Buying Home Without a Realtor

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zmjames6

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Apr 11, 2006
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I am looking at buying a house from someone that isnt listed by a realtor. Never bought a house without a realtor. Any advice on what I need to know, forms I need, expected costs, how to make an offer, etc. Thanks!
 

NebrClone

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I am looking at buying a house from someone that isnt listed by a realtor. Never bought a house without a realtor. Any advice on what I need to know, forms I need, expected costs, how to make an offer, etc. Thanks!
I have bought 2 homes this way. Get a lawyer that works in real estate. He will put the offer together for you and make sure you are protected. He will also help on the closing. When you are setting the price to offer remember they are not paying commissions and lower the price accordingly.
 
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zmjames6

Member
Apr 11, 2006
119
5
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Burlington
I have bought 2 homes this way. Get a lawyer that works in real estate. He will put the offer together for you and make sure you are protected. He will also help on the closing. When you are setting the price to offer remember they are not paying commissions and lower the price accordingly.
Thanks! Any advice on what I shoukd pay for as the buyer and what they should pay for as the seller?
 

Isualum13

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I would recommend not buying the house without having an inspection done. Find a reputable local inspector and have them look the house over. It doesn't cost much and gives good peace of mind.
You can put an offer in pending an inspection if you would like, and back out if the inspection finds something major.
 

NebrClone

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I have bought 2 homes this way. Get a lawyer that works in real estate. He will put the offer together for you and make sure you are protected. He will also help on the closing.
I would recommend not buying the house without having an inspection done. Find a reputable local inspector and have them look the house over. It doesn't cost much and gives good peace of mind.
You can put an offer in pending an inspection if you would like, and back out if the inspection finds something major.
The lawyer will put in inspection, radon test, etc.
 

dirtyninety

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Oct 6, 2012
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I am looking at buying a house from someone that isnt listed by a realtor. Never bought a house without a realtor. Any advice on what I need to know, forms I need, expected costs, how to make an offer, etc. Thanks!

Congratulations! you just saved 0.06 x say250000 = $15,000 or 300,000Libre.
I am sure some realtor will come on here and give me a dislike or call me xenophobic or something....but real estate industry needs a correction in relation to the rest of the economy where people are making things or building things or otherwise being productive.
Yes, a good reputable lawyer is desirable...and a local hometown George-Bailey-type might still exist to help you. Yes, the poster had a good point about the inspector too.
6 percent.....it still blows my mind.
 

huntt26

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Apr 10, 2006
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Bought and sold last 2 homes all for sale by owner. I'd honestly not do it any other way. As others have mentioned, inspection is one of the big things to get done prior to the purchase. Utilize a lawyer for the paperwork and you're all set. Some FSBO transactions do an appraisal up front as well. Then you know what the house is actually worth and since the market is good, you'd likely pay above that at least a little bit.

The offer is mainly a handshake agreement that you put on paper and then later meet with the lawyer to make it official. Good luck!
 

chadly82

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I am looking at buying a house from someone that isnt listed by a realtor. Never bought a house without a realtor. Any advice on what I need to know, forms I need, expected costs, how to make an offer, etc. Thanks!
Biggest thing is getting an inspection done...always get an inspection and I recommend going as far as getting the sewer scoped to make sure the line isn’t slowly collapsing
 

LarryISU

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Feb 10, 2013
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Omaha
Bought and sold last 2 homes all for sale by owner. I'd honestly not do it any other way. As others have mentioned, inspection is one of the big things to get done prior to the purchase. Utilize a lawyer for the paperwork and you're all set. Some FSBO transactions do an appraisal up front as well. Then you know what the house is actually worth and since the market is good, you'd likely pay above that at least a little bit.

The offer is mainly a handshake agreement that you put on paper and then later meet with the lawyer to make it official. Good luck!

I've done it twice, didn't need a lawyer. Title company has all the forms you need.
 

chuckd4735

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Mar 29, 2006
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Congratulations! you just saved 0.06 x say250000 = $15,000 or 300,000Libre.
I am sure some realtor will come on here and give me a dislike or call me xenophobic or something....but real estate industry needs a correction in relation to the rest of the economy where people are making things or building things or otherwise being productive.
Yes, a good reputable lawyer is desirable...and a local hometown George-Bailey-type might still exist to help you. Yes, the poster had a good point about the inspector too.
6 percent.....it still blows my mind.
It depends. Seller pays the commission, so if the seller is not willing to take 6% of the asking price, you're not saving anything as the buyer.
 

JY07

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Aug 20, 2009
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It depends. Seller pays the commission, so if the seller is not willing to take 6% of the asking price, you're not saving anything as the buyer.

Of the four parties in a common transaction (buyer/seller/their agents), only 1 person is bringing any funds to the transaction, and that's the buyer, so at the end of the day the buyer is paying for everything.

The seller is more than welcome to hold firm on the price to try and pocket an extra 6%, but that's on them if the buyer walks away.
 
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LarryISU

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Feb 10, 2013
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Did anyone have the seller provide disclosure forms? Did you negotiate verbally then follow up with written offer or written offer only?

It's been 20 years since I bought a home, so I don't recall specifics, I just know it went very smoothly. I imagine the title company would have a disclosure form, if not, there have to be pretty standard such forms available online. Both times we bought houses that were FSBO, so we just sat down with them at the kitchen table and agreed on a price. Of course you just line up your own termite inspection (required by law) and your own home inspection. It didn't seem like a lot of work and obviously saved a lot on fees. But I'm sure for every person like me there is another with a horror story.
 

scottwv

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Sep 18, 2011
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Just did it this summer: Abstract Company handled the purchase agreement, title search and abstract. The bank handled the appraisal and used their lawyer to "bless the title" and do the closing.
 

cb1030

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Although we used a realtor to buy our next home, I wanted to give selling by owner a try for our existing. Used the FSBO company in Urbandale and was able to get a buyer after about two weeks on the market. Cash buyer and not contingent on another sale since they're currently renting, and got more than what FSBO and our realtor advised us to list it at. I can't believe I almost left all that extra money on the table.