What are the steps? do you still have to get a loan? or is it like paying rent? i love this house but don't know what to do, and don't want to admit that to the owner cause i'll be taken advantage of.
2007-01-11 12:24:18 · 12 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
you people suck do you even read the question when you answer it?
2007-01-11 14:56:28 · update #1
When a home is For Sale By Owner it means they have chosen to market the home themselves. They have no listing agent, you might use an agent if they say agent consideration in their flier, otherwise you would likely have to pay your agent. Many sellers opt to try this route as in every market there are horrible real estate agents. It is also a fact that most FSBO's will after usually 5 weeks on their own become a listed property. Some will sell just fine without an agent. You can look at the place and negotiate a price and terms on your own but make sure your deal is reviewed by a competent attorney before mutual acceptance can occur. Make that condition a clause in the earnest money agreement. You will still need a loan and whether FSBO or listed that wont change your own mortgage
qualifying requirements. Most people try selling by owner not to save commission, but because they haven't yet met a trustworthy real estate agent. The typical hang up however is that their price might be incorrect which can either give you a nice deal, or sometimes be too high for a appraiser to justify. Your lender, title, escrow, and home inspector will coach you through after you have an attorney blessed deal.
2007-01-11 19:23:26 · answer #1 · answered by Kevin H 4 · 0⤊ 0⤋
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2016-09-09 21:06:26 · answer #2 · answered by ? 3 · 0⤊ 0⤋
We have sold 2 houses by ourselves. We wanted a buyer who could qualify for a full loan so we could have a closing and the house would be out of our hands. You can get a realtor to work as your agent. They will walk you through the steps. That means you will have to pay them around 3% of the cost of the home for their services. The seller will most likely not want to contribute to that commission (we didn't want to), so it will make the cost of the house a bit higher for you.
If the owners are selling it by owner, they will be able to tell you what to do. You can get a lawyer to read the contract they have most likely had written up by another lawyer. They may even be working with a company that helps people sell by owner. They would have literature for you to read in that case. We had the house inspection done so we could fix any problems before putting the house on the market. If an house inspection wasn't done, you would need to have one, especially if you're taking out a loan.
You can go to your bank, or to a bank that has the lowest interest rates on mortgages and ask their advice. They will tell you what is necessary to get a loan, the inspections, etc.. If you love the house, at least go to an open house and look at it. You don't have to commit to anything. Just say you thought it was a nice house and wanted to see it. Then you can take it from there.
2007-01-11 12:38:10 · answer #3 · answered by Anonymous · 0⤊ 2⤋
Sometimes FSBO's are owner-financed, but you probably need to get a loan. I agree you should find a good real estate agent who will represent you and help ensure you don't get taken advantage of. Jus call a few. Talk to them and ask them what the basic process is for buying a FSBO. I'm sure they won't mind giving you a brief overview of what's usually involved. If they have a problem chatting with you without a commitment from you to use them as your agent, then they probably weren't worth using anyway! Move on to someone who will take time to guide you through this complicated process. This could be one of the biggest purchases you'll make.
2007-01-11 12:39:17 · answer #4 · answered by Stefanie 2 · 0⤊ 2⤋
A For Sale By Owner (FSBO) is where the seller is acting on his own instead of through a real-estate agent. Unless you have the cash for pay for the property, you will have to get a mortgage. While you could set up a contract to pay the owner payments and then get the deed at the end, that’s a bad position to be in as a buyer.
2007-01-11 12:31:00 · answer #5 · answered by Patrick C 3 · 1⤊ 2⤋
The owner is sailing their house to anyone who wants to BUY IT. It is not for rent, it is for sale. You still have to qualify with a escrow company, put a down payment, go through the normal procurer. The only things that they are doing is saving the 6% commission that they would have to pay to a real estate agent for sailing their house.
2007-01-11 12:30:53 · answer #6 · answered by D S 4 · 1⤊ 2⤋
Try for a free consult with a real estate attorney and he'll clue you in. Besides, you're prob. gonna need a lawyer anyway. You can follow his lead before approaching the owners. Getting a loan is up to you unless you can pay cash--which I wouldn't suggest.
2007-01-11 12:30:32 · answer #7 · answered by Moe J 3 · 1⤊ 2⤋
Abio provides an open approach to real estate every time.
2017-02-23 08:03:20 · answer #8 · answered by Vinnie 1 · 0⤊ 0⤋
an owner can have lease option to buy ask landlord or down rent pd is applied to sale of house and or for sale by owner u must come up financed if u do not have cash or bank account do not tell landlord u love the house cripe u are already paying his mortage thru the rent u pay doubt if hell sell it its his rental property thats how we retire good luck look for a reasonable house my sons thirty thous house is costing one hundred seventy dollars after thirty years but it beats thirty years of money out the window good luck
2007-01-11 12:32:45 · answer #9 · answered by sunshine 5 · 0⤊ 2⤋
IF THE SELLER WANT TO SELL IT JUST LIKE PAYING RENT. IF NOT YOU WILL HAVE TO GET A LOAN. MAKE SURE IF IT IS SOLD AS PAYING RENT ,THAT THE PAPERS ARE CORRECT. HAVE AN REAL ESTATE PERSON OR AN ATTORNEY ADVISE YOU. YOU WANT TO HAVE A FIX INTEREST RATE, YOU DONT WANT THE INTEREST RATE TO GO UP EVERY YEAR OR SO.
2007-01-11 12:45:06 · answer #10 · answered by bettys 4 · 1⤊ 2⤋