We have found our dream home and it is being sold by the owner because her husband just died. We have been looking for a home with a realtor for about a year without any luck, and with much frustration. We have agreed on a purchase price with the owner and have agreed to purchase the home as-is because they just recently had a bunch of work and remodeling professionally done.
So my question is... How do we go about buying this home without a realtor? Who do I contact first? I have a lender who I have a preapproval through. This is our first time buying and the seller isn't sure what to do either. Any info would be great.
Chrissy
2007-01-27 04:58:18 · 7 answers · asked by chrissyuca 1 in Business & Finance ➔ Renting & Real Estate
kingoffer.com
2007-01-27 06:11:38 · answer #1 · answered by madmilker 3 · 0⤊ 0⤋
Go through the phone book and find a Real Estate attorney (.Paul Barry in Wilbraham) You need a Purchase and Sale Agreement drawn up. Without that the bank will not start any paper work..He will also do a Title Search. They will do the search to make sure there no encumbrances on the owners deed that might effect your ownership. Your makes sure that the bank, now holding the owners mortgage, is payed off and you have clear title to the property. You can do all of this yourself but I would not attempt this without legal help. The offer that was accepted by the seller is not binding without a signed contract. You could do all the prep. work with the bank, attorney, etc., and the seller could walk. She might get a better offer.. Without the P & S agreement you have nothing..!!!Get an attorney NOW before you lose the deal....I research Titles often and it is amazing how many have Lein's, second mortgages, and attachments that effect the title. All of this stuff is ferreted out by the Attorney to save your butt...The banks attorney will not represent you. Conflict of onterest.He only represents the bank. And the bank really doesn't care about you.. Remember the bank is a business, they are not doing you any favors. They make you think that they are. You are buying money from them and if you don't pay they will take your home without any remorse. Contact an attorney that specializes in real estate. Good luck Read what I said twice atleast...If you live in the Wilbrham area, call Paul and tell him that Buzz sent you. Probably wont help with price but it can't hurt..
2007-01-27 13:28:54 · answer #2 · answered by buzzwaltz 4 · 0⤊ 0⤋
No, you do not need a Realtor, however YOU DO NEED A WRITTEN CONTRACT and a real estate ATTORNEY and here's why. When two parties agree to sell and subsequently buy a home (without the benefit of a real estate agent, attorney, and written contract), there can be BIG trouble down the road. You need someone to draft a legal real estate contract. Of course, these can be found on line but I warn you, there is always small print, and a lot of fine detail that will escape novice sellers and buyers. Consult an attorney, please! For instance, you have to decide on a closing date (that would appear in the contract); what will be left in the home (contract), selling price (contract), changes in contract (always initialed by both parties on the contract), whether or not the sale is contingent upon a home inspection (in the contract), and so many other things it isn't funny. DO NOT, I repeat DO NOT, try and do this yourselves, Neither you nor the seller knows what you're doing (by your own admission), and thus, it is IMPERATIVE to find someone who does. And be sure the seller does not have the house listed with an agent. Just because she says she doesn't is no guarantee, nor does the fact there may not be a sign out front indicate that either. Please find a good agent and/or attorney versed in these matters. You wills ave yourself much grief down the road. And don't let the seller sweet-talk you into some handshake deal, either. She may be very nice, but I guarantee you when push comes to shove and there is a lot of money changing hands, you might find she changes her tune. Caveat Emptor (Buyer Beware).
2007-01-27 13:13:02 · answer #3 · answered by Anonymous · 2⤊ 2⤋
If you already have a lender just use them. You will need a sales agreement. The lender should walk you through everything else. Like, you will need an appraisal. The lender will contact their title company and the title company will check back taxes, liens, inspection requirements and such.
You might be able to get a sales agreement online or at your local office supply store. I get mine from the Realtors website. You can hand write an agreement but eventually you should get a formal one... just because it will cover things that you may not think of, like, deposits and lead paint.
2007-01-27 13:06:29 · answer #4 · answered by Anonymous · 1⤊ 2⤋
Go see a real estate attorney. There will be an attorney to close the loan, but you need an attorney to draw up the contracts. It should not cost you more that a few hundred dollars, vs. 6% of the sales price a Realtor will charge.
Good luck!
2007-01-27 13:07:41 · answer #5 · answered by CJKatl 4 · 3⤊ 2⤋
Use the Realtor. Have him approach the seller for his fee. Since he will be the only agent he should only work for half the regular commission. You will be represented and protected and you will know that the paperwork is correct.
2007-01-27 14:00:46 · answer #6 · answered by Anonymous · 0⤊ 0⤋
first you would need the assistance of a lawyer, he would guide you in the legalities and also tell you where to get the paperwork for purchase. DON'T do anything without consulting a lawyer first. its a giant financial step your taking, it would be sad to see it ruined over misunderstandings. good luck!
2007-01-27 13:10:13 · answer #7 · answered by caucasian 2 · 2⤊ 1⤋