I found a really nice, small house for sale by owner(a minister actually). i'm a first-time buyer so how does this work? walk me through the steps if you can!
how much cash will we actually have to pay up front?(not including the mortgage loan or down payment)Buying a house ';for sale by owner';. how does it work?
The only other thing to pay is the closing cost. And the who ever is doing your mortgage will tell you how much that is. A lot of the time, they will include your closing cost into the mortgage loan, so that you don't have to pay it up front. Other than that, you should only have to pay the down payment.Buying a house ';for sale by owner';. how does it work?
I bought my house from the owner, we went to an escrow company and set up the terms and all we came to agreement on, they made up the papers , searched the title and all the rest, it cost me about $2,000 because he demanded I had to pay all escrow fees. I got a really good deal, the man was moved by my origin to give me one, but beware and watch yourself that you dont get robbed. I suggest you pray to your origin, ie God for assistance.
Every home we have sold or bought ';for sale by owner'; went by the same guidelines as buying from a realator. We asked for 10-15% up front depending on the home and YES we can and have checked credit worthyness. We had our attorney draw up paperwork with the interest rate and all the legal ';jumbo';. We wrote in what we would be responsible for what the new owner would be responsible for such as if the house needed a new roof we'd have the contract reflect that we were installing a new roof or we'd deduct the cost from the sale price. However if your doing it on a ';land contract'; things will be different. My husband usually handles all this I just pick the homes {I flip houses} and he does the rest also doesnt hurt that he owns his own construction company so he knows what should be done. You can however contact a realator and they can in return contact the owners on your behalf. yes they have a fee though
Wednesday, July 7, 2010
I am looking for a rent to buy or a house for sale by owner?
I am a 24 year old disabled mother of three young kids and we have been homeless since January 1 2008. As you can imagine with me being in a wheelchair and our income limited finding a wheelchair accessible house or apartment to rent has proven impossible and we do not have a down payment to buy a house. What we are looking for is someone who is good hearted enough to work with us to do a rent to own or someone who is selling and wants to do a sale by owner contract. We can afford 500 to 750 a month and can fix the place up. My husband is good at home repairs and we would take good care of the place, not only that but we are good for the money and will be able without a doubt to pay monthly. Right now we live in Washington state but we are willing to relocate. Please is there someone who is willing to help us? Thank youI am looking for a rent to buy or a house for sale by owner?
Since you are low income and disabled you should qualify for hud, it sort of depends on why your husband earns so little money.I am looking for a rent to buy or a house for sale by owner?
I am not sure exactly how it works, but you can try contacting Habitat for Humanity which is an organization that builds homes for families in need. They will be able to inform you on the requirements. Best of Luck and God Bless you.
The newspapers or Craigslist are places to start. But you will find this a challenge due to shortage of resources.make up foundation night cream
Since you are low income and disabled you should qualify for hud, it sort of depends on why your husband earns so little money.I am looking for a rent to buy or a house for sale by owner?
I am not sure exactly how it works, but you can try contacting Habitat for Humanity which is an organization that builds homes for families in need. They will be able to inform you on the requirements. Best of Luck and God Bless you.
The newspapers or Craigslist are places to start. But you will find this a challenge due to shortage of resources.
Anyone ever sold there own house - FOR SALE BY OWNER successfully? Is it do-able? :)?
Just wondering if anyone out there has ever done it. We need to relocate to another state and have only owned our house for just under 2 years and don't have much equity to play with. We are concerned about listing it w/an Agent and having to come up with thousands of $$$ out of pocket just to get out of the house! Any advice? :) Thanks - NEED TO MOVE!Anyone ever sold there own house - FOR SALE BY OWNER successfully? Is it do-able? :)?
There are statistics that show 1 out of 5 home sellers try FSBO, about 10% are successful. There are also statistics that say a Realtor will receive 17% more money for your home than a FSBO will get. And it is a generally held consensus that FSBO homes are over priced.
I see quite a few weathered FSBO signs in my area, telling me they are not selling.
In these markets, you need to give your house every advantage, meaning you need a Realtor.
If you do decide to go FSBO, don't spend a whole bunch of money trying to do it. Market the property on free websites such as craigslist. Don't buy into one of those FSBO sites or limited service agency that take your money, give you a sales kit and some put your house in the MLS. There are so many free sites, you don't need to pay some website, people will find you on the free sites.
Also remember safety first. Have a ';by appointment only'; policy and stick to it. People will drive by, see your sign, stop and want to view the house. Never ever show the house if you are home alone. Make sure valuables are packed up and put away, today's ';shopper'; could be tomorrow's thief.
Know the disclosure laws in your area.
It would be a good idea to have an attorney review any contracts for you.Anyone ever sold there own house - FOR SALE BY OWNER successfully? Is it do-able? :)?
I have sold several homes in various market conditions myself. The key is to market it well, stage it properly, and be able to close the sell. Its not hard to do, but you have to be prepared to do it and learn tricks of the trade. Most agents don't really give you much for the money. There are services that will list your home on the MLS for quite cheap and you won't get much more from most ';full service'; agents. Agents don't/won't spend alot of time on staging (and they sure won't do the dirty work/heavy lifting) and most don't market your home (they market themselves, ever wonder why so much marketing doesn't have the properties full info, they want people to call and if your property isn't right they want to sell them something else). Another advantage to trying to sell it yourself, you are always available. But you have to be prepared to be professional and do your homework, many homeowners want their home to be worth a certain amount and aren't prepared to realize (especially in the current falling market) what it is really worth.
Good luck!
S.A. I sold two homes myself before becoming a Realtor(R). Yes, it is do-able to sell your home without reprisentation. It may not be advisable in the current market.
Just to clarify, you NEED to relocate? Will either of your employers be offering a relocation package? That may help and they may have a company that you must use.
If you WANT to move, not NEED to move then I suggest you start by speaking with your current lender to clarify your options. They should be able to inform you if you will be able to purchase a home after the move (with or without selling) or whether you will have to rent. (better to know before you take the leap)
I also suggest verifying what would happen if you sell before being in the home two years, there may be tax ';complications';. Will you be taking money from your retirement if it's needed to close? You should investigate what the tax consequences may be or if there are ways to not pay a penalty.
Real estate companies have several business models that may not require paying what you think.
Real estate laws vary by State. The above are only some suggestions, not advice. If you need advice in a real estate transaction I suggest contacting a real estate attorney in your State.
What you need to be most concerned about is selling your house at all in this market, and your best bet is an experienced agent. In a sellers' market some people do manage a successful FSBO, but in this market, no way. Bite the bullet and hire an agent. Be aware that agent's commissions are negotiable, too.
well I have never sold a house for sale by owner but I did buy my house that way and it seemed to work out really well for all concerned but In this housing market weather you sell it your self or list it you might be waiting a while to sell it especially if you don't have any equity because you don't have much room to haggle the price with a potential buyer
There are statistics that show 1 out of 5 home sellers try FSBO, about 10% are successful. There are also statistics that say a Realtor will receive 17% more money for your home than a FSBO will get. And it is a generally held consensus that FSBO homes are over priced.
I see quite a few weathered FSBO signs in my area, telling me they are not selling.
In these markets, you need to give your house every advantage, meaning you need a Realtor.
If you do decide to go FSBO, don't spend a whole bunch of money trying to do it. Market the property on free websites such as craigslist. Don't buy into one of those FSBO sites or limited service agency that take your money, give you a sales kit and some put your house in the MLS. There are so many free sites, you don't need to pay some website, people will find you on the free sites.
Also remember safety first. Have a ';by appointment only'; policy and stick to it. People will drive by, see your sign, stop and want to view the house. Never ever show the house if you are home alone. Make sure valuables are packed up and put away, today's ';shopper'; could be tomorrow's thief.
Know the disclosure laws in your area.
It would be a good idea to have an attorney review any contracts for you.Anyone ever sold there own house - FOR SALE BY OWNER successfully? Is it do-able? :)?
I have sold several homes in various market conditions myself. The key is to market it well, stage it properly, and be able to close the sell. Its not hard to do, but you have to be prepared to do it and learn tricks of the trade. Most agents don't really give you much for the money. There are services that will list your home on the MLS for quite cheap and you won't get much more from most ';full service'; agents. Agents don't/won't spend alot of time on staging (and they sure won't do the dirty work/heavy lifting) and most don't market your home (they market themselves, ever wonder why so much marketing doesn't have the properties full info, they want people to call and if your property isn't right they want to sell them something else). Another advantage to trying to sell it yourself, you are always available. But you have to be prepared to be professional and do your homework, many homeowners want their home to be worth a certain amount and aren't prepared to realize (especially in the current falling market) what it is really worth.
Good luck!
S.A. I sold two homes myself before becoming a Realtor(R). Yes, it is do-able to sell your home without reprisentation. It may not be advisable in the current market.
Just to clarify, you NEED to relocate? Will either of your employers be offering a relocation package? That may help and they may have a company that you must use.
If you WANT to move, not NEED to move then I suggest you start by speaking with your current lender to clarify your options. They should be able to inform you if you will be able to purchase a home after the move (with or without selling) or whether you will have to rent. (better to know before you take the leap)
I also suggest verifying what would happen if you sell before being in the home two years, there may be tax ';complications';. Will you be taking money from your retirement if it's needed to close? You should investigate what the tax consequences may be or if there are ways to not pay a penalty.
Real estate companies have several business models that may not require paying what you think.
Real estate laws vary by State. The above are only some suggestions, not advice. If you need advice in a real estate transaction I suggest contacting a real estate attorney in your State.
What you need to be most concerned about is selling your house at all in this market, and your best bet is an experienced agent. In a sellers' market some people do manage a successful FSBO, but in this market, no way. Bite the bullet and hire an agent. Be aware that agent's commissions are negotiable, too.
well I have never sold a house for sale by owner but I did buy my house that way and it seemed to work out really well for all concerned but In this housing market weather you sell it your self or list it you might be waiting a while to sell it especially if you don't have any equity because you don't have much room to haggle the price with a potential buyer
House for sale by owner question?
I have had my house on the market for over a year. Three more houses of equal quality were listed recently on my street for a lot less. I'm already offering it at a loss due to the market.
If I decide to terminate my realtor's contract and sell by owner for a lower price, can I 'raise' the price if that terminated realtor brings a buyer to the table that had looked at the house prior to the termination?
I'm asking because I don't want to pay the extra commission if my agent has someone who previously looked at the home and now decides to buy (since the clause says he - the agent - gets commission within 180 days if a buyer buys the home that he had introduced them to...).
In that situation I'd want to sell at the price it was when I had the realtor and the buyer first saw it. Otherwise, I'm selling at an even lower price with full commission.
I live in Indiana if that makes a difference with laws.
Thank you.House for sale by owner question?
You cannot terminate the contract. If you sell your house on your own during the time period your realtor has the listing, you have to pay them the commission anyway, unless they let you out of the contract. You can't just terminate it. It has to be a mutual thing.
If he brings someone back at the lower price, you don't have to sell it to them. Yes, you can raise the price back to what was listed by the realtor.
If I decide to terminate my realtor's contract and sell by owner for a lower price, can I 'raise' the price if that terminated realtor brings a buyer to the table that had looked at the house prior to the termination?
I'm asking because I don't want to pay the extra commission if my agent has someone who previously looked at the home and now decides to buy (since the clause says he - the agent - gets commission within 180 days if a buyer buys the home that he had introduced them to...).
In that situation I'd want to sell at the price it was when I had the realtor and the buyer first saw it. Otherwise, I'm selling at an even lower price with full commission.
I live in Indiana if that makes a difference with laws.
Thank you.House for sale by owner question?
You cannot terminate the contract. If you sell your house on your own during the time period your realtor has the listing, you have to pay them the commission anyway, unless they let you out of the contract. You can't just terminate it. It has to be a mutual thing.
If he brings someone back at the lower price, you don't have to sell it to them. Yes, you can raise the price back to what was listed by the realtor.
Buying a house for sale by owner?
I know the owner, they are the relative of the previous homeowner who passed away and just want to sell the house quickly so they aren't using an agent. Should I still use a buyers agent and do I even have a choice if the agent in question has already showed me other properties or do I have to use them now?Buying a house for sale by owner?
well to use an agent will cost you 3.5%. so it is up to you if you think you get enough for that price. Most people would not use an agent when buying FSBO.
if you have signed an agreement with real estate agent then you have to pay them a commission if you buy home before agreement expires. if no agreement then you do not have to use them.
this is a tough buy. Most FSBO's ask too much so be careful. Their asking price is often times 10-15% too high.
A good strategy is to wait 30 days and then ask to see it. By then reality will be settling on what true value is. When FSBO's first go up for sale they always think home is worth more than it is. Only time educates them.Buying a house for sale by owner?
No on the agent. Instead hire a real estate lawyer to ensure your rights are protected.
It's always wise to use an agent. As far as the agent in question has already showed me other properties has nothing to do with this property. You don't have to use an agent but who is looking after the contract?
I would recommend getting a professional to help you. Either a Real Estate Agent or a Real Estate Attorney, which ever you prefer. I would recommend you approach as if you had no previous relation ship with the owner and no knowledge of the house. You need to take care of yourself, buying a house is a huge investment and should never be taken lightly.
You should have your own representative (Realtor) when buying a home. If you did not sign a Agency Disclosure Form with your present agent, then you are free to choose another.
If you want this FSBO property, then ask your agent to talk to the owner about giving them a commission (3%). If the owner agrees, then you don't have to pay the agent. If the owner disagrees then pay the agent. Its a small price to pay if you do not know how to complete the many contracts and disclosure statements required in a real estate transaction.
Unrepresented buyers and sellers often do not understand the complexity, range and timing of tasks they will have to perform if they don鈥檛 use a Realtor.make up foundation night cream
well to use an agent will cost you 3.5%. so it is up to you if you think you get enough for that price. Most people would not use an agent when buying FSBO.
if you have signed an agreement with real estate agent then you have to pay them a commission if you buy home before agreement expires. if no agreement then you do not have to use them.
this is a tough buy. Most FSBO's ask too much so be careful. Their asking price is often times 10-15% too high.
A good strategy is to wait 30 days and then ask to see it. By then reality will be settling on what true value is. When FSBO's first go up for sale they always think home is worth more than it is. Only time educates them.Buying a house for sale by owner?
No on the agent. Instead hire a real estate lawyer to ensure your rights are protected.
It's always wise to use an agent. As far as the agent in question has already showed me other properties has nothing to do with this property. You don't have to use an agent but who is looking after the contract?
I would recommend getting a professional to help you. Either a Real Estate Agent or a Real Estate Attorney, which ever you prefer. I would recommend you approach as if you had no previous relation ship with the owner and no knowledge of the house. You need to take care of yourself, buying a house is a huge investment and should never be taken lightly.
You should have your own representative (Realtor) when buying a home. If you did not sign a Agency Disclosure Form with your present agent, then you are free to choose another.
If you want this FSBO property, then ask your agent to talk to the owner about giving them a commission (3%). If the owner agrees, then you don't have to pay the agent. If the owner disagrees then pay the agent. Its a small price to pay if you do not know how to complete the many contracts and disclosure statements required in a real estate transaction.
Unrepresented buyers and sellers often do not understand the complexity, range and timing of tasks they will have to perform if they don鈥檛 use a Realtor.
Buying a house ';for sale by owner';. how does it work?
I found a really nice, small house for sale by owner(a minister actually). i'm a first-time buyer so how does this work? walk me through the steps if you can!
how much cash will we actually have to pay up front?(not including the mortgage loan or down payment)Buying a house ';for sale by owner';. how does it work?
Hi there, let me answer a little more completely.
Buying a house from an owner is really no different than using a realtor. At least it shouldn't be.
1st you should be pre-approved so that you know you can get financing.
2nd) Make your offer. Depending upon your financing, you may choose to roll closing costs in. The way you roll closing costs into the loan is by having the seller pay back closing costs.
3) Make sure when the contract between you and the seller have two contingencies at least. 1) Home inspection. If the home inspection is not acceptable it should allow you to back out of the deal 2) A financing date. This is a date that you have to provide the seller with confirmation of your financing. Another good idea is to put in a clause that says if the home does not appraise for the amount of the accepted offer, then the seller agrees to sell for the appraised value. A home has to appraise for the purchase price in order for you to obtain financing.
4) Upfront costs - generally a seller is going to want some type of deposit to accompany your offer. $500 to $1,000. This is a good faith deposit. The contingencies above protect this deposit.
When buying a home, a lender is going to require you to purchase one year worth of homeowners insurance upfront. $400 - $1,000.
Home inspection - $250 - $500
Most lenders will require an application fee. Our application fee is $350 but we credit this back to you at closing.
That's a really quick walk through buying a home. Hope it helps.
