Buying a house without a realtor.?

Question

Here's the story so far:

My wife and I found out about a house for sale by a contractor friend of ours in our small town. He was working on it during the winter months to stay busy. We've already viewed the house, he's showed us ever part of it that I could think of, and it's in tip-top shape.

On April 1st, he'll be done and he wants to sell it without a realtor, and my wife and I want to buy without one.

We already have a mortgage pre-approved for the house. But I've been told numerous times that now I need to hire a lawyer to finish the closing process.

Can't the current owner just sign over the title like on an automobile or something similar?

Answer 1

Neither of you need a realtor. I bought my current home without a realtor from a woman without a realtor. You should download or print up sale/ contract papers for the sale of the property and then hire a title company to handle the transfer of title of the property and the closing. The title company will work with your mortgage company.

Congratulations!

Answer 2

That would not be a good thing for you. I don't care how well you know the seller, you MUST have the title searched. You need a clear title so you don't have future problems. Then you need title insurance, you need a home inspection, termite inspection, etc. There are so many things that are required to protect you and to follow the law. That is why you need legal advice or someone who knows this industry & it should not be the seller.

You might get lucky & have no problems just doing what you suggest but do you want to take that chance on something so big in your life? You will have to live with the results of your decision & being sorry won't change things.

You don't need a realtor but you do need to know what paperwork, etc. needs to be taken care of.

Answer 3

You need a professional to insure that all the proper forms and researches are done properly. It would really blow to find out years later that there is a problem with the deed that could have been simply taken care of at closing.

Buyers do not pay the realtor fees, sellers do. Hire a realtor, they are working for your best interest and have the proper contacts to insure all the "t"s are crossed and the "i"s dotted.

Answer 4

You need someone to make sure you are not on the short end of the stick. A real estate attorney for example. You need title work done to make sure your friend is not on someone else's property.

It's a big deal getting a house don't skimp now when it's really important.

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Answer 5

It is not necessary to have a Realtor for the sale. This is done all the time with FSBO's (For sale by owner) It will be necessary to have a title company and a lawyer to finish the paperwork. You can look for FSBO companies and see who they use for the process. Title and Lawyers charge flat fees, not commission.

Answer 6

You really need to be careful. You are in the $crew zone. Friends mean nothing when it comes to property.

I would make SURE you had comps done, not to mention every inspection known to man. And, do not sign your life away w/o an appraisal. Homes are presently selling for lesss.

Answer 7

Hire an attorney. The attorney will ensure your rights are protected throughout the process.