Home, For Sale By Owner

[Forrest Gump 9]

yesterday I stopped by my old house, my neighbor is putting a "for sale by owner" on his lawn so I stopped by and talk.

 

The house in the neighborhood range from $150k-200k. His house worth at least $150k, needs new roof (3k), new carpet (3k), painting in&out ($4k), odds and ends ($5k max). So I'm looking at about $15k of work to get the house back to sale ready shape. He said he want quick sale, job moving him out of state. If I'm interested he can sale $110k to me. I don't need another house, but always looking for a deal.

 

I've bought two houses before and always go thru the realtors. So if I want to buy this house, how do I go about starting the process? He still owe $70k to his mortgage company. Thanks you for your advices.

[Hwilli1647545487]

Paying cash or through a lender?

[Forrest Gump 9]

Lender with 30% down

[Hwilli1647545487]

Should just have to go through your process with the lender and get a title company lined up.

 

You've done everything the realtor would have done.

[Forrest Gump 9]

Basically you're saying is all I have to do is secure the loan and the title company take care the rest? So, what about stuffs like home inspection, radon test, home insurance,...?

 

And what kind of paper work would i need from him to start the loan process? I'm really a noob at this.

[Hwilli1647545487]

Your lender is going to have requirements. IE home appraisal etc. inspection is normally done for your piece of mind, same with the radon test.

 

Home insurance will obviously be required, you'll have to call and get that handled.

 

Basically call your lender and ask them what is needed to get the process started. They can recommend a title agency as well.

 

You may want to have him sign a contract so that he doesn't decide to back out and sell to someone else. Someone with more experience can speak to that.

[Forrest Gump 9]

Gotcha, thank you so much.

[Turbs3000]

Your next goal would be to get the home under contract so no one can buy it before you. An RE lawyer can help with the paperwork on this or even most title companies. You can also use a realtor if you know one and pay him off the top rather then the seller pay him. There are realtors that will take 1.5% to walk the deal through the paces. Lender, 25% down, talk with their title company. You can do the inspection, radon, and warranty on your own but they all can be done through your lender and title company for you.

Also, after all the repairs, holding costs, 2 closings, will there be enough left to Make it worth your time?

 

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[RyM3rC]

So, what about stuffs like home inspection, radon test

 

If you're not well experienced in home construction and repair I strongly urge you to have a good, thorough home inspection done.

 

In my limited experience the radon thing is a scam, but if there IS NOT a system in place now expect to spend the couple grand to put one in before being able to sell, or make a price accommodation for one. Seems like realtors are crazy for those things recently.

[AngryBMW]

yesterday I stopped by my old house, my neighbor is putting a "for sale by owner" on his lawn so I stopped by and talk.

 

The house in the neighborhood range from $150k-200k. His house worth at least $150k, needs new roof (3k), new carpet (3k), painting in&out ($4k), odds and ends ($5k max). So I'm looking at about $15k of work to get the house back to sale ready shape. He said he want quick sale, job moving him out of state. If I'm interested he can sale $110k to me. I don't need another house, but always looking for a deal.

 

I've bought two houses before and always go thru the realtors. So if I want to buy this house, how do I go about starting the process? He still owe $70k to his mortgage company. Thanks you for your advices.

 

Call me. I can do it all for you including set you up with the title company to save you and your neighbor cash. 614-339-1206.

 

Thanks.

-Marc

[jeffro]

^^

[caseyctsv]

+1 on a good inspection and on radon test (though it seems seller won't do that anyways). Whether you agree with it or not, if the radon levels are high you will have to put one in to sell - buyers pretty much demand it.

[Zx2guy19]

Get the house in contract first. Again, call a RE attorney and they can do that for a couple hundred dollars.

 

Then go through your lender (Marc). Then go through a title company (I prefer PM Title in Grove City...I've closed 10+ deals with them and they're amazing).