For more info go to my website www.johnleblanconline.com, my blog http://mortgagecounselor.blogspot.com
Good luck. If I can answer any questions in further detail, send me an email. johhnuniontrust@verizon.netBuying a house ';for sale by owner';. how does it work?
I suggest that you find a lawyer who specializes in real estate. It is not complicated nor too expensive, but you just don't want to make a mistake when buying real estate.
The lawyer can help you write an offer to purchase. That will spell out all the details of your legally binding offer. That includes how much you will pay, when you will close, when the minister will move out, what goes with the house, who will inspect for problems, etc.
In that offer, you will spell out the contingency clause concerning your loan. If you can't get the loan, the deal does not go through. That means the minister might still be able to continue selling the house until you get your money.
The offer to purchase is perhaps the most important part of the process. Make a mistake there and you can get totally screwed. In most cases, it is customary to pay some earnest money upon acceptance of the offer. ($1,000?)
I would try to get pre-approved for a home loan as soon as possible so that if the offer is accepted, you can move fast.
Spend the money on the lawyer...you will not regret the extra protection.
All of that is entirely between you and seller.
Congratulations,on your potential new purchase for sale by owners /fsbo are individuals who opt not to list their home w/a realtor and go it alone.The wonderful thing about this for you is that you can really negotiate a great deal ie:the seller might be more proned to offer bigger discounts because a realtor was not involved .However please do your research to insure you're getting a great deal on home value
Most of the people sell their home through a real estate agent. But you can still go through a real estate agent and the agent will walk you through the steps.
while it is okay for the minister to sell his own home - as an inexperienced buyer, you really should use the services of a qualified realtor. (in california, the buyer doesn't pay the realtor, the seller will) there are issues like full disclosure about the property - will the minister tell you or advise you to get a property, roof and pest inspection? if he knows he has issues with the property and doesn't tell you or claims he didn't know...will you have legal recourse? i don't deny that the r.e. profession has been given a black eye by unscrupulous members, but if you do a little homework, you can find one who will be your resource forever. (think about it, do you change doctors everytime you feel sick? of course not, you go to someone that you trust)
a realtor is your voice and negotiator in the transaction, allowing you to be placed a step away from the nitty-gritty, yet having a full voice in all that goes on.
don't answer the come-ons here in yahoo! answers, but call your local real estate board and ask for the names of reputable realtors and then look them up in your state's database to be sure they are what they say they are! a little legwork and homework will go a long way...
good luck on buying your first home!
Go ask a mortgage lender and a Realtor. Frankly, buying from someone who is selling by owner is usually NOT adviseable, even if it's a minister or someone similar. You really should use a Realtor if you haven't a clue as to what you are doing, and you apparently do not! You will note that the first two responders are having difficulty with reading comprehension, something that is not unusual here on Yahoo Q and A.
how much cash will we actually have to pay up front?(not including the mortgage loan or down payment)Buying a house ';for sale by owner';. how does it work?
Hi there, let me answer a little more completely.
Buying a house from an owner is really no different than using a realtor. At least it shouldn't be.
1st you should be pre-approved so that you know you can get financing.
2nd) Make your offer. Depending upon your financing, you may choose to roll closing costs in. The way you roll closing costs into the loan is by having the seller pay back closing costs.
3) Make sure when the contract between you and the seller have two contingencies at least. 1) Home inspection. If the home inspection is not acceptable it should allow you to back out of the deal 2) A financing date. This is a date that you have to provide the seller with confirmation of your financing. Another good idea is to put in a clause that says if the home does not appraise for the amount of the accepted offer, then the seller agrees to sell for the appraised value. A home has to appraise for the purchase price in order for you to obtain financing.
4) Upfront costs - generally a seller is going to want some type of deposit to accompany your offer. $500 to $1,000. This is a good faith deposit. The contingencies above protect this deposit.
When buying a home, a lender is going to require you to purchase one year worth of homeowners insurance upfront. $400 - $1,000.
Home inspection - $250 - $500
Most lenders will require an application fee. Our application fee is $350 but we credit this back to you at closing.
That's a really quick walk through buying a home. Hope it helps.
For more info go to my website www.johnleblanconline.com, my blog http://mortgagecounselor.blogspot.com
Good luck. If I can answer any questions in further detail, send me an email. johhnuniontrust@verizon.netBuying a house ';for sale by owner';. how does it work?
I suggest that you find a lawyer who specializes in real estate. It is not complicated nor too expensive, but you just don't want to make a mistake when buying real estate.
The lawyer can help you write an offer to purchase. That will spell out all the details of your legally binding offer. That includes how much you will pay, when you will close, when the minister will move out, what goes with the house, who will inspect for problems, etc.
In that offer, you will spell out the contingency clause concerning your loan. If you can't get the loan, the deal does not go through. That means the minister might still be able to continue selling the house until you get your money.
The offer to purchase is perhaps the most important part of the process. Make a mistake there and you can get totally screwed. In most cases, it is customary to pay some earnest money upon acceptance of the offer. ($1,000?)
I would try to get pre-approved for a home loan as soon as possible so that if the offer is accepted, you can move fast.
Spend the money on the lawyer...you will not regret the extra protection.
All of that is entirely between you and seller.
Congratulations,on your potential new purchase for sale by owners /fsbo are individuals who opt not to list their home w/a realtor and go it alone.The wonderful thing about this for you is that you can really negotiate a great deal ie:the seller might be more proned to offer bigger discounts because a realtor was not involved .However please do your research to insure you're getting a great deal on home value
Most of the people sell their home through a real estate agent. But you can still go through a real estate agent and the agent will walk you through the steps.
while it is okay for the minister to sell his own home - as an inexperienced buyer, you really should use the services of a qualified realtor. (in california, the buyer doesn't pay the realtor, the seller will) there are issues like full disclosure about the property - will the minister tell you or advise you to get a property, roof and pest inspection? if he knows he has issues with the property and doesn't tell you or claims he didn't know...will you have legal recourse? i don't deny that the r.e. profession has been given a black eye by unscrupulous members, but if you do a little homework, you can find one who will be your resource forever. (think about it, do you change doctors everytime you feel sick? of course not, you go to someone that you trust)
a realtor is your voice and negotiator in the transaction, allowing you to be placed a step away from the nitty-gritty, yet having a full voice in all that goes on.
don't answer the come-ons here in yahoo! answers, but call your local real estate board and ask for the names of reputable realtors and then look them up in your state's database to be sure they are what they say they are! a little legwork and homework will go a long way...
good luck on buying your first home!
Go ask a mortgage lender and a Realtor. Frankly, buying from someone who is selling by owner is usually NOT adviseable, even if it's a minister or someone similar. You really should use a Realtor if you haven't a clue as to what you are doing, and you apparently do not! You will note that the first two responders are having difficulty with reading comprehension, something that is not unusual here on Yahoo Q and A.
I just looked at a house for sale by owner/investors rto 4000.00 down 850.00 a mo 50.00 towards equity monthly
It sounds to good to be true and i am a first time home buyer so i am very nervouse... It is a brick home over 2500 sq ft w/firplace 4 bdrm 2 ba. what do you think??? What do i need to look out for??? thank you!!I just looked at a house for sale by owner/investors rto 4000.00 down 850.00 a mo 50.00 towards equity monthly
Is this a rent to own thing? the $50 isn't much toward your purchase. that means you are paying $850 a month, $50 of that going to the purchase of the home (and how much is that home, anyway??) $800 of it just in rent and they sit on your $4000 that you might forfeit if you don't buy the house. what are the other terms of this offer? How much is the overall cost of the house? How long do you have before you have to buy it and get financing?
check out www.naca.com
they are a non-profit housing advocacy group that lends it's own money. they will help you clean up your credit and they will help you become a homebuyer. NACA hates predatory lenders and anyone who preys on the poor and struggling in their attempts to purchase a home. They really beleive in helping people get a foot in the door with home ownership. Check them out! Good luck!I just looked at a house for sale by owner/investors rto 4000.00 down 850.00 a mo 50.00 towards equity monthly
This is a good deal, it is called a lease with an option to buy. You will have $50.00 toward your down payment when you exercise your option to purchase the house. Find out the purchase price and have it in the contract. If you fail to exercise your option you will lose your $4,000.
Most of the time with an option to buy there is little or no credit check. After the option you are normally treated as the owner and you refinance the house as oppose to purchase the house.
You are responsible for the up keep of the property if you sign the option to purchase to include the cutting of the lawn. Add some type of paragraph about roof structural and foundation protection in the lease that the owner are responsible
Before you buy or sign anything get a walk through by a state certified inspector your state to find any possible defects in the property.
I hope this has been of some use to you, good luck
';FIGHT ON';
I am a mortgage specialist. Why don't you get mortgage financing? Can you qualify for a mortgage? How is your credit? How much is the house worth? What state is the house in? Depending on your credit, it may be possible to finance you with a 90%, 95% or 100% loan. If you get a 6% seller's concession, I may be able to amortized the closing costs into the loan. You can reach me at wwi_2@yahoo.com and I will walk you through the process.
Is this a rent to own thing? the $50 isn't much toward your purchase. that means you are paying $850 a month, $50 of that going to the purchase of the home (and how much is that home, anyway??) $800 of it just in rent and they sit on your $4000 that you might forfeit if you don't buy the house. what are the other terms of this offer? How much is the overall cost of the house? How long do you have before you have to buy it and get financing?
check out www.naca.com
they are a non-profit housing advocacy group that lends it's own money. they will help you clean up your credit and they will help you become a homebuyer. NACA hates predatory lenders and anyone who preys on the poor and struggling in their attempts to purchase a home. They really beleive in helping people get a foot in the door with home ownership. Check them out! Good luck!I just looked at a house for sale by owner/investors rto 4000.00 down 850.00 a mo 50.00 towards equity monthly
This is a good deal, it is called a lease with an option to buy. You will have $50.00 toward your down payment when you exercise your option to purchase the house. Find out the purchase price and have it in the contract. If you fail to exercise your option you will lose your $4,000.
Most of the time with an option to buy there is little or no credit check. After the option you are normally treated as the owner and you refinance the house as oppose to purchase the house.
You are responsible for the up keep of the property if you sign the option to purchase to include the cutting of the lawn. Add some type of paragraph about roof structural and foundation protection in the lease that the owner are responsible
Before you buy or sign anything get a walk through by a state certified inspector your state to find any possible defects in the property.
I hope this has been of some use to you, good luck
';FIGHT ON';
I am a mortgage specialist. Why don't you get mortgage financing? Can you qualify for a mortgage? How is your credit? How much is the house worth? What state is the house in? Depending on your credit, it may be possible to finance you with a 90%, 95% or 100% loan. If you get a 6% seller's concession, I may be able to amortized the closing costs into the loan. You can reach me at wwi_2@yahoo.com and I will walk you through the process.
House for Sale by Owner Question?
ok, so my husband and i need at least $131,500 from the sale of our house to pay off the existing mortgage and pay off the home equity line. What i want to know is, if you do a for sale by owner is there any extra money we need to pay at the sale of our house except closing costs? we have alway used a real estate agent and know nothing about doing a for sale by owner but we can't afford a real estate agent, so i need help!!!! anyone who can give me advice please do! Probably the most we could ask for our house is $135,000 because that is the max it appraises for. HELP ME! (i hope this makes sense to someone, because i am not even sure it makes sense to me, lol)House for Sale by Owner Question?
Closing costs are negotiable and can be paid by the buyer, the seller or both.
I've sold several properties myself. The bank for the buyer will have all of their paperwork in order--you supply the house. Think about it. The people providing the purchase price are the ones who have to make sure everything is in order.
You may wish to visit the FSBO (for sale by owner) website for more tips. You don't need a real estate agent, but you DO need a form that can accept earnest money, the offer itself and any counter offer. Also, you must disclose any repairs that are required.House for Sale by Owner Question?
I don't know but I will be watching the answers because we cant afford an agent either LOL!
Closing costs are negotiable and can be paid by the buyer, the seller or both.
I've sold several properties myself. The bank for the buyer will have all of their paperwork in order--you supply the house. Think about it. The people providing the purchase price are the ones who have to make sure everything is in order.
You may wish to visit the FSBO (for sale by owner) website for more tips. You don't need a real estate agent, but you DO need a form that can accept earnest money, the offer itself and any counter offer. Also, you must disclose any repairs that are required.House for Sale by Owner Question?
I don't know but I will be watching the answers because we cant afford an agent either LOL!
Whats the best way to list house for sale by owner on mls?
Most MLS's won't let you as a seller/owner list a house on MLS directly. You'll have to find a discount real estate broker who has licensed access to the MLS to do it for you. They will charge you a flat fee or a lower commission % than your typical full-scale agent.Whats the best way to list house for sale by owner on mls?
Use a service that will help you. Honestly, you make more money for what it's worth when you go through a realtor! Other wise use a service like ';Assist to sell'; or call your local MLS and they can set you up in a program. Without being in the MLS you wont sell all that fast (IMO)
Use a service that will help you. Honestly, you make more money for what it's worth when you go through a realtor! Other wise use a service like ';Assist to sell'; or call your local MLS and they can set you up in a program. Without being in the MLS you wont sell all that fast (IMO)
House for sale by owner websites question !?
i need to sell my house asap. not through real estate though.
do you know any really good websites i can post my house on, that isnt so expensive?
anymore advice you can give would be highly appreciated :)House for sale by owner websites question !?
I don't want to sound rude, but if you do not even know how to advertise your house, how will you do all the official paperwork involved in selling real estate? Do you know all the disclosures you must provide? Do you know how to respond to an offer (how to make a counter offer?) What legal forms to use? Everything must be in writing, when selling real estate...
It's not that simple to sell a house yourself, and also it's not that simple to do the paperwork.
Unless you know all this, get a Realtor, or get yourself in a huge mess.House for sale by owner websites question !?
I'll add one more point to the excellent points posted by others. When you advertise ';For Sale by Owner';, the first thing out of the mouths of the buyer will be ';Of course you will knock off the brokerage fee, since you're not paying one.'; And then they will proceed to hack 6% off the price they intend to offer to you.
Buyers want that commission savings in their pockets just as much as YOU do.
Realtor is right...if you have to ask a question like that, then you really shouldn't be selling the house on your own.
If you go cheap, you are going to get screwed.
Craigslist or Pennysaver on-line ads are free.
If your truly in a rush to sell. You might try AUCTIONING your property. Auctioners usually charge the buyer an additional 5% of the purchase price and little cost to the seller. Usually seller needs to advertise or prehaps do it yourself.
Good Luck
Lauren if you had to file a law suit against someone,wouldn't you use someone with the expertise to help you and make sure all the proper documents were handled correctly? If you had a toothache wouldn't you see a dentist? ???? Need I say more. I know it cost money to sell using a Realtor, but they know your market, they have the expertise to handle the entire transaction for you. You can post on Craig's list, you can post on Zillow.com and Forsalebyowner.com all you want. But I myself - a Realtor tested all of them with my own house, and only received two offers, One from Hungry, they wanted me to tell them my bank account number so they could wire me the money without seeing the house. The other was from somewhere else, and said their attorney would contact me for my ban account numbers.... So you are in much safer hands with a Realtor and let's face it, how do most buyers buy homes? Through FSBO's? I think not.
If you ask for good advise, I hope you'll take it.
First do an e-flyer on http://www.Postlets.com
Then post it on the following sites.
1. http://www.Zillow.com
2. http://www.BackPage.com
3. http://advertising.superpages,com
4. http://expo.live.com
5. http://www.craigslist.com
6. http://www.kijiji.com
7. http://www.classifiedads.com/real_estate
8. http://www.google.com/local/add
9. http://listings.local.yahoo.com/csubmit/
10. http://www.yellowpages.com
11. http://www.Zadzoo.com
12. http://www.LiveDeal.com
Terry S.
http://www.Welcome2Arizona.com
do you know any really good websites i can post my house on, that isnt so expensive?
anymore advice you can give would be highly appreciated :)House for sale by owner websites question !?
I don't want to sound rude, but if you do not even know how to advertise your house, how will you do all the official paperwork involved in selling real estate? Do you know all the disclosures you must provide? Do you know how to respond to an offer (how to make a counter offer?) What legal forms to use? Everything must be in writing, when selling real estate...
It's not that simple to sell a house yourself, and also it's not that simple to do the paperwork.
Unless you know all this, get a Realtor, or get yourself in a huge mess.House for sale by owner websites question !?
I'll add one more point to the excellent points posted by others. When you advertise ';For Sale by Owner';, the first thing out of the mouths of the buyer will be ';Of course you will knock off the brokerage fee, since you're not paying one.'; And then they will proceed to hack 6% off the price they intend to offer to you.
Buyers want that commission savings in their pockets just as much as YOU do.
