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 Roan On The Range
Posts: 7889
    
Location: Stephenville, TX | Interested in hearing from anyone with experience in "for sale by owner" real estate deals, particularly from a first time home buyer's perspective.
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 Expert
Posts: 3534
Location: Stuck in a cubicle having tropical thoughts | I have bought and sold 'for sale by owner"
Get a lawyer to write up the contract and do all the title and closing work.
Between my lawyer and the bank guy, they took care of everything. I signed paperwork at the lawyer's office both times.
When I bought for sale by owner, I was really young and I feel I ended up paying more than I should because I didn't do enough research on how much the previous owner paid. It's all on the county auditor's website. |
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Miracle in the Making
Posts: 4013
| but that does not always tell the who;e story
we just sold my sister house we bought 209.000 dold 460,00 but it was a foursclourse and they had taken everything we replaced all 40 windows kitchen from scrat floors
also market rises i tell my friend get your house appraised be for you put on market that way you know what worth
county tax aprassier are not alway accurate or reflect the true market |
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 Total Germophobe
Posts: 6443
Location: Montana | vjls - 2015-09-20 11:29 AM but that does not always tell the who;e story
we just sold my sister house we bought 209.000 dold 460,00 but it was a foursclourse and they had taken everything we replaced all 40 windows kitchen from scrat floors
also market rises i tell my friend get your house appraised be for you put on market that way you know what worth
county tax aprassier are not alway accurate or reflect the true market
I agree with you. It doesn't matter really what the previous owner paid because they often put money into the home, and also the market rises and lowers. It makes no sense to think it should be a certain price because of what someone what paid for it.
But lawyers can do all the paperwork, or you can even do it all yourself...we have a realtors association office that has all the paperwork for free and you fill it out. County tax assessments are ALWAYS light on value where I live. Also shop around for an appraiser. We have some that will only go by tax assessment and others that will basically appraise that house so that it makes it easier to finance.
Please be respectful of the owners as they are handling the sale and not a realtor and they have jobs and families and other committments besides showing their house. So make sure you are financially prequalified, it is best to make sure you know what you are able to afford and get financed ahead of time.
Oftentimes it is better when you can deal directly with the owner of a house because you actually get more information (and good information) than from a realtor about how old appliances, flooring, remodels, etc. are. So hope this helps! |
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Expert
Posts: 1956
Location: Ky | Running Roan - 2015-09-20 9:19 AM Interested in hearing from anyone with experience in "for sale by owner" real estate deals, particularly from a first time home buyer's perspective.
Absolutely no difference than buying through a realtor except the realtor doesn't get a cut. The same lawyer that the realtor would use can used if the realtor is not involved.
But, there may be programs out, especially for the first time buyer, that the realtor knows about that the home owner of the lawyer may not. For that reason you might want to consider using a realtor. In a case like that the realtor would be working for the buyer and not the seller. Might be worth talking to a realtor to see if you qualify for any program. |
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 Expert
Posts: 3782
Location: Gainesville, TX | Do it all through a lawyer. One of the benefits is that no money goes to a realtor (but you will be paying a lawyer for their time). It can also let a first time buyer or one with less than ideal credit but does have an ability to pay get a property that otherwise might not normally be financed by a bank but you usually pay a higher interest rate and higher price on the property because of this. Sometimes you get a better deal, but usually you are paying higher than market. |
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Folks on-line