawn up, inspections performed, obtaining a loan, making sure the house will pass inspection to satisfy the lender, ordering title, just to name a few and it shouldn't be taken lightly.
When you get a tooth ache you don't go down to your local hardware store and let the manager pull the tooth to save money do you? No, you hire a professional that is trained in that field to take care of YOU.
I would contact the seller and express an interest in the home and ask him/her if he/she would be apposed to using a Realtor and if they so no then ask why? Sellers are required to provide you a ';sellers disclosure notice'; on the home. This is like a background check for people. It details any and all repairs, past or current insurance claims, flooding, defective appliances etc. If the Realtor commission is an issue, due to the fact maybe the seller owes right at what his asking price is, he may not have the ';extra padding'; to pay a Realtor? In which case, depending on his financial situation he might need to enlist the help of a Realtor to assist him with a short sale...but that another topic.
Sorry for my rambling, the short of the long is, protect yourself, hire a Realtor to represent you. You should be able to negotiate commission since you already found the house (that's 1/2 the battle) ask him/her to represent you and you can ask to have the 3% added to the sell price. If the transaction doesn't close, the Realtor doesn't get paid, we work on commission, plain and simple. In the meantime, ask friends and family to recommend a good, experienced agent for you! The peace of mind and knowing someone is looking out for you is worth its weight in gold!
Welcome to Home-ownership
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