Realtor is right...if you have to ask a question like that, then you really shouldn't be selling the house on your own.
If you go cheap, you are going to get screwed.
Craigslist or Pennysaver on-line ads are free.
If your truly in a rush to sell. You might try AUCTIONING your property. Auctioners usually charge the buyer an additional 5% of the purchase price and little cost to the seller. Usually seller needs to advertise or prehaps do it yourself.
Good Luck
Lauren if you had to file a law suit against someone,wouldn't you use someone with the expertise to help you and make sure all the proper documents were handled correctly? If you had a toothache wouldn't you see a dentist? ???? Need I say more. I know it cost money to sell using a Realtor, but they know your market, they have the expertise to handle the entire transaction for you. You can post on Craig's list, you can post on Zillow.com and Forsalebyowner.com all you want. But I myself - a Realtor tested all of them with my own house, and only received two offers, One from Hungry, they wanted me to tell them my bank account number so they could wire me the money without seeing the house. The other was from somewhere else, and said their attorney would contact me for my ban account numbers.... So you are in much safer hands with a Realtor and let's face it, how do most buyers buy homes? Through FSBO's? I think not.
If you ask for good advise, I hope you'll take it.
First do an e-flyer on http://www.Postlets.com
Then post it on the following sites.
1. http://www.Zillow.com
2. http://www.BackPage.com
3. http://advertising.superpages,com
4. http://expo.live.com
5. http://www.craigslist.com
6. http://www.kijiji.com
7. http://www.classifiedads.com/real_estate
8. http://www.google.com/local/add
9. http://listings.local.yahoo.com/csubmit/
10. http://www.yellowpages.com
11. http://www.Zadzoo.com
12. http://www.LiveDeal.com
Terry S.
http://www.Welcome2Arizona.com
How can i put my house for sale by owner on the MLS?
well i had this problem before, i did some research about it because that time (one year ago) i had to sell my house in ft lauderdale because i got promoted at work and need to transfer to anaheim i had to sell my house without paying commissions like the conventional 7% above for a realtor, i found this MLS (multiple listing service) through this website: http://sureflatfeemls.com it has all the information i needed to sell my house, i found out that i can list my house for sale by owner on the local MLS and have to only pay a one-time ';flat fee'; (around $250-$350 depending on the area). So for me to get listed i still looked around the net and found similar websites but sureflatfeemls.com had the lowest price for my home's area and county, thus i decided to get their services, they have great support and courteous listing agents. they also provided me addtional services and exposure through advertisements, luckily with their help i sold my house in less than 4months. :) hope that helps dude!How can i put my house for sale by owner on the MLS?
Go to http://www.HELPMESELL.com. List your home and upload photos. You'll get a free 21 day yahoo! real estate classified ad AND depending on the state your property is located in you can list on MLS and Realtor.com for 12 months for under $500. Much better than classified ads.How can i put my house for sale by owner on the MLS?
Unless you're a broker yourself, you can't. The MLS is for licensed real estate brokers only.
Just an FYI, the MLS has a new rule that listing input through discount brokerages be CLEARLY marked, that the ';selling agent'; does the MLS only and the actual work is going to the buyers agent. They even made a new field for it so that agents can exclude them from searches.
You can't. You will need to use a Realtor with MLS access.
You can't. There are limited service agencies that charge you an up front fee to put your house in the MLS, and you basically sell your house. It is my experience that these are not successful transactions for the seller.
Contact a company like BUYOWNER. You will probably have to pay a fee. Or contact a local realtor to see if they will, it never hurts to ask.make up foundation night cream
Go to http://www.HELPMESELL.com. List your home and upload photos. You'll get a free 21 day yahoo! real estate classified ad AND depending on the state your property is located in you can list on MLS and Realtor.com for 12 months for under $500. Much better than classified ads.How can i put my house for sale by owner on the MLS?
Unless you're a broker yourself, you can't. The MLS is for licensed real estate brokers only.
Just an FYI, the MLS has a new rule that listing input through discount brokerages be CLEARLY marked, that the ';selling agent'; does the MLS only and the actual work is going to the buyers agent. They even made a new field for it so that agents can exclude them from searches.
You can't. You will need to use a Realtor with MLS access.
You can't. There are limited service agencies that charge you an up front fee to put your house in the MLS, and you basically sell your house. It is my experience that these are not successful transactions for the seller.
Contact a company like BUYOWNER. You will probably have to pay a fee. Or contact a local realtor to see if they will, it never hurts to ask.
Should I sell my house for sale by owner??
There are 3 other houses for sale in the subdivision. We have only lived there 3 months but we are just unhappy and want to move back home. Should I sell it by owner or use a real estate agent. How is the process different??Should I sell my house for sale by owner??
The process is different because if you do FSBO, you do all the work. If you use a Realtor, they do all the work.
This is what I tell people that want to try FSBO. Don't buy one of those packages that give you some canned forms, signs, put it on some website and give you ';marketing tips'; - you don't need that. Buy some signs, make flyers, put it on free sites like craigslist, don't spend a bunch of money on this.
Safety first, have a by appoinment only policy and stick to it. Never show the house alone, always have a friend or family member with you. Pack away heirlooms and valuables, today's buyer could be tomorrow's thief. Have your house clean, depersonalized, and decluttered.
After you have tried this, a Realtor will be there to help when you get serious about selling.
If you bought 3 months ago, I hope you can sell it for what you need to get out of it. Could you rent it out instead?Should I sell my house for sale by owner??
Here are a few good reasons why you should hire a REALTOR庐:
Your REALTOR庐 can help you negotiate.
Your REALTOR庐 can guide you through the closing process and make sure everything flows together smoothly.
When selling your home, your REALTOR庐 can give you up-to-date information on what is happening in the marketplace and the price, financing, terms and condition of competing properties. These are key factors in getting your property sold at the best price, quickly and with minimum hassle.
Your REALTOR庐 markets your property to other real estate agents and the public.
Your REALTOR庐 will know when, where and how to advertise your property.
When you attempt to sell FSBO, you are basically on your own relative to contractual issues, advertising, and similar.
It's your call whether or not you feel up to handling such a sale.
Be advised that contractual language is not easy. If you sign inappropriate documents, you are bound to same.
As a real estate broker, I can only tell you about the numbers of folks who have signed silly contracts. Be very careful.
I am doing buy owner with no luck, and on top of that , if you decide to go with an agent later, they can't take you because buy owner is considered your listing agent, in todays market and the situation you are in, it's a waste of money, go with an agent, there are going to be forms needed that an agent will be needed to under stand the language.
Use a real estate agent. There are so many things that are involved in selling a house that real estate agents are trained to know....i think there are special fees and things involved with selling a house. If you are not familiar with selling houses i would definitely go with a real estate agent; just look around for a good one and good luck :)
The advantage of FSBO is you save RE commissions, which can be substantial.
The disadvantages are many if you have never sold on your own. If you can underprice the other houses, then you have a good shot. You will need a RE attorney if you have never done this. It's not difficult but this is an important transaction. Also, you will have to do the advertising and showings yourself. If you are willing to do that, then by all means try it for a few weeks and see what happens.
There are also some low cost ways to advertise. You can put it on Craigslist and you can try postlets.com. Also, put signs around the neighborhood with the address on them, especially on high traffic corners. There are also some brokers out there that will put it on the MLS for you for a low flat fee. It all depends how much work you are willing to do to save substantial $$ and how comfortable you are in handling the sale. In this market, you may want to find the best realtor you can, price it right, and sign a short term, 60-90 days max, listing contract.
If you know how much your house is worth and the rules and laws associated with selling your house, go for it.
The real estate agents handle everything. They will get everything done. Only...they have to get paid for everything.
If you have never sold a house before by yourself, I reccommend using a real estate agent. It's a lot less hassle. Good luck, and sorry you guys weren't happy there.
I wouldnt! My parents done it and some weird people would call and say theyd be back and never was! It was a hassle!
use a realtor--they can help you with the paper work and your house will have more exposure(they will put it in the mls)
The process is different because if you do FSBO, you do all the work. If you use a Realtor, they do all the work.
This is what I tell people that want to try FSBO. Don't buy one of those packages that give you some canned forms, signs, put it on some website and give you ';marketing tips'; - you don't need that. Buy some signs, make flyers, put it on free sites like craigslist, don't spend a bunch of money on this.
Safety first, have a by appoinment only policy and stick to it. Never show the house alone, always have a friend or family member with you. Pack away heirlooms and valuables, today's buyer could be tomorrow's thief. Have your house clean, depersonalized, and decluttered.
After you have tried this, a Realtor will be there to help when you get serious about selling.
If you bought 3 months ago, I hope you can sell it for what you need to get out of it. Could you rent it out instead?Should I sell my house for sale by owner??
Here are a few good reasons why you should hire a REALTOR庐:
Your REALTOR庐 can help you negotiate.
Your REALTOR庐 can guide you through the closing process and make sure everything flows together smoothly.
When selling your home, your REALTOR庐 can give you up-to-date information on what is happening in the marketplace and the price, financing, terms and condition of competing properties. These are key factors in getting your property sold at the best price, quickly and with minimum hassle.
Your REALTOR庐 markets your property to other real estate agents and the public.
Your REALTOR庐 will know when, where and how to advertise your property.
When you attempt to sell FSBO, you are basically on your own relative to contractual issues, advertising, and similar.
It's your call whether or not you feel up to handling such a sale.
Be advised that contractual language is not easy. If you sign inappropriate documents, you are bound to same.
As a real estate broker, I can only tell you about the numbers of folks who have signed silly contracts. Be very careful.
I am doing buy owner with no luck, and on top of that , if you decide to go with an agent later, they can't take you because buy owner is considered your listing agent, in todays market and the situation you are in, it's a waste of money, go with an agent, there are going to be forms needed that an agent will be needed to under stand the language.
Use a real estate agent. There are so many things that are involved in selling a house that real estate agents are trained to know....i think there are special fees and things involved with selling a house. If you are not familiar with selling houses i would definitely go with a real estate agent; just look around for a good one and good luck :)
The advantage of FSBO is you save RE commissions, which can be substantial.
The disadvantages are many if you have never sold on your own. If you can underprice the other houses, then you have a good shot. You will need a RE attorney if you have never done this. It's not difficult but this is an important transaction. Also, you will have to do the advertising and showings yourself. If you are willing to do that, then by all means try it for a few weeks and see what happens.
There are also some low cost ways to advertise. You can put it on Craigslist and you can try postlets.com. Also, put signs around the neighborhood with the address on them, especially on high traffic corners. There are also some brokers out there that will put it on the MLS for you for a low flat fee. It all depends how much work you are willing to do to save substantial $$ and how comfortable you are in handling the sale. In this market, you may want to find the best realtor you can, price it right, and sign a short term, 60-90 days max, listing contract.
If you know how much your house is worth and the rules and laws associated with selling your house, go for it.
The real estate agents handle everything. They will get everything done. Only...they have to get paid for everything.
If you have never sold a house before by yourself, I reccommend using a real estate agent. It's a lot less hassle. Good luck, and sorry you guys weren't happy there.
I wouldnt! My parents done it and some weird people would call and say theyd be back and never was! It was a hassle!
use a realtor--they can help you with the paper work and your house will have more exposure(they will put it in the mls)
How do you list your house for sale by owner?
I am a Realtor in Oregon and Washington. I started in the business in 1986. I take 15 clock hours of continuing education per year for each state. Even yesterday, I asked my colleagues about something I hadn't run across before.
Sure, you want to save the commission. I don't blame you. But mistakes are expensive.
Two weeks ago I listed a condo for sale. The day after my sign went up, another went up 'By Owner.' Three days later, mine was sold, but I had two buyers left over.
I called the 'By Owner' guy to see if he had sold yet and he was excited because he had sold his, too. My customer sold his condo for $130,000 (1,000 over full price) and paid a $6,500 commission. His net will be about $123,500.
The By Owner? He sold his for $115,000! He saved the commission but it cost him $15,000! He could have sold for $130,000!
It was as if he had sold the condo and paid a 11.5% commission!
Here's a link to the one I sold: http://www.rmlsweb.com/Reports.asp?CMAID鈥?/a>
You can click on the address and get a pop-up map of the location.
Go with a Realtor, Please?
If you want, I can refer you to an experienced, full time agent in your hometown that I will personally interview.
You can contact me toll free or by email.
Best wishes,
Leigh M
Portland
http://www.LeighMaynard.comHow do you list your house for sale by owner?
Yep. Same answer here. You'll save a commission, but you'll either get way less than you could with an agent, or you'll keep it on the market forever and eventually hire an agent, losing all that time and money you were paying your mortgage. Happens every time.
Plus, do you know how to handle counter offers, inspections, disclosure....on and on and on. There's a lot of work that goes into a sale. It's not just putting a sign in the yard. FSBOs are stuck with all the work themselves and usually miss or mess up something.
This is a legal transaction for a large amount of money. You wouldn't go to court without a lawyer and expect to be successful.How do you list your house for sale by owner?
for sale by owner
Buy a for sale sign %26amp; put your phone number. Advertise your home in the newspapers. Make flyers to put out in a tube on your for sale sign so potential buyers can drive by %26amp; grab info to take home to show spouse. Be prepared to deal with difficult buyers %26amp; to drop everything at the drop of a hat to go %26amp; show your house to people who drive by it %26amp; want to see it right then! You still won't have the xpsoure of being listed in the Multiple listing service. If you want that you can pay 4% with byowner.com or network %26amp; bring more buyers. I personally would not want to deal with all this %26amp; spend my wknds having open houses %26amp; what not- I would recommend hiring a professional - you can always negociat eono the commission.
Sure, you want to save the commission. I don't blame you. But mistakes are expensive.
Two weeks ago I listed a condo for sale. The day after my sign went up, another went up 'By Owner.' Three days later, mine was sold, but I had two buyers left over.
I called the 'By Owner' guy to see if he had sold yet and he was excited because he had sold his, too. My customer sold his condo for $130,000 (1,000 over full price) and paid a $6,500 commission. His net will be about $123,500.
The By Owner? He sold his for $115,000! He saved the commission but it cost him $15,000! He could have sold for $130,000!
It was as if he had sold the condo and paid a 11.5% commission!
Here's a link to the one I sold: http://www.rmlsweb.com/Reports.asp?CMAID鈥?/a>
You can click on the address and get a pop-up map of the location.
Go with a Realtor, Please?
If you want, I can refer you to an experienced, full time agent in your hometown that I will personally interview.
You can contact me toll free or by email.
Best wishes,
Leigh M
Portland
http://www.LeighMaynard.comHow do you list your house for sale by owner?
Yep. Same answer here. You'll save a commission, but you'll either get way less than you could with an agent, or you'll keep it on the market forever and eventually hire an agent, losing all that time and money you were paying your mortgage. Happens every time.
Plus, do you know how to handle counter offers, inspections, disclosure....on and on and on. There's a lot of work that goes into a sale. It's not just putting a sign in the yard. FSBOs are stuck with all the work themselves and usually miss or mess up something.
This is a legal transaction for a large amount of money. You wouldn't go to court without a lawyer and expect to be successful.How do you list your house for sale by owner?
for sale by owner
Buy a for sale sign %26amp; put your phone number. Advertise your home in the newspapers. Make flyers to put out in a tube on your for sale sign so potential buyers can drive by %26amp; grab info to take home to show spouse. Be prepared to deal with difficult buyers %26amp; to drop everything at the drop of a hat to go %26amp; show your house to people who drive by it %26amp; want to see it right then! You still won't have the xpsoure of being listed in the Multiple listing service. If you want that you can pay 4% with byowner.com or network %26amp; bring more buyers. I personally would not want to deal with all this %26amp; spend my wknds having open houses %26amp; what not- I would recommend hiring a professional - you can always negociat eono the commission.
If we sell our house for sale by owner who do we have to pay?
Do we have to pay a buying agentIf we sell our house for sale by owner who do we have to pay?
I have sold several homes without using a real estate agent. You don't have to pay a real estate agent any fees, even when they are representing the buyer.
An agent representing a buyer is a contract between the buyer and the agent, not you. Let the buyer settle up with his agent, it doesn't involve you unless you let it, by signing an agreement to pay the buyers agent.
If you should decide to not sell it yourself and use an agent to sell the house, then you owe your agent a fee. Your agent will share that fee with the buyers agent. You will not have to pay two fees.If we sell our house for sale by owner who do we have to pay?
