I am going to be buying a house the owner is selling it himself, should I consult with a realtor to help me buy the house and if not how do I make sure the deal is legal and I will not get scammed?
2007-09-10 10:32:22 · 9 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
You can if it makes you more comfortable, but that's a cost the seller has to be willing to pay... or someone has to pay. That gives the seller less room to negotiate down the price. Plus the closing attorney that you'd go to can give you all the legal info you need. That's what they're paid for too. The main things involved are inspection, appraisal, and closings. The realtor's job is to play middle man in this. But you can schedule these things yourself. As the buyer, it's your right to choose the closing attorney and they work for you... not the seller. And the lender (unless you're paying cash for the home) will order the appraisal. The appraisal insures that you do not overpay for the home. Because they want to protect their investment too. Just be sure to hire an inspector and make the request for the buyer to fix anything on the inspection list you feel is necessary.
2007-09-10 10:42:49 · answer #1 · answered by tmorrow65 2 · 1⤊ 1⤋
I agree with Athena. A Realtor will make sure you are getting it for the correct price - and hopefully, a great deal. And, a Realtor will make sure that all disclosures are in place so you know exactly what you are buying - because sellers sometimes don't tell the whole truth. Plus, there is a lot of legal paperwork to be done and a Realtor will make sure it is done completely and correctly, so you don't get sued, or have buyer's remorse.
If you decide not to use a Realtor - and if you are sure that the purchase price is LESS than it would be with a Realtor involved (in other words, the seller is passing the commissions savings onto you), then plan on using a real estate lawyer. Someone needs to take care of you - and a Realtor will do it for free, since the seller will pay the Realtor's commission, not you.
Good luck and best wishes.
2007-09-10 10:44:42 · answer #2 · answered by venicefloridarealtor 4 · 2⤊ 0⤋
I realize that house owners desire to promote a house at what they think they placed into it 10 years or extra previous however that stuff has already utterly depreciated. Lots of them promote from the emotional part (we had such a lot of pleasant occasions on this house and so will you so we are growing it by way of $10,000). Sometimes they have not paid their taxes or some thing is flawed with the name so by way of smiling they suppose the purchaser will disregard the ones matters (and good they do after which there are authorized battles and costs to triumph over). From again while I can bear in mind entering truly property I've understood that the vendor can pay the fee. When you rent a realtor you recognize that they're state certified, realize what they are doing from revel in, realize that they've their workplace backing them (mainly their dealer) and that they may be able to ask their dealer or a further realtor if they do not know an reply on your query. And a realtor belongs to an group which has on employees an legal professional they may be able to ask questions of. A realtor or truly property agent (equal factor besides one belongs to an group and the opposite does now not) each have the equal schooling and contacts and feature a record of matters they are going to do adding checking the name. Ask them any query and they are going to supply you a instantly reply. while you move to shop for a house you wish to have a RE agent and the vendor demands a RE agent as good. Yours will suggest you, theirs will suggest them.
2016-09-05 09:18:11 · answer #3 · answered by Anonymous · 0⤊ 0⤋
You do not need a realtor or a real estate attorney. What you need is common sense. If you want to pay for this realtor, you will have to. The process is not really that hard even if you have never done it before.
The seller has made it perfectly clear that he/she does not want to pay for a realtor, The are attempting to get the most money out of the sale into their pocket as possible. If they wanted to hire a realtor they would have.
What ever state you are in you need to contact a mortgage broker to get a loan in place for you to be able to pay for it unless you are paying all cash.
The mortgage broker will take care of getting an appraiser for you to verify that the property is the correct sales price. Lenders will not lend on a property that is not appraised properly or is so far out of what the neighborhood is going for.
The mortgage broker will also recommend a closing agent or escrow. In some states the closing agent is an attorney. Whom ever the closing agent is they will take care of selecting a title company to make sure the title is transferred and recorded properly.
If you are paying all cash and not getting a loan through a mortgage broker, look in the telephone book for a title company. Call one and set up an appointement.
They will instruct you as to what you will need to close your transaction.
You will also need to contact an appraiser to verify the value of the property if you are gonna pay all cash. Again you will be able to find one in the telephone book. You will have to pay for this service.
Sometimes you can make a deal with the seller about paying for the appraiser or other closing cost associated with the sell of the property. So ask if the seller is willing to pay for closing cost and which they are willing to pay for.
If the sellers agree to pay for certain ones, place this is a contract written on a piece of paper and sign it along with the seller. Make sure you include the sales price, any down payment, a date you expect the sale to close, normally about 45-60 days.
Now take this contract to the closing agent. They will drawn up the other necessary documents for you and the seller to sign.
I hope this has been of some use to you, good luck.
"FIGHT ON"
2007-09-10 12:28:17 · answer #4 · answered by loanmasterone 7 · 1⤊ 0⤋
It is best to consult a Realtor and since everything is in the process you might likely be able to find one who will broker the deal for both parties for a smaller commission to ensure the sale goes through without a hitch. You could also opt to consult a lawyer, but I am willing to bet it would cost you more and you might not get important advice a Realtor would be more apt to offer because lawyers don't go through the purchase process near as often.
2007-09-10 10:47:22 · answer #5 · answered by linkus86 7 · 2⤊ 0⤋
No, since a realtor would expect to be paid a commission for his or her service. You should consult with an attorney though and that will actually be less expensive than paying a realtor their commission.
2007-09-10 10:43:47 · answer #6 · answered by Bostonian In MO 7 · 2⤊ 0⤋
Its best to consult a realtor. A realtor can guide you and make the process less stressful for you.
2007-09-10 10:37:03 · answer #7 · answered by Anonymous · 2⤊ 1⤋
For Sale by Owner can be a good deal, but you are not fully understanding what the responsibilities are. I suggest you get advice you can count on from a realitor who may charge for services, or the bank. You will need to understand the contract before you sign it.
2007-09-10 10:45:09 · answer #8 · answered by RT 6 · 1⤊ 0⤋
Most FSBOs will pay the buyer's agent a fee.
I strongly suggest that you look into a realtor for representation
2007-09-10 16:18:37 · answer #9 · answered by DallasLoanGuy 2 · 1⤊ 0⤋