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Buy A House “ For Sale By Owner”


Fiji ST

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Wife and I got offered a house by an acquaintance as they’re moving out of state for work. They are selling “by owner”. I’ve started reading up on this, but what do I really need to know? Any advice? We are getting an inspection and they’re transferring their home warranty to us. We will be using a realtor to sell ours when/if we pull the trigger.

 

Can anyone recommend a good attorney as well to oversee things for us (recommended).

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Thanks for the recommendations so far.

 

Has anyone ever bought/sold a house FSBO?

 

I attempted to earlier this year. Landlord had decided to sell. He contacted a realtor to "handle the paperwork". I was going to have an attorney look over it. The realtor convinced him it could be sold for at least $100k more. We couldn't come to an agreement on price after that. His house is still sitting vacant and I bought a different home.

 

Long way of saying stick to lawyers and avoid realtors if you can.

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I bought our current one FSBO. historically the biggest problem with them is the ego of the seller mixed with emotions, without 2 realtors in the middle to cool things down. We drew up a standard purchase contract, both signed and from there PM Title handled the rest(have done a number of purchases/sales with them) they are a little more expensive than some others but I've gotten used to the level of service.
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My neighbor is buying one FSBO. It’s been a giant fucking hassle because the seller is a dipshit and now they wish they went through a realtor. They have a real estate attorney and they are also tired of dealing with the dipshit seller and are ready to drop everything if they don’t finalize soon.
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If you are buying from family (aka, trustworthy source) you absolutely do not need an separate attorney unless you are paying CASH.

 

If you are getting financing, attorney reviewed title work is part of the services you pay for as part of that transaction. Any LO with half a brain can write up the FSBO contract, and your good to go. No point in paying for the attorney work twice, since you will already be paying for it!

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If you are buying from family (aka, trustworthy source) you absolutely do not need an separate attorney unless you are paying CASH.

 

If you are getting financing, attorney reviewed title work is part of the services you pay for as part of that transaction. Any LO with half a brain can write up the FSBO contract, and your good to go. No point in paying for the attorney work twice, since you will already be paying for it!

 

But doesn’t the seller pay the fees similar to how they would pay a realtor, just a lot less?

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