While many homeowners have sold their homes themselves, there are many issues that you need to consider. Escrow; who will hold the buyer's earnest money deposit? Contract; generic forms are available at office supply stores, but they're not much more than ';I agree to sell and you agree to buy'; forms. A contract must cover issues as potential title problems, title insurance, inspection, default and default penalties, closing costs and closing agent to name a few. Marketing; it can be expensive advertising your home. Yes, if you list your home you will have to pay a commission, but the listing Realtor is there to help you with these issues and the biggest reason for listing is the marketing exposure through MLS. Many MLS sites also offer exposure (through realtor.com) to public sites. So it's not just other Realtors that see your home, but the general public also. I think you will find there are more reasons than not to list.
realtor.sailor
You don't say where the property you are selling is located, but in the US typically there are certain costs that you will have. Other costs are usually negotiated in the contract. As a FSBO, whether you pay a buyer's agent commission is negotiated in the contract.
Typical costs can include: Title Co closing costs, including closing fees, attorney fees to prepare documents (does NOT rep. you or the buyer), release of lien fee, fee for the payoff statement(s) from your lien holder(s) if you have mortgage loan(s) or other liens on the title, pro-rated property taxes from Jan 1 thru day of closing, courier fees, etc. Of course, you will have deductions to pay-off any mortgage loan(s) on the property. You may find there are other fees that are typical in your area.
I suggest you contact the title co. or lawyer you will use to give you an estimate of the costs you can expect for your local area.
These are just ideas of costs at closing that you may have. I am not suggesting what other costs you may have in advertising/marketing your property for sale or as a result of negotiations of an offer.
If such an agent brings you a buyer, you will end up paying in one form or another. You can either agree to pay the buyer agent fee, OR you can expect offers to be lowered by the amount of the buyer agent fee, which the buyer will then pay.
No buyer is going to swallow the fees involved to help YOU not pay for real estate services, as a seller.
You will have to pay the buyer's agent a percentage of the sale price and hopefully you will hire yourself an attorney, so you will have to pay them as well.
Ranger c
This in itself tells me you do not know what you are doing.
I have sold several homes without using a real estate agent. You don't have to pay a real estate agent any fees, even when they are representing the buyer.
An agent representing a buyer is a contract between the buyer and the agent, not you. Let the buyer settle up with his agent, it doesn't involve you unless you let it, by signing an agreement to pay the buyers agent.
If you should decide to not sell it yourself and use an agent to sell the house, then you owe your agent a fee. Your agent will share that fee with the buyers agent. You will not have to pay two fees.If we sell our house for sale by owner who do we have to pay?
While many homeowners have sold their homes themselves, there are many issues that you need to consider. Escrow; who will hold the buyer's earnest money deposit? Contract; generic forms are available at office supply stores, but they're not much more than ';I agree to sell and you agree to buy'; forms. A contract must cover issues as potential title problems, title insurance, inspection, default and default penalties, closing costs and closing agent to name a few. Marketing; it can be expensive advertising your home. Yes, if you list your home you will have to pay a commission, but the listing Realtor is there to help you with these issues and the biggest reason for listing is the marketing exposure through MLS. Many MLS sites also offer exposure (through realtor.com) to public sites. So it's not just other Realtors that see your home, but the general public also. I think you will find there are more reasons than not to list.
realtor.sailor
You don't say where the property you are selling is located, but in the US typically there are certain costs that you will have. Other costs are usually negotiated in the contract. As a FSBO, whether you pay a buyer's agent commission is negotiated in the contract.
Typical costs can include: Title Co closing costs, including closing fees, attorney fees to prepare documents (does NOT rep. you or the buyer), release of lien fee, fee for the payoff statement(s) from your lien holder(s) if you have mortgage loan(s) or other liens on the title, pro-rated property taxes from Jan 1 thru day of closing, courier fees, etc. Of course, you will have deductions to pay-off any mortgage loan(s) on the property. You may find there are other fees that are typical in your area.
I suggest you contact the title co. or lawyer you will use to give you an estimate of the costs you can expect for your local area.
These are just ideas of costs at closing that you may have. I am not suggesting what other costs you may have in advertising/marketing your property for sale or as a result of negotiations of an offer.
If such an agent brings you a buyer, you will end up paying in one form or another. You can either agree to pay the buyer agent fee, OR you can expect offers to be lowered by the amount of the buyer agent fee, which the buyer will then pay.
No buyer is going to swallow the fees involved to help YOU not pay for real estate services, as a seller.
You will have to pay the buyer's agent a percentage of the sale price and hopefully you will hire yourself an attorney, so you will have to pay them as well.
Ranger c
This in itself tells me you do not know what you are doing.
I was wondering the pro's and con's of hiring a realtor vs listing my house for sale by owner?
Has anyone tried listing their house for sale by owner? Why should I hire a realtor and pay 6% in commissions? thank for the helpI was wondering the pro's and con's of hiring a realtor vs listing my house for sale by owner?
Pros: Realtors can sometimes get the home sold faster and for more money. Don't forget, the fees you'll spend on the Realtor will be saved if the Realtor saves you 6 months on the market. Realtors can do all the work necessary to comply with local, state, and federal regulations. Realtors will put the home on a Multiple Listing Service, which will give exposure to many buyers through the web, and also exposure to other Realtors, who each may have buyers who match your home. As for advertising, you can go ahead and market your home yourself, but you're out those costs whether it sells or not. When you have a Realtor advertising for you, you're not paying for those advertising fees. If you don't advertise, the only people who will even know about your home being for sale will be those who drive by and those you tell about it. You'll miss out on over 95% of the buyers for a given area. You will not have to come to the house for every showing scheduled. Oh yeah, sometimes those people don't show up for their showings, and you're left waiting for an hour or more, missing work. You will probably be asked to pay a Buyer's Agent for a potential buyer anyway.
Cons: between 5% and 7% commission. You may have to interview many agents to find the right one.
Good luck with the sale, regardless of which way to go. I do strongly suggest that you interview some agents anyway, so you can see some of the things you will need to do if you decide to sell by yourself.I was wondering the pro's and con's of hiring a realtor vs listing my house for sale by owner?
There are several reasons why you would use a realtor.
1. they pay for the advertising, (not you)
2.They have access to different lenders for mtg's depending on the buyers needs.
3. Most people work during the day that are selling a home. So if someone wanted to look at your home in work hours, are you going to be able to show them the home?
A lot of buyers just drive by and want to look at a home at the drop of a hat.
4 The agents has to handle all the calls at all times of the day. If your at work you may not be able to take every call that comes in.
5. The agent will make sure that the buyers are qualified to purchase before they bother you with bogus offers.
6. They have other agents in their office that may have clients that are looking for a home like yours.
7 They list homes on the MLS ( multi list) that every other agent has access to that gives information about your home.
This is just a few reason why an agent instead of FSBO.
Also most FSBO end up getting a listing agent in under 90 days.
The biggest con to listing FSBO is that if someone who has a buyers agent wants to see your house many times the agent will steer them away.
Also, there is so much behind the scenes with paperwork that most folks are unaware of. If you choose that route make sure to hire a good real estate attorney.
*disclaimer* I am not in the real estate industry, just a buyer who has run up against this.
Most of the time in my area FSBOs list their home for too much money, so there is no saving. A few months later they will list with a real estate agent. The only real estate agent that will take the listing will let them list for the still to high price, which now way to high because the market is dropping. Nine to twelve months later there the home sits.
You pay the real estate agent to market your home. Your home will go on a Multiple listing service were other real estate agents will see it. It won't be just you selling your home but all the agents in the area. Also you should get good info about pricing, marketing and legal issues.
I can see going without a real estate agent in a hot market or even a discount one in a hot market. But now you need every advantage you can get.
I won't show a FSBO because there are too many issues I don't want to discover once I have a motivated buyer making a offer.
Pros: Realtors can sometimes get the home sold faster and for more money. Don't forget, the fees you'll spend on the Realtor will be saved if the Realtor saves you 6 months on the market. Realtors can do all the work necessary to comply with local, state, and federal regulations. Realtors will put the home on a Multiple Listing Service, which will give exposure to many buyers through the web, and also exposure to other Realtors, who each may have buyers who match your home. As for advertising, you can go ahead and market your home yourself, but you're out those costs whether it sells or not. When you have a Realtor advertising for you, you're not paying for those advertising fees. If you don't advertise, the only people who will even know about your home being for sale will be those who drive by and those you tell about it. You'll miss out on over 95% of the buyers for a given area. You will not have to come to the house for every showing scheduled. Oh yeah, sometimes those people don't show up for their showings, and you're left waiting for an hour or more, missing work. You will probably be asked to pay a Buyer's Agent for a potential buyer anyway.
Cons: between 5% and 7% commission. You may have to interview many agents to find the right one.
Good luck with the sale, regardless of which way to go. I do strongly suggest that you interview some agents anyway, so you can see some of the things you will need to do if you decide to sell by yourself.I was wondering the pro's and con's of hiring a realtor vs listing my house for sale by owner?
There are several reasons why you would use a realtor.
1. they pay for the advertising, (not you)
2.They have access to different lenders for mtg's depending on the buyers needs.
3. Most people work during the day that are selling a home. So if someone wanted to look at your home in work hours, are you going to be able to show them the home?
A lot of buyers just drive by and want to look at a home at the drop of a hat.
4 The agents has to handle all the calls at all times of the day. If your at work you may not be able to take every call that comes in.
5. The agent will make sure that the buyers are qualified to purchase before they bother you with bogus offers.
6. They have other agents in their office that may have clients that are looking for a home like yours.
7 They list homes on the MLS ( multi list) that every other agent has access to that gives information about your home.
This is just a few reason why an agent instead of FSBO.
Also most FSBO end up getting a listing agent in under 90 days.
The biggest con to listing FSBO is that if someone who has a buyers agent wants to see your house many times the agent will steer them away.
Also, there is so much behind the scenes with paperwork that most folks are unaware of. If you choose that route make sure to hire a good real estate attorney.
*disclaimer* I am not in the real estate industry, just a buyer who has run up against this.
Most of the time in my area FSBOs list their home for too much money, so there is no saving. A few months later they will list with a real estate agent. The only real estate agent that will take the listing will let them list for the still to high price, which now way to high because the market is dropping. Nine to twelve months later there the home sits.
You pay the real estate agent to market your home. Your home will go on a Multiple listing service were other real estate agents will see it. It won't be just you selling your home but all the agents in the area. Also you should get good info about pricing, marketing and legal issues.
I can see going without a real estate agent in a hot market or even a discount one in a hot market. But now you need every advantage you can get.
I won't show a FSBO because there are too many issues I don't want to discover once I have a motivated buyer making a offer.
Does anyone know of a free website for looking up houses for sale by owners?
http://www.allthelistings.com and http://www.zillow.com have many fsbos. Just no realistic buyersDoes anyone know of a free website for looking up houses for sale by owners?
check out http://www.yourmitra.com and http://www.rentalandrealestate.com
RKDoes anyone know of a free website for looking up houses for sale by owners?
Be very careful of for sale by owners. Sellers usually dont disclose what's really in their house. They usually do not have a proper document to present, not because they dont want to but most of the time, they do not know what kind of documents are needed.
Get with the professional REALTOR to help you look for a home, you will save a lot of headeach and frustration.
Real estate agents normally do not charge you for representation.
If you still end up buying from a For Sale by Owner, make sure to use a title co. or a real estate lawyer to close on that deal to make sure all paperworks are done properly...
I Hope this helps!
http://craigslist.org
Find your area and click on Real Estate for Sale, it's under the Housing heading.
I'm not aware of many pay websites for this, but by owner should be free and not part of any real estate agents yardage either!
check out http://www.yourmitra.com and http://www.rentalandrealestate.com
RKDoes anyone know of a free website for looking up houses for sale by owners?
Be very careful of for sale by owners. Sellers usually dont disclose what's really in their house. They usually do not have a proper document to present, not because they dont want to but most of the time, they do not know what kind of documents are needed.
Get with the professional REALTOR to help you look for a home, you will save a lot of headeach and frustration.
Real estate agents normally do not charge you for representation.
If you still end up buying from a For Sale by Owner, make sure to use a title co. or a real estate lawyer to close on that deal to make sure all paperworks are done properly...
I Hope this helps!
http://craigslist.org
Find your area and click on Real Estate for Sale, it's under the Housing heading.
I'm not aware of many pay websites for this, but by owner should be free and not part of any real estate agents yardage either!
I'm looking for a house for sale by owner even lease or rent in Midland, Tx.?
visit jazjanta.homestead.comI'm looking for a house for sale by owner even lease or rent in Midland, Tx.?
drive around.make up foundation night cream
drive around.
Buying a house for sale by owner instead of through agent...?
We've bought 1 house before through an agent, %26amp; that was 8 yrs ago. We may be buying another house soon, it could be through someone selling their house on their own (without an agent). What's done differently, what extra responsibility does the buyer have? Is all of the paperwork for closing still done at a title company? How do you go about making an offer, doesn't there need to be some kind of contract - who makes up the contract? Any other info I should know?Buying a house for sale by owner instead of through agent...?
If everyone is nice ( and trustworthy) this can be accomplished easily. The escrow company does want you to have a contract. So get a blank piece of paper and write down what you are paying, how you will pay, the closing date, the address (see if you can find the Legal Description online), and everyone sign it. You now have a valid contract.
The escrow company will do most of the rest.
YOu get a loan. You hire an inspector. You fill out the loan papers promptly. In 30 days you move in. You are the new owner.
Ask the seller to make a list of every repair he has ever done or paid for. With the names of the companies that did the work. Ask if he has any photos of the house's skeleton or wiring.Buying a house for sale by owner instead of through agent...?
Unless you're a real estate attorney, I would never recommend buying real estate without a licensed and knowlegable agent that represents YOU in the transaction.
I would also never buy real estate where there is one agent representing both the buyer and the seller. This is called double-dipping and can lead to serious problems.
I would recommend seeking out legal advice on this. I do know that doing something like this you could get seriously screwed over. You may have to pay a little extra for their consultation, but you may end up saving thousands because of something you didn't know.
I would start by talking to a Realtor and see what advice you might get from them. Ask your friends and see if they know someone local who you can talk to.
as you can see, from having used a RE agent, IF YOU were happy with what they did, you can see that a lot goes into buying a house
on the ';representation'; side.
Maybe on your last purchase, you used the home lister to
help you buy; I advise people to NEVER DO THAT; it is
called accepting dual agency and it ALWAYS harms
the buyer!
u need any kind of agreement to do a land contract [seller
keeping the deed in his name and carrying back his
equity]. YOU would want .........blah, blah--all the stuff
you had when you bought your other home EXCEPT you
will not have an institutional 90 page note [which is absurd.]
you do not have to use a title company but I WOULD.
you do not have to buy title insurance, but I WOULD.
[except you are not betting title till you get a new
loan.].......but you want to make sure this seller
IS the legal owner!
etc
who makes up the contract; anyone. YOU can.
I will guide you WHILE I suggest, since the seller pays
for the buyer's commission's agent, that you use
a buyer's agent.
If everyone is nice ( and trustworthy) this can be accomplished easily. The escrow company does want you to have a contract. So get a blank piece of paper and write down what you are paying, how you will pay, the closing date, the address (see if you can find the Legal Description online), and everyone sign it. You now have a valid contract.
The escrow company will do most of the rest.
YOu get a loan. You hire an inspector. You fill out the loan papers promptly. In 30 days you move in. You are the new owner.
Ask the seller to make a list of every repair he has ever done or paid for. With the names of the companies that did the work. Ask if he has any photos of the house's skeleton or wiring.Buying a house for sale by owner instead of through agent...?
Unless you're a real estate attorney, I would never recommend buying real estate without a licensed and knowlegable agent that represents YOU in the transaction.
I would also never buy real estate where there is one agent representing both the buyer and the seller. This is called double-dipping and can lead to serious problems.
I would recommend seeking out legal advice on this. I do know that doing something like this you could get seriously screwed over. You may have to pay a little extra for their consultation, but you may end up saving thousands because of something you didn't know.
I would start by talking to a Realtor and see what advice you might get from them. Ask your friends and see if they know someone local who you can talk to.
as you can see, from having used a RE agent, IF YOU were happy with what they did, you can see that a lot goes into buying a house
on the ';representation'; side.
Maybe on your last purchase, you used the home lister to
help you buy; I advise people to NEVER DO THAT; it is
called accepting dual agency and it ALWAYS harms
the buyer!
u need any kind of agreement to do a land contract [seller
keeping the deed in his name and carrying back his
equity]. YOU would want .........blah, blah--all the stuff
you had when you bought your other home EXCEPT you
will not have an institutional 90 page note [which is absurd.]
you do not have to use a title company but I WOULD.
you do not have to buy title insurance, but I WOULD.
[except you are not betting title till you get a new
loan.].......but you want to make sure this seller
IS the legal owner!
etc
who makes up the contract; anyone. YOU can.
I will guide you WHILE I suggest, since the seller pays
for the buyer's commission's agent, that you use
a buyer's agent.
A house for sale by owner is listed at $155K, I told them I wouldn't go over $140K. Is my offer reasonable?
