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Buying a house on my own

 
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gandharibr1
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PostPosted: Tue May 05, 2009 7:20 pm GMT    Post subject: Buying a house on my own Reply with quote

Hi
A friend of my friend wants to sell his house and I am interested in buying it. He is selling the house on his own. I was hoping to negotiate the price a little based on the fact that he will save the commission if I don't go thru a realtor. What is the procedure? Does any one have a URL to a website that lists the steps?

Thanks in advance
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JCK



Joined: 15 Feb 2007
Posts: 559

PostPosted: Tue May 05, 2009 7:44 pm GMT    Post subject: Reply with quote

1) Find a standard offer contract. You'll want to be sure you have financing contingencies and inspection contingencies. * Set dates by which the various contingencies must be met. Be sure to include any notes regarding what's included with the place (e.g., appliances or other fixtures).

Generally, you'll put down some earnest money at the time of contract, which should go into escrow, pending final settlement.

2) Talk to mortgage companies, get yourself some financing. Do your homework, as rates vary a lot between places.

3) Find a good home inspector. You don't want any nasty (read: expensive) surprises following purchase.

4) Close.

5) Move in.



*Step 0 may be to get yourself a lawyer. They can help you through the contractual issues, and will get paid regardless of whether the sale goes through, so they don't have any incentive to force the sale through. The Mortgage and Realtor types do, because they don't get paid unless you close.
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WestCoastXPlant
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PostPosted: Tue May 05, 2009 8:25 pm GMT    Post subject: Reply with quote

+1 on the RE lawyer advice -- definitely a small price to pay when you think of it with respect to the house price.
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balor123



Joined: 08 Mar 2008
Posts: 1204

PostPosted: Tue May 05, 2009 8:35 pm GMT    Post subject: Reply with quote

Get a real estate lawyer.
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gandharibr1
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PostPosted: Wed May 06, 2009 12:17 am GMT    Post subject: Reply with quote

Thanks a lot for your responses.
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Busload of Lawyers crash
Guest





PostPosted: Wed May 06, 2009 2:11 am GMT    Post subject: Reply with quote

What a tragedy , a bus load of lawyers crashed and one lived Crying or Very sad


The last thing I would do is get a Lawyer involved.

A complete and utter waste of money .

The first thing you need to do is come up with a mutually agreeable price.

This might be harder than you think Confused

if you can get past that step, a home inspection is in order, thou half the
home inspectors out there will simply take your money and do little else.

Hiring a Lawyer is a complete waste of your money .

The mortgage company will shake you down for their Lawyer,
isnt that enough pain and suffering for one man to take Evil or Very Mad




.
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john p



Joined: 10 Mar 2006
Posts: 1820

PostPosted: Wed May 06, 2009 2:24 am GMT    Post subject: Reply with quote

http://www.realtyplan.com/homes/Agents/Robert_Simone.htm

I'd call Bob and negotiate a fee for managing the process. He is very good at managing the process and getting a team to get the stuff done.

He represented me as my buyers agent in a for sale by owner., quick close too. I'd be he'd do it for 1.5-2%, who knows, ask.
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balor123



Joined: 08 Mar 2008
Posts: 1204

PostPosted: Wed May 06, 2009 4:12 am GMT    Post subject: Reply with quote

Redfin may also be a good deal, depending on the transaction size (cost is $5k flat). You might be able to find a real estate agent who would do it for cheaper but they are primarily marketers and transaction managers whose interests aren't clear. I stand by my recommendation that a lawyer will be your best bet. They are likely to be the least biased and most familiar with protecting you. Transactions like these are expensive for a good reason - enormous sums of money are involved and there are big risks. Even if you get an agent, you'll still want a lawyer to review anything you sign.
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balor123



Joined: 08 Mar 2008
Posts: 1204

PostPosted: Wed May 06, 2009 4:15 am GMT    Post subject: Reply with quote

Just wanted to add a reference to a lawyer I used once who does real estate:
Thomas J. Ahern, Jr., Esq.
Silver and Ahern
375 Totten Pond Road, Suite 102
Waltham, MA 02451
Tel (781) 290-5800
Fax (781) 290-5850
tahernlaw@earthlink.net
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JCK



Joined: 15 Feb 2007
Posts: 559

PostPosted: Wed May 06, 2009 1:18 pm GMT    Post subject: Reply with quote

Lawyers are a complete waste of money, unless something goes wrong. Which is why you hire them. Insurance is the same way. Your homeowner's insurance is a complete waste of money, until your place burns down.

With a purchase this large, and for someone with no experience, I would want a third party (either a fee-based (not commission-based) buyer's agent or an attorney) helping with the process. You need someone whose pay is not contingent on the sale going through.
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BelmontRenter



Joined: 29 Dec 2008
Posts: 52

PostPosted: Wed May 06, 2009 3:00 pm GMT    Post subject: Reply with quote

We really shouldn't be feeding that troll Rolling Eyes
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gandharibr1
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PostPosted: Sat May 09, 2009 6:19 pm GMT    Post subject: Reply with quote

Thanks a lot guys.

Thanks balor123 for the reference. I am guessing you were satisfied with that lawyer. How much did he charge you for whole process?
Can you, please, send me an email to gandharibr@yahoo.com with the details.
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balor123



Joined: 08 Mar 2008
Posts: 1204

PostPosted: Sun May 10, 2009 12:26 am GMT    Post subject: Reply with quote

I used the Hyatt Legal Plan so I didn't pay anything. I just had him create some wills for us. He seemed knowledgeable about it. He wasn't so great with the details in the documents he produced though. I had to correct a bunch of stuff. Maybe it was just because the legal plan doesn't pay much and the job was simple. You could meet him and decide for yourself. Someone else in his group may also be a good choice.
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