Buying a house for sale by owner instead of through agent...?

We've bought 1 house before through an agent, %26amp; that was 8 yrs ago. We may be buying another house soon, it could be through someone selling their house on their own (without an agent). What's done differently, what extra responsibility does the buyer have? Is all of the paperwork for closing still done at a title company? How do you go about making an offer, doesn't there need to be some kind of contract - who makes up the contract? Any other info I should know?Buying a house for sale by owner instead of through agent...?
If everyone is nice ( and trustworthy) this can be accomplished easily. The escrow company does want you to have a contract. So get a blank piece of paper and write down what you are paying, how you will pay, the closing date, the address (see if you can find the Legal Description online), and everyone sign it. You now have a valid contract.


The escrow company will do most of the rest.


YOu get a loan. You hire an inspector. You fill out the loan papers promptly. In 30 days you move in. You are the new owner.


Ask the seller to make a list of every repair he has ever done or paid for. With the names of the companies that did the work. Ask if he has any photos of the house's skeleton or wiring.Buying a house for sale by owner instead of through agent...?
Unless you're a real estate attorney, I would never recommend buying real estate without a licensed and knowlegable agent that represents YOU in the transaction.





I would also never buy real estate where there is one agent representing both the buyer and the seller. This is called double-dipping and can lead to serious problems.
I would recommend seeking out legal advice on this. I do know that doing something like this you could get seriously screwed over. You may have to pay a little extra for their consultation, but you may end up saving thousands because of something you didn't know.





I would start by talking to a Realtor and see what advice you might get from them. Ask your friends and see if they know someone local who you can talk to.
as you can see, from having used a RE agent, IF YOU were happy with what they did, you can see that a lot goes into buying a house


on the ';representation'; side.





Maybe on your last purchase, you used the home lister to


help you buy; I advise people to NEVER DO THAT; it is


called accepting dual agency and it ALWAYS harms


the buyer!





u need any kind of agreement to do a land contract [seller


keeping the deed in his name and carrying back his


equity]. YOU would want .........blah, blah--all the stuff


you had when you bought your other home EXCEPT you


will not have an institutional 90 page note [which is absurd.]





you do not have to use a title company but I WOULD.





you do not have to buy title insurance, but I WOULD.


[except you are not betting title till you get a new


loan.].......but you want to make sure this seller


IS the legal owner!





etc





who makes up the contract; anyone. YOU can.





I will guide you WHILE I suggest, since the seller pays


for the buyer's commission's agent, that you use


a buyer's agent.