It's all supply and demand.
If they don't get a better offer for a while, or get several other lower offers, your offer will start looking good. Most folks list their house a little higher than they'll accept to leave room to bargain. If housing is scarce where you live you can kiss it goodbye.
Do put it in a contract, though, and not just talk.
Once they see it on paper it means more. And if you're really unwilling to pay more, tell them to hold on to the offer and sleep on it, then check with them in a few weeks. Maybe they'll come down.
It's a reasonable offer, but don't start demanding all kinds of repairs and all the closing costs, etc.A house for sale by owner is listed at $155K, I told them I wouldn't go over $140K. Is my offer reasonable?
If you really want the house you may want to bargain a little...maybe to 145?A house for sale by owner is listed at $155K, I told them I wouldn't go over $140K. Is my offer reasonable?
Really depends on the market but I think it's pretty reasonable. Generally it's a buyers market right now, so you most likely have the upper hand on this deal. But honestly, you have the price you are willing to pay--stick to it, and if it doesn't work in this deal be patient. Eventually you will find something that works for you.
Maybe it is and maybe it isn't. Without knowing a lot more information it's not possible to say.
If they're already asking 10% less than recently sold comps, your offer is an insult and totally unreasonable. If they're asking 20% than the comps, your offer may be a bit high as it is.
It depends how much you are willing to pay for a down payment. If you give them a big down payment, that will definately make the seller go for it. You need to also consider how long you're going to take to pay them back. If you take like 20 years or more, they probably won't go for it.
Also look at the prices of the neighboring houses.
HONESTLY? I'd offer AT LEAST $145k to start with, and if that offer is rejected you know that the owner will not likely sell for less than $150k (at best). Sorry.
What have other houses sold for in the past year? No matter what state your in you can look this up.
How motivated are the sellers? Do you know how long they've been trying to sell their house? I know where I work in So. Cali, a $15k price decrease is not a big deal, but to someone with a $155k asking price, 10% drop could be insulting. The worst they could do is not even counter you back. In that case, if your willing to come up a bit, try submitting a new offer. Also, you can ask a Realtor to look up how much they owe on the property in the tax records(you don't need to USE the agent, people USE me for information all the time ; ) That will give you a general idea of what their break even point is. And since they aren't using a Realtor, they're also saving a commission. Considering that, they may be inclined to take your offer if they are motivated enough. Hope that helps ; )
Your offer is what you are willing to pay. Reasonable-ness has nothing to do with it. They have the right to refuse your offer, or counter offer.
If they don't get a better offer for a while, or get several other lower offers, your offer will start looking good. Most folks list their house a little higher than they'll accept to leave room to bargain. If housing is scarce where you live you can kiss it goodbye.
Do put it in a contract, though, and not just talk.
Once they see it on paper it means more. And if you're really unwilling to pay more, tell them to hold on to the offer and sleep on it, then check with them in a few weeks. Maybe they'll come down.
It's a reasonable offer, but don't start demanding all kinds of repairs and all the closing costs, etc.A house for sale by owner is listed at $155K, I told them I wouldn't go over $140K. Is my offer reasonable?
If you really want the house you may want to bargain a little...maybe to 145?A house for sale by owner is listed at $155K, I told them I wouldn't go over $140K. Is my offer reasonable?
Really depends on the market but I think it's pretty reasonable. Generally it's a buyers market right now, so you most likely have the upper hand on this deal. But honestly, you have the price you are willing to pay--stick to it, and if it doesn't work in this deal be patient. Eventually you will find something that works for you.
Maybe it is and maybe it isn't. Without knowing a lot more information it's not possible to say.
If they're already asking 10% less than recently sold comps, your offer is an insult and totally unreasonable. If they're asking 20% than the comps, your offer may be a bit high as it is.
It depends how much you are willing to pay for a down payment. If you give them a big down payment, that will definately make the seller go for it. You need to also consider how long you're going to take to pay them back. If you take like 20 years or more, they probably won't go for it.
Also look at the prices of the neighboring houses.
HONESTLY? I'd offer AT LEAST $145k to start with, and if that offer is rejected you know that the owner will not likely sell for less than $150k (at best). Sorry.
What have other houses sold for in the past year? No matter what state your in you can look this up.
How motivated are the sellers? Do you know how long they've been trying to sell their house? I know where I work in So. Cali, a $15k price decrease is not a big deal, but to someone with a $155k asking price, 10% drop could be insulting. The worst they could do is not even counter you back. In that case, if your willing to come up a bit, try submitting a new offer. Also, you can ask a Realtor to look up how much they owe on the property in the tax records(you don't need to USE the agent, people USE me for information all the time ; ) That will give you a general idea of what their break even point is. And since they aren't using a Realtor, they're also saving a commission. Considering that, they may be inclined to take your offer if they are motivated enough. Hope that helps ; )
Your offer is what you are willing to pay. Reasonable-ness has nothing to do with it. They have the right to refuse your offer, or counter offer.
I have a friend who's selling his house, ';for Sale By Owner';?
The problem with his house is that when it rains the front door porch and back yard floods. He says that he does not have to disclose this Information to the buyer and I tell him he does. Who is right and what are the repercussion if he does not disclose?I have a friend who's selling his house, ';for Sale By Owner';?
First we have to disclose in Florida all known defects and the seller has to provide a written property disclosure to the buyer, both, Buyer and Seller have to sign.
In regards of ';For Sale By Owner';, here also all known defects have to be disclosed, that includes flooding issues of front and back porch. However depending on how the contract is written the potential buyer signs, there might be no way to enforce it.
I agree with the statement, that there are certain disadvantages to purchase a property as a FSBO. And the disclosure of defects is one of the reason.I have a friend who's selling his house, ';for Sale By Owner';?
Depends on the laws of your state. They vary in each state. Some states require disclosure of known defects, other states like Florida, it is buyer be wary, it is up to the buyer to do his own research.
That's why EBay is full of property for sale in Florida that falls in the Scrub Jay protected areas, but not disclosed to prospective buyers.
this is one reason why you don't want to buy R.E. with out an agent. The FSBO's are normally that for a reason... this is one.
Yes, technically the owner should provide a disclosure of any latent defects that would affect the resale of the house or the ';usability of the house'; for the occupant... leaky roof, flooding yard, cracked foundation, etc.
First we have to disclose in Florida all known defects and the seller has to provide a written property disclosure to the buyer, both, Buyer and Seller have to sign.
In regards of ';For Sale By Owner';, here also all known defects have to be disclosed, that includes flooding issues of front and back porch. However depending on how the contract is written the potential buyer signs, there might be no way to enforce it.
I agree with the statement, that there are certain disadvantages to purchase a property as a FSBO. And the disclosure of defects is one of the reason.I have a friend who's selling his house, ';for Sale By Owner';?
Depends on the laws of your state. They vary in each state. Some states require disclosure of known defects, other states like Florida, it is buyer be wary, it is up to the buyer to do his own research.
That's why EBay is full of property for sale in Florida that falls in the Scrub Jay protected areas, but not disclosed to prospective buyers.
this is one reason why you don't want to buy R.E. with out an agent. The FSBO's are normally that for a reason... this is one.
Yes, technically the owner should provide a disclosure of any latent defects that would affect the resale of the house or the ';usability of the house'; for the occupant... leaky roof, flooding yard, cracked foundation, etc.
Buying a house ';for sale by owner';. how does it work?
I found a really nice, small house for sale by owner(a minister actually). i'm a first-time buyer so how does this work? walk me through the steps if you can!
how much cash will we actually have to pay up front?(not including the mortgage loan or down payment)Buying a house ';for sale by owner';. how does it work?
none to a few thousand dollars. Most of the money will be paid at closing.
If I was buying a house, I would hire a real estate attorney to do the closing. You need to make a offer pending getting a mortage and a home inspection.
You want to hire a perosn to do a very good home inspection. This will tell you any and everything wrong witht he home. They may also be the one to do an apprasial on the home, but often you will need to pay someone to do an apprasial for the property.
Also in most areas there has to be a terminte inspection.
So someone has to pay for the above, in some cases it would be the seller ( for maybe the terminte inspection.
So at this point you will hire someone to do a title search to be sure there is a free title, and buy title insurnace to protect the title of the home.
You need to find out how they are going to deed the title to you, a warranty deed is best.
Then at closing you will have to pay the points needed on your mortage, and the remainder of any down payment ( you would have paid a small amount at the time of offer.
But above all hire a real esate attorney to walk you though it.
This is for your protection.
how much cash will we actually have to pay up front?(not including the mortgage loan or down payment)Buying a house ';for sale by owner';. how does it work?
none to a few thousand dollars. Most of the money will be paid at closing.
If I was buying a house, I would hire a real estate attorney to do the closing. You need to make a offer pending getting a mortage and a home inspection.
You want to hire a perosn to do a very good home inspection. This will tell you any and everything wrong witht he home. They may also be the one to do an apprasial on the home, but often you will need to pay someone to do an apprasial for the property.
Also in most areas there has to be a terminte inspection.
So someone has to pay for the above, in some cases it would be the seller ( for maybe the terminte inspection.
So at this point you will hire someone to do a title search to be sure there is a free title, and buy title insurnace to protect the title of the home.
You need to find out how they are going to deed the title to you, a warranty deed is best.
Then at closing you will have to pay the points needed on your mortage, and the remainder of any down payment ( you would have paid a small amount at the time of offer.
But above all hire a real esate attorney to walk you though it.
This is for your protection.
In a house 'for sale by owner' situation, can the owner act as his/her own banker?
Be paid monthly installments after determining the sale price, downpayment, monthly payments, interest (comparable to local bank rates), and payback period (in years); all agreed upon by the buyer?In a house 'for sale by owner' situation, can the owner act as his/her own banker?
Yes. But you also have the burden of making sure the new owner pays the taxes and maintains insurance on the home (your collateral). If they don't, you have to go obtain them to avoid losing your collateral and then try and get the money back from the borrower.
If they don't make the payments, I believe you have to follow the same strict rules on processing foreclosure as any other lender, much harder in states that have judicial foreclosure.
If it gets too much for you to handle down the road, there is a market that buys these arrangements but I'm not sure how you would make out selling the mortgage to them. They are going to want to see a detailed payment history before offering you a price, so you will have to keep very good records.
If the buyer is suggesting this to you, could it be because they can't find financing elsewhere? That's an indication that you could be taking on a potential headache down the line. Don't buy trouble; you can get enough for free :).
Also, you are tying your money up in a 5-6% investment for many years. That rate is attractive today, but when things get better you'll be moaning because you can't reinvest for better returns.
The upside is that the older the loan gets, the less you will pay in income taxes on the same cash flow, because the bulk of the payments are repayment of principal and not taxable interest income.In a house 'for sale by owner' situation, can the owner act as his/her own banker?
YES IT IS CALLED ,OWNER FINANCING,AND IT IS LEGAL.
sounds like you are asking if the owner can carry the note, answer is yes, if they want
Yes. But you also have the burden of making sure the new owner pays the taxes and maintains insurance on the home (your collateral). If they don't, you have to go obtain them to avoid losing your collateral and then try and get the money back from the borrower.
If they don't make the payments, I believe you have to follow the same strict rules on processing foreclosure as any other lender, much harder in states that have judicial foreclosure.
If it gets too much for you to handle down the road, there is a market that buys these arrangements but I'm not sure how you would make out selling the mortgage to them. They are going to want to see a detailed payment history before offering you a price, so you will have to keep very good records.
If the buyer is suggesting this to you, could it be because they can't find financing elsewhere? That's an indication that you could be taking on a potential headache down the line. Don't buy trouble; you can get enough for free :).
Also, you are tying your money up in a 5-6% investment for many years. That rate is attractive today, but when things get better you'll be moaning because you can't reinvest for better returns.
The upside is that the older the loan gets, the less you will pay in income taxes on the same cash flow, because the bulk of the payments are repayment of principal and not taxable interest income.In a house 'for sale by owner' situation, can the owner act as his/her own banker?
YES IT IS CALLED ,OWNER FINANCING,AND IT IS LEGAL.
sounds like you are asking if the owner can carry the note, answer is yes, if they want
Is it better to list a house for sale by owner or with an agent?
we need to sell our house ASAP - can't really afford to pay all of the sellers costs including the commission. Don't want to make any money from the sale - just enough to pay off the exisiting mortgage. Should we list it with an agent - or for sale by owner? Any one with advice - please help??Is it better to list a house for sale by owner or with an agent?
Agent:
MLS listing/Knowledge of the Area/ and potential knows another agent who has a buyer for your home.
If you in trouble with the mortgage payment would you rather sell and make a small payment to the mortgage company or Foreclose screw up your credit and wish you just used a Real Estate Agent to get all done. Real Estate Agents are also Licensed by the state so they can protect you from buyers who are trying to low ball your asking price.Is it better to list a house for sale by owner or with an agent?
You'll get more coverage with an agent, so it might sell more quickly. Have you considered an agency like Help-U-Sell that lets you choose the level of service you'd like and has a set fee rather than a percentage? It's worth researching. It won't hurt to put a sign out and an ad in the paper to see if you get much response.... Good luck!
if your in a position that you really need to sell, go with a broker,raise your price to a lvl that the extra money will be used to pay the broker, the benefit they give you is they can find ppl with more avenues, help in giving advise
First it depends alot on where you live and what type of real estate laws you are dealing with. Some states make it really easy for people to sell by owner, other don't. That being said, in any case, my opinion would be to get an agent. It will sell more quickly and you will probably get more for your house. The real estate agents also do a lot more than just find buyers for your home. There is a lot of work involved that most people don't know about unless you have tried to sell a house by owner. I say leave it to someone who knows the business.
use an agent. i tried sell by owner, buyer wants to take advantage of you they want to get your house for nothing because they think you will save money no using an agent. Also, it's very difficult to push to close when you don't use an agent.
By Owner
It's more likely to sell quickly if you list it.
It is better to list with a reputable agency than to go on your own for a couple of very good reasons
: 1. You will get more prospective buyers looking at your home. 2. The agency can give you many helpful ideas about things to do to make your home more attractive.
Go with an agent. Two reasons: MLS access and marketing. FSBO's rarely sell on their own, and if they do, it sure as heck isn't as quickly as the owners would like. Remember, the real estate agent's commissions may be negotiable. You can get a lower commission with the ommission of certain services, in some cases.
Unless you're in an area where houses are selling very fast, and there aren't many of those around right now, it'll probably sell faster if listed with an agent that's one of the big agencies in your area. They have the advertising and contacts to get the word out to potential buyers, and will often put it on their website which probably gets lots of lookers. Will also advise you on pricing, and on how to make the house more attractive to potential buyers. But of course, you pay for those services in the form of a commission, which isn't small.
You could always try selling it yourself for a few weeks, then list if it hasn't sold. The problem there is time. A lot of people with kids want to get moved before school starts, and you're already right against that deadline. Once you get into fall and winter, house sales slow down.
In most areas, the housing market has slowed down, probably due to interest rates being higher than a year or two ago.
Good luck.
What I did was this: I wanted to sell my house in a hurry so I called every real estate office in my phonebook and told them I had a property to sell and I described my home to them. I told them that if they had any immediate buyers to contact me. I was on the phone for two hours and sold my home the next day for more than fair market value. I even had back-up offers. Everyone was really surprised that we sold it that quickly because most homes were on the market for 6 months or more. Where there's a will, there's a way. Good Luck!
Based on the fact that you need to seel quickly, you need a realtor's help. To save costs, find a company that will do it for a fixed amount.
both for many reasons, for example take me and this is just me but when I see a house for rent or sale by owner I always feel I like I can get a better deal working with the owner directly , since the owner will save on agent fees I can try to work part of thouse savings into my final price. now this is me but I am sure many more people feel the same way.
Draw backs are of course less exposure, you will have to deal with the paper work and final sale your self depending on your own knowledge or ability to learn this can eaither be easy or a big headache
with an agent you will get more exposure will not have to take the time to show the property yourself all they need from you is a yes and some signatures to sell if there is a buyer for the house or property
draw backs you lose people like me that are looking for the direct deal and opportunity to save rather it be $5000 or $50,000 well at the same time you getting your asking price or close to it real estate agents and agencies can charge a very hefty fee depending on the final cost of course of your propertymake up foundation night cream
Agent:
MLS listing/Knowledge of the Area/ and potential knows another agent who has a buyer for your home.
If you in trouble with the mortgage payment would you rather sell and make a small payment to the mortgage company or Foreclose screw up your credit and wish you just used a Real Estate Agent to get all done. Real Estate Agents are also Licensed by the state so they can protect you from buyers who are trying to low ball your asking price.Is it better to list a house for sale by owner or with an agent?
