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post #1 of 18 (permalink) Old 07-13-2008, 11:00 PM Thread Starter
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for sale by owners?

without getting too much into it, I was wondering if anyone could share any advice, warnings, tips and tricks to dealing with buying a FSBO house. I'm still early on in my search but have found quite a few to call on for prices and information and one house that I'm in love with.

While I'm not exactly thrilled with subdivision living, I've come to accept that I probably won't find what I want and can afford anywhere else... but am very much still looking. Most neighborhoods around have cookie cutter identical homes, no trees and tiny yards. A few of the older neighborhoods have nice sized yards but the houses are old and not in the location I want.

I found a house today - 3/2 and a view through the fence from the street showed a TON of land behind the house. My first assumption was that I would own a tiny bit and would just get to look at the big field behind the house. Afterall - it IS in a subdivision. The sign though, offered 2.4 acres. I was a little surprised and didn't believe it. Especially for the price. However, a deed/property search online showed the property lines. Its HUGE! Very long and backs up to a wooded area and a creek!! Of course I'm wondering what's wrong with the house that it isn't selling (it was just reduced by $7K too).

I guess my big fear is that even if not this house, I might find another and don't want to screw it up. How do you deal with the seller? How do you know everything is being done properly and legally? How do you protect yourself from being taken advantage of? Could I still in theory go through a realtor to keep all of my stuff straight?

Jessie

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post #2 of 18 (permalink) Old 07-13-2008, 11:08 PM
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If you are looking to buy a FSBO house, you can still get yourself a realtor to help you with all the legalities, and keep in mind you will be paying realtor fees. It's worth it though in the long run to do so!

Good luck on your house hunt...it's fun, isn't it?
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post #3 of 18 (permalink) Old 07-13-2008, 11:11 PM
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I don't know much but I do know that you need to ask plenty of questions, about why they are selling, if there are any defects that you should be aware of (they by law in some areas need to fill out a Transfer Disclosure Statement, ask to see it), how long the house has been in the market, look around and make sure they haven't overrpiced their house for the market they are in. Hire your own home inspector, not from one hired or recommended by the seller of the home and have an attorny or a realtor look over the contracts before you sign them.

it may not be much help but its all I know from listening in on my parents during every move we made when I was younger. We were like gypsies.
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post #4 of 18 (permalink) Old 07-13-2008, 11:24 PM
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Be sure to have the property inspected thoroughly. The owners must reveal any problems not visible to the naked eye. Have the furnace checked also. Your inspector will know if there are signs of dampness in the basement, or if the roof is in good condition, an infestatation of insects, etc. If there are major problems, the owners will have to do the repairs or lower the price.

Of course, you'll want to ask if there is city sewage and how much the utilities cost monthly. I save my utility bills, not that I intend to move, but out of habit. Good luck. Property is usually a good investment, and it's a buyer's market right now!

I would definitely have an attorney's guidance. You'll need one anyway.




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post #5 of 18 (permalink) Old 07-13-2008, 11:29 PM
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I would recogmend the opposite. Having built and sold over 75 houses Ive had experiences with realators and without and selling myself. The only thing a realator does is fill out a canned contract and send on the contract to a title company. The title company does all the legal aspect of the deal to get it sold. Ive only dealt with 2 realators in 23 years that was honest and worth using. Dont waste your money on them.

You can get a title company yourself to handle the closing. They will inform you what paper work they need from you. A title company can give you a contract to fill out if you need one. The sellers should have one also.

On the canned realator contract there is a place where they have to disclose any issues with the house. Doesnt mean the seller will be honest but it can release you if you find out they were hiding issues on the house. Also hire a good house inspector. Havent met to many good one of those either. How old is the house you are considering buying? Is this a production home or a custom built home? That makes a difference also in the quality of the home.

You will have to get an appraisal on the house for your bank loan. This will tell you the true value of the house. Im sure the FSBO sellers got free market comparison estimates as to the house's worth. Doesnt mean you cant offer less. This is a buyers market and the best time to buy. There are so many repos on the market right now and prices keep dropping so dropping a house $7K to move it isnt unusual. Plus they arent paying a realator fee of 7% which they can take off money on the front end to make the house price more competative.

If you have other questions you can PM me if youd like. Ive seen it all! Good luck on your future new home.
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post #6 of 18 (permalink) Old 07-14-2008, 02:00 AM
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I am wondering about buying a house now, myself, so I will be watching this thread very closely.
Jessie, it sounds like you are looking for the same kind of house as I am: a 3/2 on a lot of land, with preferably at least a block distance to the nearest neighbors.
I know it is a buyers market right now.
I was wondering if there are government incentive programs for people who are disabled. I was also curious about HUD homes, and homes that are involved with a rural development incentive program that I was reading about on the usa.gov website recently.

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post #7 of 18 (permalink) Old 07-14-2008, 04:19 AM
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With that much land make sure that you find out what the yearly taxes are- they may be cost prohibitive for you. Also, I think you said it had a stream. This may put you in a higher flood category, so you will need flood insurance.

John...here's a link that might help you. http://www.hud.gov/buying/loans.cfm


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post #8 of 18 (permalink) Old 07-14-2008, 07:48 AM
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Quote:
Originally Posted by Mitts & Tess
I would recogmend the opposite. Having built and sold over 75 houses Ive had experiences with realators and without and selling myself. The only thing a realator does is fill out a canned contract and send on the contract to a title company. The title company does all the legal aspect of the deal to get it sold. Ive only dealt with 2 realators in 23 years that was honest and worth using. Dont waste your money on them.
For one since I was a realtor for 2 yrs, unless your the one selling the home you dont spend the money. Two- If your still looking for homes and cant find what you want it would help to have a realtor. But if this is the house you want then you can do this buy your self. I have some forms and checklists if you would like me to email you what I have from my real estate days, they are still all up to date forms. Any advice you would like from a realtors point I can try and help you with if you would like. Heres my email if you want to talk:

[email protected]
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post #9 of 18 (permalink) Old 07-14-2008, 09:29 AM
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I think if you aren't going to get a realtor, you should at least have a lawyer present to go over the contracts. Paying a small fee for a lawyer and/or realtor is worth it, in my opinion.
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post #10 of 18 (permalink) Old 07-14-2008, 11:20 AM
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Quote:
Originally Posted by Heather102180
I think if you aren't going to get a realtor, you should at least have a lawyer present to go over the contracts. Paying a small fee for a lawyer and/or realtor is worth it, in my opinion.
This is good advice. Do have a lawyer read over the contract for you and advise.
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