What is the process of buying a house with out real estate agents?
by Admin - March 10th, 2010.Filed under: Real Estate Agents. Tagged as: Agents, buying, Estate, House, process, Real.
I am looking for information regarding the purchase of a home that doesn’t involve real estate agents. Any and All information from state to finish would be helpful!
Neither buyer or seller party want to deal with real estate agents. I want to know what is the process we must go through in order to finalize a purchase of a property/house.
March 10th, 2010 at 5:06 pm
Need more info please
March 10th, 2010 at 5:13 pm
when not using a FREE TO THE BUYER, buyer’s agent……….
while stupid to not use one [it is free to the buyer]
NO ONE ever has to have a RE agent to help buy a house.
PERIOD.
Just like no one must use an attorney in court but the
person will be held to the same standards.
the process of buying is:
get $ qualified by one’s bank or mortgage broker/banker
holding a pre-qual letter in one’s hand,
visit both FSBOs and listed homes [that have
seller's agents.]
IF you positively do not wish to have a seller’s agent involved
at all either, you are limited to FSBOs,
“for sale by owner” properties,. about 1/100th of those
properties for sale across the US.
when you find one you like and you have
verbally come to a price both of you can live with, you
put that price in writing and it must be signed by both
parties. YOU Can buy without writing anything down
but if there is ever a problem, you cannot sue. [statute
of frauds.]
if you have had an appraiser give you a number you like and
you have hired an INSPECTOR to walk the inside of the house
to make sure there are “no surprises” in condition,
you hire a termite inspection [if paying cash from your
own resources, a termite inspection is not required.]
if you are wishing to use a written contract–200%
advised, and live in a TITLE STATE, open escrow at
one.
when the house lender has submitted the money to
title, and the title officer has made sure the title
has no CLOUDS on it, and has written you a title insurance
policy, you prepare to CLOSE escrow.
YOU sign the note and the deed, the seller signs the
deed and when the deed is filed with the county
recorder, the house changes hands.
That is how you buy a house without a licensed agent.
Luck
[according to extensive research, about 1 in 100 FSBO
sales that use no agents at all, close effectively and without incident
and there is no delayed lawsuit against someone.]
so, you have one chance in 100 to buying what you like
at a price you like in the condition that you think it is
in and get to close escrow in a timely manner and
gain title to the house.
1 in 100. YOU stand 99 chances in 100 of having
problems erupt that you would never have thought of.
peace and happy home buying!
March 10th, 2010 at 5:54 pm
If the property has not been listed, then the only step left is to go to a title policy insurance company where they will research into any outstanding liens on that property. From there they will get both parties a contract to discuss financing terms and all the goodies.
March 10th, 2010 at 6:15 pm
have a real estate lawyer draw up a purchase agreement.
It should have a contingency for financing and a home inspection contingency.
Once you agree to the contract, then talk with a settlement company or settlement escrow lawyer to handle settlement.
This may seem very simple, but I promise you it isn’t. A realtor gets paid because they do a lot to make the sale happens.