You'll get more coverage with an agent, so it might sell more quickly. Have you considered an agency like Help-U-Sell that lets you choose the level of service you'd like and has a set fee rather than a percentage? It's worth researching. It won't hurt to put a sign out and an ad in the paper to see if you get much response.... Good luck!
if your in a position that you really need to sell, go with a broker,raise your price to a lvl that the extra money will be used to pay the broker, the benefit they give you is they can find ppl with more avenues, help in giving advise
First it depends alot on where you live and what type of real estate laws you are dealing with. Some states make it really easy for people to sell by owner, other don't. That being said, in any case, my opinion would be to get an agent. It will sell more quickly and you will probably get more for your house. The real estate agents also do a lot more than just find buyers for your home. There is a lot of work involved that most people don't know about unless you have tried to sell a house by owner. I say leave it to someone who knows the business.
use an agent. i tried sell by owner, buyer wants to take advantage of you they want to get your house for nothing because they think you will save money no using an agent. Also, it's very difficult to push to close when you don't use an agent.
By Owner
It's more likely to sell quickly if you list it.
It is better to list with a reputable agency than to go on your own for a couple of very good reasons
: 1. You will get more prospective buyers looking at your home. 2. The agency can give you many helpful ideas about things to do to make your home more attractive.
Go with an agent. Two reasons: MLS access and marketing. FSBO's rarely sell on their own, and if they do, it sure as heck isn't as quickly as the owners would like. Remember, the real estate agent's commissions may be negotiable. You can get a lower commission with the ommission of certain services, in some cases.
Unless you're in an area where houses are selling very fast, and there aren't many of those around right now, it'll probably sell faster if listed with an agent that's one of the big agencies in your area. They have the advertising and contacts to get the word out to potential buyers, and will often put it on their website which probably gets lots of lookers. Will also advise you on pricing, and on how to make the house more attractive to potential buyers. But of course, you pay for those services in the form of a commission, which isn't small.
You could always try selling it yourself for a few weeks, then list if it hasn't sold. The problem there is time. A lot of people with kids want to get moved before school starts, and you're already right against that deadline. Once you get into fall and winter, house sales slow down.
In most areas, the housing market has slowed down, probably due to interest rates being higher than a year or two ago.
Good luck.
What I did was this: I wanted to sell my house in a hurry so I called every real estate office in my phonebook and told them I had a property to sell and I described my home to them. I told them that if they had any immediate buyers to contact me. I was on the phone for two hours and sold my home the next day for more than fair market value. I even had back-up offers. Everyone was really surprised that we sold it that quickly because most homes were on the market for 6 months or more. Where there's a will, there's a way. Good Luck!
Based on the fact that you need to seel quickly, you need a realtor's help. To save costs, find a company that will do it for a fixed amount.
both for many reasons, for example take me and this is just me but when I see a house for rent or sale by owner I always feel I like I can get a better deal working with the owner directly , since the owner will save on agent fees I can try to work part of thouse savings into my final price. now this is me but I am sure many more people feel the same way.
Draw backs are of course less exposure, you will have to deal with the paper work and final sale your self depending on your own knowledge or ability to learn this can eaither be easy or a big headache
with an agent you will get more exposure will not have to take the time to show the property yourself all they need from you is a yes and some signatures to sell if there is a buyer for the house or property
draw backs you lose people like me that are looking for the direct deal and opportunity to save rather it be $5000 or $50,000 well at the same time you getting your asking price or close to it real estate agents and agencies can charge a very hefty fee depending on the final cost of course of your property
Can you still get the $8,000 tax credit by, buying a house for sale by owner?
Can you still get the $8,000 tax credit if you buy a mobile home house for sale by owner?Can you still get the $8,000 tax credit by, buying a house for sale by owner?
As long as the deed is in your name and you did not buy it from a relative you will qualify. You do not have to have a mortgage, use an agent, etc.Can you still get the $8,000 tax credit by, buying a house for sale by owner?
The method of sale is not relevant. As long as you qualify on all counts (not buying from a relative, 1st time homebuyer for all parties, etc.), and the IRS accepts a mobile home as a residence (which it has in the past), then you are fine.
Just as a warning, the tax credit is for 10% of the purchase price of the home or $8,000, whichever is less, so if the mobile home is, say, $25,000, you will only get $2,500.
only if it is deeded as real estate. Homes in parks in most cases are just chattel
As long as the deed is in your name and you did not buy it from a relative you will qualify. You do not have to have a mortgage, use an agent, etc.Can you still get the $8,000 tax credit by, buying a house for sale by owner?
The method of sale is not relevant. As long as you qualify on all counts (not buying from a relative, 1st time homebuyer for all parties, etc.), and the IRS accepts a mobile home as a residence (which it has in the past), then you are fine.
Just as a warning, the tax credit is for 10% of the purchase price of the home or $8,000, whichever is less, so if the mobile home is, say, $25,000, you will only get $2,500.
only if it is deeded as real estate. Homes in parks in most cases are just chattel
How do you go about selling your house...FOR SALE BY OWNER?is harder then using a Realtor?
my husband and I want to move back to Ca, A.S.AP. but we have no equity in the house because we pay intrest only. so i could save alot by selling it our selves. ANY advice on some options would be great from someone who knows about reality. thanksHow do you go about selling your house...FOR SALE BY OWNER?is harder then using a Realtor?
Here You will find this article with ADVICE:
EASY OPTIONS TO SELL YOUR HOUSE FAST, here:
http://real-estate-note-buyers.blogspot.鈥?/a>
Good luck!!!How do you go about selling your house...FOR SALE BY OWNER?is harder then using a Realtor?
My experience with those who attempt to sell on their own is that they attract buyers who wish to buy on their own. Many times the first thing out of the mouth of such buyers is ';you're not using a real estate brokerage, so we expect you to knock off that commission from your sell price.'; Such buyers want that commission in their pockets as much as you want it in YOURS.
Bear in mind that you will also have advertising expenses to pay and will need to hire an attorney to give you reasonable legal representation and advice during the transaction.
Anyone that tries to sell a home without knowing the legal requirements will probably get sued by the buyer.
It is hard enough to sell a home by yourself if you do not know how to sell a home.
In today's real estate market ... If you have NO EQUITY because you have been paying Interest ONLY ... or because you have NOT been paying on the principle long enough.
It is going to be VERY difficult to walk away with a profit.
When you sell your home on your own ... Most buyers are
expecting to pay a ';discounted'; price because they know
that you are NOT paying a commission.
I am a Realtor ... and I usually tell my clients ... that you are
going to pay a commission one way or the other. You either
pay it on the ';front end'; .... by working with a Realtor ... Or
on the ';back-end'; by receiving a reduced or discounted sales
price. AGAIN ... If you are going to price your house based
on the ';average sales price'; in your area ... Unless you base
that ';average'; on ALL ';For Sale By Owners'; ... then you
CAN NOT expect to get the same ';average price'; as those
that paid commissions ... AND the Buyers KNOW that!
If you haven't done so already .... I would also suggest that you
determine exactly what you owe. As well as calculate your
';selling expenses'; ..... Even if you don't have a commission to
pay ... You will need to pay for Title Work, Transfer Taxes,
Document Preparation Fees .... and depending on YOUR
state .... and your Buyer's Lender .... There may (also) be
OTHER FEES that you would be required to pay.
Bear in mind that because of the ';depressed'; real estate
market .... Houses are appraising UNDER VALUE ... and many sellers (with or without paying a commission) are
having to bring cash to the closing table.
Hope that this has been helpful .... Get some professional
consultation .... No matter how you decide to proceed.
(Note: Pre-screening your Prospective Buyers is another
issue .... In the beginning you will be excited for ANY body to just look at the house ... But after a while ... you will get tired
of the un-qualified ';lookers';..... a Realtor can help you with
this issue!)
Nationally it is proven selling a FSBO (For Sale by Owner) averages 6 to 8 months, with a realtor, 60 to 90 days. If you are in an area that sells well, has a lot of traffic for buyers, you will sell quickly as a FSBO. Your home must always be clean, never any clutter, at its best at any given time. Insure there is no pet smell, smoke (if you smoke). The yard is a major appeal when buyers first see your home. If you have too much furniture, store some, a potential buyer wants to imagine their items in the home. The interior must be neutral, no blues, violets, reds, and if you want to sell paint if needed. Look at the outside for wood rot (repair properly, no wood filler, people can tell and assume other things in the home are not properly repaired), compare your exterior to neighbors. If you even think it needs painting DO IT! Always make sure everything thing in the home works properly including toilets, sinks, etc. Mildew in showers is A BIG, BIG turn off.
One thing you really want to do. The housing market today has reduced appraised values compared to just last year in many areas of the country. Hire an appraiser to give you their opinion. It will also give you a good idea of a price to ask. Remember, you do not have access to all the sales, withdrawals, and expired listings as agent has. You cannot rely on homes currently selling from their brochures because these may not be priced right.
Advertise everywhere! Carry flyers in your car, take them to work, to church, etc. Post in grocery stores, etc. Remember you do not have the 1000';s of eyes on your property everyday as listing with an agent gives you. Selling as a FSBO can be more profitable if you have the time and put the effort into it. You will be on-call to show your home at all hours.
Good luck. ';For Sale by Owner'; can be hard work.
Here You will find this article with ADVICE:
EASY OPTIONS TO SELL YOUR HOUSE FAST, here:
http://real-estate-note-buyers.blogspot.鈥?/a>
Good luck!!!How do you go about selling your house...FOR SALE BY OWNER?is harder then using a Realtor?
My experience with those who attempt to sell on their own is that they attract buyers who wish to buy on their own. Many times the first thing out of the mouth of such buyers is ';you're not using a real estate brokerage, so we expect you to knock off that commission from your sell price.'; Such buyers want that commission in their pockets as much as you want it in YOURS.
Bear in mind that you will also have advertising expenses to pay and will need to hire an attorney to give you reasonable legal representation and advice during the transaction.
Anyone that tries to sell a home without knowing the legal requirements will probably get sued by the buyer.
It is hard enough to sell a home by yourself if you do not know how to sell a home.
In today's real estate market ... If you have NO EQUITY because you have been paying Interest ONLY ... or because you have NOT been paying on the principle long enough.
It is going to be VERY difficult to walk away with a profit.
When you sell your home on your own ... Most buyers are
expecting to pay a ';discounted'; price because they know
that you are NOT paying a commission.
I am a Realtor ... and I usually tell my clients ... that you are
going to pay a commission one way or the other. You either
pay it on the ';front end'; .... by working with a Realtor ... Or
on the ';back-end'; by receiving a reduced or discounted sales
price. AGAIN ... If you are going to price your house based
on the ';average sales price'; in your area ... Unless you base
that ';average'; on ALL ';For Sale By Owners'; ... then you
CAN NOT expect to get the same ';average price'; as those
that paid commissions ... AND the Buyers KNOW that!
If you haven't done so already .... I would also suggest that you
determine exactly what you owe. As well as calculate your
';selling expenses'; ..... Even if you don't have a commission to
pay ... You will need to pay for Title Work, Transfer Taxes,
Document Preparation Fees .... and depending on YOUR
state .... and your Buyer's Lender .... There may (also) be
OTHER FEES that you would be required to pay.
Bear in mind that because of the ';depressed'; real estate
market .... Houses are appraising UNDER VALUE ... and many sellers (with or without paying a commission) are
having to bring cash to the closing table.
Hope that this has been helpful .... Get some professional
consultation .... No matter how you decide to proceed.
(Note: Pre-screening your Prospective Buyers is another
issue .... In the beginning you will be excited for ANY body to just look at the house ... But after a while ... you will get tired
of the un-qualified ';lookers';..... a Realtor can help you with
this issue!)
Nationally it is proven selling a FSBO (For Sale by Owner) averages 6 to 8 months, with a realtor, 60 to 90 days. If you are in an area that sells well, has a lot of traffic for buyers, you will sell quickly as a FSBO. Your home must always be clean, never any clutter, at its best at any given time. Insure there is no pet smell, smoke (if you smoke). The yard is a major appeal when buyers first see your home. If you have too much furniture, store some, a potential buyer wants to imagine their items in the home. The interior must be neutral, no blues, violets, reds, and if you want to sell paint if needed. Look at the outside for wood rot (repair properly, no wood filler, people can tell and assume other things in the home are not properly repaired), compare your exterior to neighbors. If you even think it needs painting DO IT! Always make sure everything thing in the home works properly including toilets, sinks, etc. Mildew in showers is A BIG, BIG turn off.
One thing you really want to do. The housing market today has reduced appraised values compared to just last year in many areas of the country. Hire an appraiser to give you their opinion. It will also give you a good idea of a price to ask. Remember, you do not have access to all the sales, withdrawals, and expired listings as agent has. You cannot rely on homes currently selling from their brochures because these may not be priced right.
Advertise everywhere! Carry flyers in your car, take them to work, to church, etc. Post in grocery stores, etc. Remember you do not have the 1000';s of eyes on your property everyday as listing with an agent gives you. Selling as a FSBO can be more profitable if you have the time and put the effort into it. You will be on-call to show your home at all hours.
Good luck. ';For Sale by Owner'; can be hard work.
Can anyone recommend some sites (possibly free) to post a house for sale by owner?
I've posted on Craigslist and Salina but haven't received much feedback.Posted signs around town and in the local paper.Any other ideas? Don't really want to go thru a R.E.agency.Can anyone recommend some sites (possibly free) to post a house for sale by owner?
There are web-sites that will allow you to post your listing on the MLS (multiple listing services) for around $300. This way your property will be listed on the database for the realtors so you will get a higher number of phone calls. Instead of having an agent representing you, your direct phone number will be posted. I have inlcuded a link for your review.Can anyone recommend some sites (possibly free) to post a house for sale by owner?
I always look through yahoo! Classifieds for Land and homes. You might want to try there....I think it's free.
www.fsbo3k.com- enter promo code 6039. I think that gets you something for free. I haven't used the site for a while.
Also, if your home is in Ohio, I'll put it up on my Buy A Home in Ohio blog. Free of charge.
www.fsbo.com
EVERYONE check CRAIGSLIST.ORG
There are web-sites that will allow you to post your listing on the MLS (multiple listing services) for around $300. This way your property will be listed on the database for the realtors so you will get a higher number of phone calls. Instead of having an agent representing you, your direct phone number will be posted. I have inlcuded a link for your review.Can anyone recommend some sites (possibly free) to post a house for sale by owner?
I always look through yahoo! Classifieds for Land and homes. You might want to try there....I think it's free.
www.fsbo3k.com- enter promo code 6039. I think that gets you something for free. I haven't used the site for a while.
Also, if your home is in Ohio, I'll put it up on my Buy A Home in Ohio blog. Free of charge.
www.fsbo.com
EVERYONE check CRAIGSLIST.ORG
Buying a house for sale by owner?
What types of things do I need to look out for when buying from an owner and how much should they know? Fees involved or anything like that ussually?Buying a house for sale by owner?
There are no additional fees in purchasing FSBO.
In my experience, FSBOs ask too much for the house and are penny wise, pound foolish. They want to save the money they would pay a Realtor, but the first thing a buyer will ask for is a percentage off the top because the seller is not paying a Realtor.
Insist on working with a title company, they are a neutral party in the transaction and will hold funds in escrow until the transaction closes. A title company will also perform a title search to be sure there are no liens or clouds on the title that need to be resolved before title can transfer to you.
Most FSBO use forms they obtained from an office supply store or a limited service agency. If your seller produces a contract prepared by an attorney, hire a RE attorney of your own to review it.
Have a contingency written that you will pay for a professional home inspection and must approve said inspection. If they had an inspection done, it doesn't matter, get your own.Buying a house for sale by owner?
You will look out for the same things whether buying with an agent and from a listing as you would from a For Sale by Owner. The house should be clean, if there are upgrades that is good, the seller is to disclose if they know of any defects in the house. I can't say this enough, but all buyers should have and pay for a home inspection regardless if it is a new home or not. The upfront fee will be paid by buyer even with an agent and should not be waived at anytime. If you happen to think you don't need a home inspection, please think again. There are so many times when a buyer wants to go after the seller because something happens within a few days of closing. If you waive your inspection there is nothing you can do about it. If you have an inspection and there are things that need repair or replacing you can ask the seller to pay for but they are not required by law to fix. They are required to disclose anything they may know about the property. Seller may ask buyer to pay all closings cost or they could offer to pay half, or they could offer money towards closing costs. The Purchase Contract that is written up is a legal and binding contract on both parties. Nothing major is different than buying from a listing or a For Sale by Owner. You still would use an Escrow company to hold all monies as a third party.
You don't need a realtor obviously, but you do need a Real Estate Attorney to guide you through the contract and add all the necessary amendments for disclosure, etc. No, I am not an attorney.
