Buying Home Without a Realtor

Discussion in 'General Discussion' started by zmjames6, Oct 19, 2019.

  1. zmjames6

    zmjames6 Member

    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!
     
  2. NebrClone

    NebrClone Active Member

    Apr 11, 2006
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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. When you are setting the price to offer remember they are not paying commissions and lower the price accordingly.
     
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  3. zmjames6

    zmjames6 Member

    Apr 11, 2006
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    Thanks! Any advice on what I shoukd pay for as the buyer and what they should pay for as the seller?
     
  4. Isualum13

    Isualum13 Well-Known Member

    Apr 27, 2018
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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.
     
  5. NebrClone

    NebrClone Active Member

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    The lawyer will put in inspection, radon test, etc.
     
  6. NebrClone

    NebrClone Active Member

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    Talk to lawyer. You can always ask them to pay all closing cost.
     
  7. dirtyninety

    dirtyninety Well-Known Member

    Oct 6, 2012
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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.
     
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  8. Cycloneracer

    Cycloneracer New Member

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  9. huntt26

    huntt26 Well-Known Member

    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!
     
  10. chadly82

    chadly82 Well-Known Member

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    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
     
  11. LarryISU

    LarryISU Well-Known Member

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    I've done it twice, didn't need a lawyer. Title company has all the forms you need.
     
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  12. zmjames6

    zmjames6 Member

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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?
     
  13. mynameisjonas

    mynameisjonas Active Member

    Jan 19, 2019
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    Absolutely, I wouldn't make an offer without viewing the seller disclosure first.
     
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  14. chuckd4735

    chuckd4735 Well-Known Member

    Mar 29, 2006
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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.
     
  15. JY07

    JY07 Well-Known Member

    Aug 20, 2009
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    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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  16. LarryISU

    LarryISU Well-Known Member

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    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.
     
  17. scottwv

    scottwv Active Member

    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.
     
  18. Raymeus

    Raymeus Active Member

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    The only thing realtors care about is getting paid.
     
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  19. cb1030

    cb1030 Active Member

    Oct 6, 2017
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    Bump
    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.
     

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