Buying a condo directly from a seller questions?

Question

Hi all,

K, I called someone today who is selling a condo, and she is going to try and cut out all the middlemen (we'll save around 8k-10k on the purchase price in fees if we do this.) She has a broker helping her to prepare the paperwork.

Do you think this is a bad idea? Is the risk too great?

Answer 1

How do you know your saving 8-10k ? Compared to what? Maybe she jacked up the price 10k and is just reducing her overpriced property.

Who is the broker that is doing the paperwork representing? Her or you? Who is protecting your interest in this transaction?

Has the seller disclosed everything to you? Who pays what at the closing? Are you paying too much for this condo? Are there other condo's around that represent a better bargain for you?

If you were being sued for $100,000 would you go to court without an attorney repesenting you? Buying a home is probably the single biggest investment you will ever make. She obviously sees the importance of this, that's why she has a broker helping HER.

Do youself a huge favor, get yourself a Realtor (Buyers Agent) at a reduced fee, paid by the seller to make sure YOU are REALLY getting a good deal. You'll be much, much better off. Good luck.

Answer 2

It's perfectly legal, but make sure you go through your local title company to ensure that the transaction goes on public record. That costs about 2 percent I think, but you are still saving real estate fees, which can range from 5 percent to 15 percent of the total sale price, depending on the state you are in. If she isn't against going to the title company, and paying half for a termite inspection, and you are sure that the condo management allows an owner to sell without them doing THEIR OWN background check on you, (most do want to do that) then you are ok. It might be smart to get a lawyer to look everything over before the final signing, that would cost you a couple hundred bucks, but might turn out to be worth it. Good luck.

Answer 3

You are making the biggest investment of your life.

Hire a lawyer to represent your best interests. There are a zillion things that need to be looked over and questions that need to be asked that you would never think of on your own.

What if the condo association is not solvent? Who is going to review the financials for you? What if there is a huge assessment that is being talked about ... who is going to get the proper affidavits of no pending assessments for you?

Answer 4

I agree with all the others. Have someone check out your title and all the paperwork. Also check with the condo board and see if it is a place you would even want to live. A lot of them have fees in addition to your mortgage. They also have deed restrictions. You are buying into something not just buying a property. Exam their bylaws and see if that is right for you.

Answer 5

It is OK, however it is of the utmost importance that you pay your own lawyer which you obtain to check all of the paperwork and make sure everything is in order. One minor mistake and it could cause you major problems. You need to make sure you purchase title insurance, usually sold through title companies which have lawyers on staff, and if you feel comfortable with one of them, you can hire him (make sure you know all rates up front) to review paperwork. Title insurance guarantees that their are no liens and the title is clean to transfer to you.

Do not cut out ALL middlemen. You need to have someone represent your interests. It is worth a few dollars. Good luck

Answer 6

on a condo you will want to read all the condo association rules and reg before making offer, also how old is the condo building? if up in age be prepared for assents to becoming your way

Answer 7

You can go without agent representation but pls. make sure you request a private inspection as a condition subject to sale....

Answer 8

Get a lawyer.