As above stated you will need a real estate attorney to settle for you and a contract, which you and the seller can write yourselves or a standard one can be purchased at a office store or on line. I have purchased 2 homes by owners and have been very satisfied. In this day and age, however I think now I would have a home inspection done and have it written in the contract that if the home inspection showed repairs of more than ? dollars, then the contract was void unless the buyer would fix such problems.
A cheaper expert that you can utilize and rely on is a good mortgage banker. They'll be loyal to you throughout the transaction because they are doing your loan for you and can notify you of any red flags.
Owners tend to want more money for the houses. Real estate agents frequently persuade the owner to ask for less money. Real estate agents who are usually eager to make the commission on the sale frequently during the buying process persuade the owner to accept less money.
On the other hand when there is no commission to pay the owner may accept less money because all of it goes into his pocket
There should be no extra charges as such when you buy from the owner.
You should, however, make sure that you have a licensed independent inspector. Do not accept the recommendation from the bank, real estate agent if you have one or from the owner. You do not want the inspector to be beholden to anyone.
Watch the cost of the mortgage and I do not just mean the interest rate but also the closing costs. You can and hold get different estimates.
Look at comparables but they must be very recent since prices were higher just a few weeks or months ago.
Find out about the quality of the schools that the children in you area attend even if you do not have children. That will affect the resale price of your home.
Pay in at least 10% or you will be paying extra for your insurance.
See if there is any building planned or possible that may negatively or positively affect the value of you new home.
This is a good time to buy a home since prices have come down They may come down further but you will never be able to hit the bottom of the market.
Good luck and enjoy home ownership.
I did this once and it worked out very well. I found it in a classified section of a newspaper. I called and asked about the house, then was given a tour. I compared the asking price with the original purchase price and knew instantly it was an excellent buy. I went to three banks and comparison priced for a loan and also the interest rate. That decision made I went back to the owner and made an offer. The offer was accepted. I agreed to pay for the escrow as I would never make a major purchase without escrow. Some people do and live to regret it in the ownership department. The owner should only need to know how and when he is getting his money if you do your own financing. Also, if you are not experienced at checking out buildings for problems you may want to hire someone who is. The fee is not usually too much and is well worth the amount to know what problems you can expect to encounter. That might also influence the offer you make for the purchase. I kept mine for 17 years and resold it for 1/3 more than I had paid for it.
You will still have title insurance and closing fees. Get a real estate lawyer to handle the transaction for you and you will be fine.
first of all this can save you money but you must insist on several things home inspection, pest inspection
i bought my home from someone that was a for sale by owner. if you want to get an idea of what the value may be go to this site www.zollow.com enter address and zip
as a mortgage banker i use this all the time but know there is some wiggle room on the estimate it takes the average so i always deduct 20k off the price i see to make sure im in the ball park
when negoationg wtith them ask for selling consessions they will not be paying a agen so they will have more wiggle room. try to get 6% settle for 3 a seller consession can save you thousands in closing costs!
It may be helpful to get a real estate attorney involved to make sure the contract is legal
the title company will make sure everything is legal
as far as fees they are relatively the same as selling without an agent getting a % of selling price.
make and offer w/seller consessions of 6% ask that it is condidtion on inspections doen and paid for by seller.
not having an agent involved can be in your favor but make sure the inspections are done and not by someone the seller knows!
There are no additional fees in purchasing FSBO.
In my experience, FSBOs ask too much for the house and are penny wise, pound foolish. They want to save the money they would pay a Realtor, but the first thing a buyer will ask for is a percentage off the top because the seller is not paying a Realtor.
Insist on working with a title company, they are a neutral party in the transaction and will hold funds in escrow until the transaction closes. A title company will also perform a title search to be sure there are no liens or clouds on the title that need to be resolved before title can transfer to you.
Most FSBO use forms they obtained from an office supply store or a limited service agency. If your seller produces a contract prepared by an attorney, hire a RE attorney of your own to review it.
Have a contingency written that you will pay for a professional home inspection and must approve said inspection. If they had an inspection done, it doesn't matter, get your own.Buying a house for sale by owner?
You will look out for the same things whether buying with an agent and from a listing as you would from a For Sale by Owner. The house should be clean, if there are upgrades that is good, the seller is to disclose if they know of any defects in the house. I can't say this enough, but all buyers should have and pay for a home inspection regardless if it is a new home or not. The upfront fee will be paid by buyer even with an agent and should not be waived at anytime. If you happen to think you don't need a home inspection, please think again. There are so many times when a buyer wants to go after the seller because something happens within a few days of closing. If you waive your inspection there is nothing you can do about it. If you have an inspection and there are things that need repair or replacing you can ask the seller to pay for but they are not required by law to fix. They are required to disclose anything they may know about the property. Seller may ask buyer to pay all closings cost or they could offer to pay half, or they could offer money towards closing costs. The Purchase Contract that is written up is a legal and binding contract on both parties. Nothing major is different than buying from a listing or a For Sale by Owner. You still would use an Escrow company to hold all monies as a third party.
You don't need a realtor obviously, but you do need a Real Estate Attorney to guide you through the contract and add all the necessary amendments for disclosure, etc. No, I am not an attorney.
As above stated you will need a real estate attorney to settle for you and a contract, which you and the seller can write yourselves or a standard one can be purchased at a office store or on line. I have purchased 2 homes by owners and have been very satisfied. In this day and age, however I think now I would have a home inspection done and have it written in the contract that if the home inspection showed repairs of more than ? dollars, then the contract was void unless the buyer would fix such problems.
A cheaper expert that you can utilize and rely on is a good mortgage banker. They'll be loyal to you throughout the transaction because they are doing your loan for you and can notify you of any red flags.
Owners tend to want more money for the houses. Real estate agents frequently persuade the owner to ask for less money. Real estate agents who are usually eager to make the commission on the sale frequently during the buying process persuade the owner to accept less money.
On the other hand when there is no commission to pay the owner may accept less money because all of it goes into his pocket
There should be no extra charges as such when you buy from the owner.
You should, however, make sure that you have a licensed independent inspector. Do not accept the recommendation from the bank, real estate agent if you have one or from the owner. You do not want the inspector to be beholden to anyone.
Watch the cost of the mortgage and I do not just mean the interest rate but also the closing costs. You can and hold get different estimates.
Look at comparables but they must be very recent since prices were higher just a few weeks or months ago.
Find out about the quality of the schools that the children in you area attend even if you do not have children. That will affect the resale price of your home.
Pay in at least 10% or you will be paying extra for your insurance.
See if there is any building planned or possible that may negatively or positively affect the value of you new home.
This is a good time to buy a home since prices have come down They may come down further but you will never be able to hit the bottom of the market.
Good luck and enjoy home ownership.
I did this once and it worked out very well. I found it in a classified section of a newspaper. I called and asked about the house, then was given a tour. I compared the asking price with the original purchase price and knew instantly it was an excellent buy. I went to three banks and comparison priced for a loan and also the interest rate. That decision made I went back to the owner and made an offer. The offer was accepted. I agreed to pay for the escrow as I would never make a major purchase without escrow. Some people do and live to regret it in the ownership department. The owner should only need to know how and when he is getting his money if you do your own financing. Also, if you are not experienced at checking out buildings for problems you may want to hire someone who is. The fee is not usually too much and is well worth the amount to know what problems you can expect to encounter. That might also influence the offer you make for the purchase. I kept mine for 17 years and resold it for 1/3 more than I had paid for it.
You will still have title insurance and closing fees. Get a real estate lawyer to handle the transaction for you and you will be fine.
first of all this can save you money but you must insist on several things home inspection, pest inspection
i bought my home from someone that was a for sale by owner. if you want to get an idea of what the value may be go to this site www.zollow.com enter address and zip
as a mortgage banker i use this all the time but know there is some wiggle room on the estimate it takes the average so i always deduct 20k off the price i see to make sure im in the ball park
when negoationg wtith them ask for selling consessions they will not be paying a agen so they will have more wiggle room. try to get 6% settle for 3 a seller consession can save you thousands in closing costs!
It may be helpful to get a real estate attorney involved to make sure the contract is legal
the title company will make sure everything is legal
as far as fees they are relatively the same as selling without an agent getting a % of selling price.
make and offer w/seller consessions of 6% ask that it is condidtion on inspections doen and paid for by seller.
not having an agent involved can be in your favor but make sure the inspections are done and not by someone the seller knows!
How do I place a rent-to-own offer on a house For Sale By Owner?
I'm looking to rent-to-own a house that is FSBO. In their online listing they said they are willing to do rent-to-own. I would simply like an answer to my question not a bunch of information about rent-to-own vs. buying a home. I am in Michigan if that helps.How do I place a rent-to-own offer on a house For Sale By Owner?
Simply contact the sellers indicating your desire to make such an offer. Unless the listing clearly identifies the terms of any such offer which would be acceptable to the sellers, you have no starting point whatsoever.
';Rent-to-own' is entirely different than an actual purchase agreement, and the terms of same vary widely. As well, use proper caution and a solid legal agreement to insure that both parties to such a transaction are properly covered and protected.How do I place a rent-to-own offer on a house For Sale By Owner?
Rent to own is really just a delayed sales contract. You agree to put so much of the rent you pay to the owner in escrow. And at the pre determined amount of time you agree to buy it for an agreed upon price. The other scenerio is that you pay after so many months the market price at that time, but most sellers won't agree to that. They want to know what they are getting if they take the house off the market so you can save up enough for a down payment.
I would look, instead, into an FHA loan in which you can ask the seller to pay the 3% down, and most of the closing costs. Then you need very little down or money at closing. Get a good lender to help you and a good realtor to guide you. It doesn't cost the buyer anything to use both of these professionals to help.
Good Luck.
Go to yahoo put FSBO in search engine then select owners.com
they have a free listing area that even prints flyer's I know I am own it. Good Luck!
Simply contact the sellers indicating your desire to make such an offer. Unless the listing clearly identifies the terms of any such offer which would be acceptable to the sellers, you have no starting point whatsoever.
';Rent-to-own' is entirely different than an actual purchase agreement, and the terms of same vary widely. As well, use proper caution and a solid legal agreement to insure that both parties to such a transaction are properly covered and protected.How do I place a rent-to-own offer on a house For Sale By Owner?
Rent to own is really just a delayed sales contract. You agree to put so much of the rent you pay to the owner in escrow. And at the pre determined amount of time you agree to buy it for an agreed upon price. The other scenerio is that you pay after so many months the market price at that time, but most sellers won't agree to that. They want to know what they are getting if they take the house off the market so you can save up enough for a down payment.
I would look, instead, into an FHA loan in which you can ask the seller to pay the 3% down, and most of the closing costs. Then you need very little down or money at closing. Get a good lender to help you and a good realtor to guide you. It doesn't cost the buyer anything to use both of these professionals to help.
Good Luck.
Go to yahoo put FSBO in search engine then select owners.com
they have a free listing area that even prints flyer's I know I am own it. Good Luck!
What is the best way to market a house for sale by owner?
Advertise! There is no substitution for getting the word out.
Next, clean your place up. New paint, fix up any damaged areas, etc. No one wants to buy a problem.
Also, check for something called FSBO in your area (http://fsbo.com/).What is the best way to market a house for sale by owner?
Hire an agent. In the long run they get you more money for your home, and you do not have all the stress.
i know everyone thinks its a great idea to save the money, but that law suit will cost you more than 6% of the sale price.
Good Luck, and hire an agent
RE Agent,
remaxWhat is the best way to market a house for sale by owner?
If you don't want an real estate agent involved then you will have to ADVERTISE, ADVERTISE, ADVERTISE. Take advantage of as much of your local advertisement as possible . Most cities have a local broadcasting channel (channel 17) their rates are usually very reasonable and they charge depending on the size of the ad,use the classified section of your local newspaper, your local houses for sale book you can find these in your local grocery store, and don't forget your front yard sign. Good Luck to You !!
If you are willing to pay for one agent 2-3% be sure to put Agents welcome. They will sell it for you.
If you are not willing then be sure to put Agents not welcome.
Best of luck,
There are several For Sale By Owner (FSBO) web sites that you can look up in selling your home yourself.
The main thing about selling your home is the maximum exposure through advertisement. This can be done several ways
#1 Advertise in your local newspaper (to include any open houses you schedule)
#2 Flyers on some part of the property or house that is easily accessible to the public and that they can see from the curb
This flyer should give the sale price, have a picture of the property # of bed and bathrooms, perhaps a few inside shots of the house and it should be in color.
Even though you plan to sell the property yourself you might consider interviewing three real estate agents, tell them the truth you are considering selling the home yourself but you wanted to interview a couple of agents to get their ideas. During the interview they should give you some idea as to the sale price of like properties in your neighborhood.
Clean up the property so it will have good curb appeal. When you drive up to the house ask yourself ';Would I purchase this house?'; Take care of any possible problems that you know are there but you simply over looked them. Paint inside and outside, cost about $3K increase value about 10K. New carpet might also be in order if it is more than 5 years old.
Take away any clutter that might also be there, that lived in look you have might turn some buyers off. So clean up
Now you should also call a mortgage broker to see if he would be interested in assisting you with open houses. Tell him for his expertise you are willing to give him a list of those individuals that looked at your home, but were not pre-approved. You would also want this individual to be there for your open houses so set up a schedule that he is able to attend.
This individual should also assist you in finding an escrow closing agent, an appraiser as well as a title company to assist you in your sale.
Now once you have found a person to purchase your property, draw up a sales contract with the assistance of the mortgage broker. He will get an appraiser to verify the value. He should assist you in opening an escrow closing agent.
If the buyer is not pre-approved your mortgage broker will get the buyer approved and handle the paper work. If he is pre-approved his mortgage person will take care of the rest of the paper work.
Either way the mortgage broker whom ever he might be will take care of the majority of the rest of the transaction.
Don't fall for the real estate agents that will come by and ask if they find a buyer would you give them a commission. Tell them if they find someone their buyer should pay them. The reason for this exercise is for you to put the maximum amount of your equity in your pocket as you possible can and not into a real estate agent's pocket. Keep your eye on the mission.
Now about paying off your mortgage, the escrow closing agent will send a letter to your present mortgage company and request a demand of payment indicating how much you currently owe on your mortgage. Your mortgage company will send them a reply with the amount you owe. This will be done on any mortgage you owe if you owe more than one.
The escrow closing agent will pay off any demands they receive. Anything left after all payoffs a check will be written to you the seller.
I hope this has been of some use to you, good luck.
';FIGHT ON';
Get an agent
I will not look at a fisbo at all go right by
Advertise wherever possible. Information channels on the cable TV, newspapers local and city. Fix any problems that might need to be done. Landscape around the house and yard. Plant flowers, shrubs. Paint anything that need painted. Inside the house have as little cluster as possible. When someone comes to see the house make sure everything is in its place, and that there is a place for everything. The more appealing you make the house look the more people that will be interested. Also make a list of all of the good points about your neighborhood. Like where the nearest store is, where the schools are located, how the neighbors are. Anything that you would be interested if you were looking at the house for the first time. Good Luck
Price it right. Figure out what the comparables are selling for ($$ per square foot is the best way). Then take at least 6% off that number. I have sold many FSBOs this way. The reason people cannot sell FSBOs is because they price the house too high. They look at the market and then they say to themselves ';My house is better than that one';-not true-its really about square footage. Also FSBOers do not take the 6% off the price. Why would someone deal with a FSBO for the same price they would pay to deal with an agent? They won't. It is much more convenient to use an agent. So slash the price and you will sell the house. Get hooked up with a local escrow/title company and they will do the paperwork for you.
Advertise on several websites. Many of them are free. Local papers are good too. It's a MUST to offer a commission to agents, so that they will bring round buyers whom they're working for. Also, visit the library and get a couple of books on the subject. They are usually a lot more thorough than websites.
advertise on the internet and in local newspapersmake up foundation night cream
Next, clean your place up. New paint, fix up any damaged areas, etc. No one wants to buy a problem.
Also, check for something called FSBO in your area (http://fsbo.com/).What is the best way to market a house for sale by owner?
Hire an agent. In the long run they get you more money for your home, and you do not have all the stress.
i know everyone thinks its a great idea to save the money, but that law suit will cost you more than 6% of the sale price.
Good Luck, and hire an agent
RE Agent,
remaxWhat is the best way to market a house for sale by owner?
If you don't want an real estate agent involved then you will have to ADVERTISE, ADVERTISE, ADVERTISE. Take advantage of as much of your local advertisement as possible . Most cities have a local broadcasting channel (channel 17) their rates are usually very reasonable and they charge depending on the size of the ad,use the classified section of your local newspaper, your local houses for sale book you can find these in your local grocery store, and don't forget your front yard sign. Good Luck to You !!
