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Buying a home FSBO - first time
What are the steps for a first-time buyer in a FSBO deal? How does one go about buying a house without an agent?
John, FSBO Buyer:
I picked a FSBO house, made the offer and it was accepted. Can someone tell me what my next step should be?
I am going to get an attorney, but I have heard that before that I need to present an official offer, discuss seller’s concession with a seller and put a contract on a property. Is this something that attorney should be taking care of from the beginning to end, or is attorney present just for the closing?
Should I do something else other then going to an attorney?
I am going to get an attorney, but I have heard that before that I need to present an official offer, discuss seller’s concession with a seller and put a contract on a property. Is this something that attorney should be taking care of from the beginning to end, or is attorney present just for the closing?
Should I do something else other then going to an attorney?
Mike, FSBO Expert:
1. First of all, review the contract. It should have; name, address, purchase price, plus it should spell out everything you want (subject to); inspections, financing, etc. as well as the "what if's".
For example, what if the a/c unit is shot, who will pay to have it fixed? What if termites are found? What if you can not get a loan? (You may have to go non-conforming if they are a lot of rentals, or one person owns a lot of them). Also, who is holding the earnest money and what conditions allow for its return?
2. Once you have everything down on paper, then take you purchase contract to your bank (assuming you need financing). The bank will then get someone to handle the title search (buy owner title insurance) and handle the closing. If you are paying cash, you will have to hire someone to do the title search and closing. We recommend that you should use the professionals for closing.
For example, what if the a/c unit is shot, who will pay to have it fixed? What if termites are found? What if you can not get a loan? (You may have to go non-conforming if they are a lot of rentals, or one person owns a lot of them). Also, who is holding the earnest money and what conditions allow for its return?
2. Once you have everything down on paper, then take you purchase contract to your bank (assuming you need financing). The bank will then get someone to handle the title search (buy owner title insurance) and handle the closing. If you are paying cash, you will have to hire someone to do the title search and closing. We recommend that you should use the professionals for closing.
John, FSBO Buyer:
At what point an attorney should appear?
Mike, FSBO Expert:
You don't need an attorney until closing. Getting the lawyer involved anytime before the closing is going to cost you a lot; not anywhere near as much as an agent, but still a lot considering the average lawyer goes for $250/hour.
John, FSBO Buyer:
Where can I get RE forms? As you know, attorneys charge by an hour, so if I can find a purchase offer form online and fill it out myself - why not do that.
Mike, FSBO Expert:
You can buy a contract online and tailor it to your own needs.
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