General Question

mprice78's avatar

How do you buy a house that is for sale by owner?

Asked by mprice78 (7points) September 20th, 2008

What sort of legal protections are necessary if we are both not using a real estate agent?

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5 Answers

wundayatta's avatar

We had a real estate lawyer who represented us. I think the seller also had one, and then, of course, there were the people from the mortgage company. We had our inspection report and I think there may have been some last minute negotiations, or maybe those happened before.

In any case, the real estate lawyer will make sure every thing is legal, and is done properly. I don’t know how much the lawyer will cost, but considering how much you’re spending on the house, it’s probably not much.

Our sale went smoothly, and we’ve been happily living her for nearly seventeen years. The house will be paid off in May. Hooray!

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Judi's avatar

It really depends on the state you live in. If you’re in California an escrow officer can make sure all the paperwork is in place, but it’s up to the two parties to negotiate the terms. If you’re feeling insecure, real estate fees are negotiable. The two of you could agree with a real estate agent on some flat rate to help you maneuver the process.

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