If you are willing to pay for one agent 2-3% be sure to put Agents welcome. They will sell it for you.
If you are not willing then be sure to put Agents not welcome.
Best of luck,
There are several For Sale By Owner (FSBO) web sites that you can look up in selling your home yourself.
The main thing about selling your home is the maximum exposure through advertisement. This can be done several ways
#1 Advertise in your local newspaper (to include any open houses you schedule)
#2 Flyers on some part of the property or house that is easily accessible to the public and that they can see from the curb
This flyer should give the sale price, have a picture of the property # of bed and bathrooms, perhaps a few inside shots of the house and it should be in color.
Even though you plan to sell the property yourself you might consider interviewing three real estate agents, tell them the truth you are considering selling the home yourself but you wanted to interview a couple of agents to get their ideas. During the interview they should give you some idea as to the sale price of like properties in your neighborhood.
Clean up the property so it will have good curb appeal. When you drive up to the house ask yourself ';Would I purchase this house?'; Take care of any possible problems that you know are there but you simply over looked them. Paint inside and outside, cost about $3K increase value about 10K. New carpet might also be in order if it is more than 5 years old.
Take away any clutter that might also be there, that lived in look you have might turn some buyers off. So clean up
Now you should also call a mortgage broker to see if he would be interested in assisting you with open houses. Tell him for his expertise you are willing to give him a list of those individuals that looked at your home, but were not pre-approved. You would also want this individual to be there for your open houses so set up a schedule that he is able to attend.
This individual should also assist you in finding an escrow closing agent, an appraiser as well as a title company to assist you in your sale.
Now once you have found a person to purchase your property, draw up a sales contract with the assistance of the mortgage broker. He will get an appraiser to verify the value. He should assist you in opening an escrow closing agent.
If the buyer is not pre-approved your mortgage broker will get the buyer approved and handle the paper work. If he is pre-approved his mortgage person will take care of the rest of the paper work.
Either way the mortgage broker whom ever he might be will take care of the majority of the rest of the transaction.
Don't fall for the real estate agents that will come by and ask if they find a buyer would you give them a commission. Tell them if they find someone their buyer should pay them. The reason for this exercise is for you to put the maximum amount of your equity in your pocket as you possible can and not into a real estate agent's pocket. Keep your eye on the mission.
Now about paying off your mortgage, the escrow closing agent will send a letter to your present mortgage company and request a demand of payment indicating how much you currently owe on your mortgage. Your mortgage company will send them a reply with the amount you owe. This will be done on any mortgage you owe if you owe more than one.
The escrow closing agent will pay off any demands they receive. Anything left after all payoffs a check will be written to you the seller.
I hope this has been of some use to you, good luck.
';FIGHT ON';
Get an agent
I will not look at a fisbo at all go right by
Advertise wherever possible. Information channels on the cable TV, newspapers local and city. Fix any problems that might need to be done. Landscape around the house and yard. Plant flowers, shrubs. Paint anything that need painted. Inside the house have as little cluster as possible. When someone comes to see the house make sure everything is in its place, and that there is a place for everything. The more appealing you make the house look the more people that will be interested. Also make a list of all of the good points about your neighborhood. Like where the nearest store is, where the schools are located, how the neighbors are. Anything that you would be interested if you were looking at the house for the first time. Good Luck
Price it right. Figure out what the comparables are selling for ($$ per square foot is the best way). Then take at least 6% off that number. I have sold many FSBOs this way. The reason people cannot sell FSBOs is because they price the house too high. They look at the market and then they say to themselves ';My house is better than that one';-not true-its really about square footage. Also FSBOers do not take the 6% off the price. Why would someone deal with a FSBO for the same price they would pay to deal with an agent? They won't. It is much more convenient to use an agent. So slash the price and you will sell the house. Get hooked up with a local escrow/title company and they will do the paperwork for you.
Advertise on several websites. Many of them are free. Local papers are good too. It's a MUST to offer a commission to agents, so that they will bring round buyers whom they're working for. Also, visit the library and get a couple of books on the subject. They are usually a lot more thorough than websites.
advertise on the internet and in local newspapers
Need help putting together purchase agreement for a house. For sale by owner. How do I create?
I am the buyer, seller has to net a certain amount. The house is worth more than we are paying. We are required to put 15% down. Looking for a creative way to write up the contract where the seller nets what he wants and we can minimize downpayment.Need help putting together purchase agreement for a house. For sale by owner. How do I create?
Raise the purchase price of the house by 15%. Write up the sales contract for the asking price plus the 15%, then in the purchase contact indicate that the seller will be doing a 15% second mortgage, you will have to include terms and monthly payment and supply that info to your bank because he will include the new payment in your monthly debt ratio (DTI). After close you have the seller hand you a satisfaction of lien document. You take that down to the court house in the county where you live and remove the second lien on the property. So how this works is the following:
Appraisal = $120,000
Asking price = $100,000
15% of asking price = $15,000
New Purchase Price = $115,000
Bank loan (85% of purchase price) = $97,750
seller second = $17,250
You can move the purchase price around if needed, you may want to also consider raising the purchase price enough to have the seller pay the closing costs as well!
Good luck...Need help putting together purchase agreement for a house. For sale by owner. How do I create?
Go to an office supply store, they have such forms.. or get a lawyer. You will need a lawyer anyways. Contracts are not for amateurs. Don't forget to get a home inspection by a qualified person. There may be hidden problems and that is why they are willing to sell lower than you feel the house is worth.
I agree that you should be using a Realtor, but, more importantly, you should talk to whatever lender has you pre-approved and see how the purchase contract needs to be worded to secure the financing you need.
First, you are not required to put 15% down.
You can offer, depending on the size and state, $1,000 and up.
If the house is selling for $200,000 then $2,000 is sufficient.
The seller provides the sales agreement not the buyer.
Contact a real estate lawyer; he will represent you during your closing for few hundred dollars. I just sold my house. Congratulations
get a lawyer. or call that buy owner phone number.
Since you are the buyer, why would you not want
a Realtor to represent you, most fsbo's will work with an agent.the cost is picked up by the seller.You need someone
to assist you in one of the biggest investments you will ever make. You've heard it before I'm sure,,,,Buyer Beware!!!
Raise the purchase price of the house by 15%. Write up the sales contract for the asking price plus the 15%, then in the purchase contact indicate that the seller will be doing a 15% second mortgage, you will have to include terms and monthly payment and supply that info to your bank because he will include the new payment in your monthly debt ratio (DTI). After close you have the seller hand you a satisfaction of lien document. You take that down to the court house in the county where you live and remove the second lien on the property. So how this works is the following:
Appraisal = $120,000
Asking price = $100,000
15% of asking price = $15,000
New Purchase Price = $115,000
Bank loan (85% of purchase price) = $97,750
seller second = $17,250
You can move the purchase price around if needed, you may want to also consider raising the purchase price enough to have the seller pay the closing costs as well!
Good luck...Need help putting together purchase agreement for a house. For sale by owner. How do I create?
Go to an office supply store, they have such forms.. or get a lawyer. You will need a lawyer anyways. Contracts are not for amateurs. Don't forget to get a home inspection by a qualified person. There may be hidden problems and that is why they are willing to sell lower than you feel the house is worth.
I agree that you should be using a Realtor, but, more importantly, you should talk to whatever lender has you pre-approved and see how the purchase contract needs to be worded to secure the financing you need.
First, you are not required to put 15% down.
You can offer, depending on the size and state, $1,000 and up.
If the house is selling for $200,000 then $2,000 is sufficient.
The seller provides the sales agreement not the buyer.
Contact a real estate lawyer; he will represent you during your closing for few hundred dollars. I just sold my house. Congratulations
get a lawyer. or call that buy owner phone number.
Since you are the buyer, why would you not want
a Realtor to represent you, most fsbo's will work with an agent.the cost is picked up by the seller.You need someone
to assist you in one of the biggest investments you will ever make. You've heard it before I'm sure,,,,Buyer Beware!!!
Has anyone bought a house ';for sale by owner?'; What was your experience?
We've been looking at houses for a while. We just relocated to an area that has mostly older homes and we've had a hard time finding one we like. I fell in love with one and it's being sold by the owner. How does this work?Has anyone bought a house ';for sale by owner?'; What was your experience?
As the buyer it may be a good idea to consult a local Realtor. They can work as a buyer's agent and work for YOU. They can help you navigate the entire process. You need to know if the sellers would be willing to pay a commission to the agent. Usually 3 % of the purchase price. If they are a ';For Sale By Owner'; they usually expect this anyway.
As a buyer from a FSBO you need to cover yourself completely. In my mind a seller that doesn't sell with a licensed Realtor falls under one or many of the following:
1. House is in poor condition and a Realtor is required by law to disclose all negative conditions (sellers are required also but tend to hide things sometimes)
2. Sellers want more money then a Realtor tells them their house is worth so they try to do it on their own. (FSBO homes usually are overpriced.0
3. Sellers had a bad experience with an agent at one time and have a bitter attitude towards them.
You are making the largest investment you'll ever make (probably) so cover yourself at all times! Consult a Realtor and be wise.Has anyone bought a house ';for sale by owner?'; What was your experience?
Why don't you lease it with an option to purchase it? This will give you an opportunity to decide if this house is for you. If the owner will not do a ';rent to own';, then he can either offer you seller financing or you must go to a lender and get your own financing. Lending Tree might be helpful, I know people who got loans by going to their site and would do so again. Usually if a house is fsbo, you can get a better deal on the purchase price, i.e. below market value. This is the main reason people purchase fsbos.
For sale by owner, means the seller, does not want to pay a selling commission to an agent, He wants the money for himself, and is willing to put up with phone calls and dealing with people in order to keep it.
So, don't expect a bargain. Next, he may have an inflated idea of what the house is worth, so you have to determine if it is a good deal, or just not care because it is the house you want.
There may not be anything wrong with the house anyway, and you will want a lawyer before you make an offer just for protection. So
Have a tour of the house
See if you really want it
Get the price and answers to any questions you have about the house and it's conditions.
If you want the house, Talk to YOUR lawyer about making an offer, and what conditions need to be included, like
Price, subject to financing?, Down payment? What should be included like appliances and window coverings, closing date
etc...the lawyer should know
Then make the written offer (check with your financial people about financing before the offer)
If the owner counter-offers, talk it over with your lawyer
ALWAYS MAKE A SALE CONDITIONAL TO PROPERTY %26amp; BUILDING INSPECTION. You don't want to buy a termite nest full of mold, with a leaky roof, and a broken foundation, on a fllood plain subject to flooding.
Also, Make sure the seller owns the house and is not just a renter (Lawyer job)
Good luck, whatever your decision.
If the owner wants to sell privately, no problem.
purchase it threw your own agent as usual, this helps you cover your end of the legal/logistics involved.
On the negotiation end of things, it will have to be decided who pays your agents commission. buyer/seller
been there , done that , had no problems at all
As the buyer it may be a good idea to consult a local Realtor. They can work as a buyer's agent and work for YOU. They can help you navigate the entire process. You need to know if the sellers would be willing to pay a commission to the agent. Usually 3 % of the purchase price. If they are a ';For Sale By Owner'; they usually expect this anyway.
As a buyer from a FSBO you need to cover yourself completely. In my mind a seller that doesn't sell with a licensed Realtor falls under one or many of the following:
1. House is in poor condition and a Realtor is required by law to disclose all negative conditions (sellers are required also but tend to hide things sometimes)
2. Sellers want more money then a Realtor tells them their house is worth so they try to do it on their own. (FSBO homes usually are overpriced.0
3. Sellers had a bad experience with an agent at one time and have a bitter attitude towards them.
You are making the largest investment you'll ever make (probably) so cover yourself at all times! Consult a Realtor and be wise.Has anyone bought a house ';for sale by owner?'; What was your experience?
Why don't you lease it with an option to purchase it? This will give you an opportunity to decide if this house is for you. If the owner will not do a ';rent to own';, then he can either offer you seller financing or you must go to a lender and get your own financing. Lending Tree might be helpful, I know people who got loans by going to their site and would do so again. Usually if a house is fsbo, you can get a better deal on the purchase price, i.e. below market value. This is the main reason people purchase fsbos.
For sale by owner, means the seller, does not want to pay a selling commission to an agent, He wants the money for himself, and is willing to put up with phone calls and dealing with people in order to keep it.
So, don't expect a bargain. Next, he may have an inflated idea of what the house is worth, so you have to determine if it is a good deal, or just not care because it is the house you want.
There may not be anything wrong with the house anyway, and you will want a lawyer before you make an offer just for protection. So
Have a tour of the house
See if you really want it
Get the price and answers to any questions you have about the house and it's conditions.
If you want the house, Talk to YOUR lawyer about making an offer, and what conditions need to be included, like
Price, subject to financing?, Down payment? What should be included like appliances and window coverings, closing date
etc...the lawyer should know
Then make the written offer (check with your financial people about financing before the offer)
If the owner counter-offers, talk it over with your lawyer
ALWAYS MAKE A SALE CONDITIONAL TO PROPERTY %26amp; BUILDING INSPECTION. You don't want to buy a termite nest full of mold, with a leaky roof, and a broken foundation, on a fllood plain subject to flooding.
Also, Make sure the seller owns the house and is not just a renter (Lawyer job)
Good luck, whatever your decision.
If the owner wants to sell privately, no problem.
purchase it threw your own agent as usual, this helps you cover your end of the legal/logistics involved.
On the negotiation end of things, it will have to be decided who pays your agents commission. buyer/seller
been there , done that , had no problems at all
I already have a realtor, I like a house ';for sale by owner';. How would that work?
Have the Realtor contact the seller and negotiate a commission. Most FSBO sellers will happily pay a buyer's agent, because that agent will make the whole transaction go much more smoothly.
A few FSBO sellers balk at having an agent in the picture at all, but in most of those cases, it's because there is something not quite right about the whole deal, and they don't want an expert helping you check things out. (Yes, there are a few that simply hate real estate agents, but are being completely honest about the deal.)I already have a realtor, I like a house ';for sale by owner';. How would that work?
You should have your realtor contact the owner to make arrangements for you to see the house and/or write an offer. If the seller is unwilling to to consider a realtor fee, you may have to agree to pay your realtor. If you go with them, and you have a contract (a buyer's contract), you could be in violation of that contract. In most cases the seller is willing to pay commission to one agent and thus you could be fortunate.I already have a realtor, I like a house ';for sale by owner';. How would that work?
The for sale by owner would participate in what we call a co-broke.
The for sale by owner would represent himself and save the 3%.
You would be represented by your agent and the for sale by owner would pay him 3%.
Hope this helps.
P.S. Some For sale by owners refuse to work with agents, therefore you would be representing yourself and the home owner would represent himself.
Terry S.
http://www.Welcome2Arizona.com
Simple. Tell your realtor that you want him/her to represent you and that they are to make sure they put their normal commission in the contract/offer. They can present the offer to the owner. If the seller refuses to agree to pay the commission then you need to tell the seller that you are not willing to buy the house without representation and the commission is your realtor's pay for representing you. Stick to it and don't go back on your word.
I assume you are a buyer being represented by a realtor. Check the agreement you signed to see if you are liable to your agent for a commission if you purchase a property ';for sale by owner';. If you're not sure talk to your realtor's broker.
A few FSBO sellers balk at having an agent in the picture at all, but in most of those cases, it's because there is something not quite right about the whole deal, and they don't want an expert helping you check things out. (Yes, there are a few that simply hate real estate agents, but are being completely honest about the deal.)I already have a realtor, I like a house ';for sale by owner';. How would that work?
You should have your realtor contact the owner to make arrangements for you to see the house and/or write an offer. If the seller is unwilling to to consider a realtor fee, you may have to agree to pay your realtor. If you go with them, and you have a contract (a buyer's contract), you could be in violation of that contract. In most cases the seller is willing to pay commission to one agent and thus you could be fortunate.I already have a realtor, I like a house ';for sale by owner';. How would that work?
The for sale by owner would participate in what we call a co-broke.
The for sale by owner would represent himself and save the 3%.
You would be represented by your agent and the for sale by owner would pay him 3%.
Hope this helps.
P.S. Some For sale by owners refuse to work with agents, therefore you would be representing yourself and the home owner would represent himself.
Terry S.
http://www.Welcome2Arizona.com
Simple. Tell your realtor that you want him/her to represent you and that they are to make sure they put their normal commission in the contract/offer. They can present the offer to the owner. If the seller refuses to agree to pay the commission then you need to tell the seller that you are not willing to buy the house without representation and the commission is your realtor's pay for representing you. Stick to it and don't go back on your word.
I assume you are a buyer being represented by a realtor. Check the agreement you signed to see if you are liable to your agent for a commission if you purchase a property ';for sale by owner';. If you're not sure talk to your realtor's broker.
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