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Old 11-19-2008, 07:57 PM
 
3 posts, read 8,843 times
Reputation: 10

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Okay, so I've been trying to find out exactly what a buyer's agent does and it seems to me that the majority of their job is helping find the home and helping with the mortgage company etc... Paper-work stuff.

Here's my situation. I'm buying my friend's house. I love the house, I'm getting it for a steal, and I am paying cash for it. They got a real estate attorney to write up the contract. We reviewed the contract and it's completely cut and dry. I have 15 days after the contract is signed to get a termite inspection and home inspection done. I already know the condition of the home and there are no termites, but I'm having the inspectors do their thing anyway. There's no need for a mortgage company or for escrot. I'm going to call State Farm and get my homeowner's insurance myself and pay a year's worth all at once.

Is there anything else I need to do??? I don't understand why I would need to pay anyone else to do anything. According to the contract their attorney wrote up, I hand them the cash 30 days from now and they hand me the deed.

Anyone have any advice for me???
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Old 11-19-2008, 08:22 PM
 
Location: Cary, NC
19,765 posts, read 31,656,940 times
Reputation: 16856
Quote:
Originally Posted by telesis37 View Post
Okay, so I've been trying to find out exactly what a buyer's agent does and it seems to me that the majority of their job is helping find the home and helping with the mortgage company etc... Paper-work stuff.

Here's my situation. I'm buying my friend's house. I love the house, I'm getting it for a steal, and I am paying cash for it. They got a real estate attorney to write up the contract. We reviewed the contract and it's completely cut and dry. I have 15 days after the contract is signed to get a termite inspection and home inspection done. I already know the condition of the home and there are no termites, but I'm having the inspectors do their thing anyway. There's no need for a mortgage company or for escrot. I'm going to call State Farm and get my homeowner's insurance myself and pay a year's worth all at once.

Is there anything else I need to do??? I don't understand why I would need to pay anyone else to do anything. According to the contract their attorney wrote up, I hand them the cash 30 days from now and they hand me the deed.

Anyone have any advice for me???
The contract defines the deal, within the bounds of law in your area.

You have the contract and have pronounced it to be "cut and dry."
None of us have seen it, so I think we have to take your word for that.
I do think that you would be wise to have your own attorney confirm the "cut and dry" status of the agreement prior to signing it.

What is left out may be as costly as what is included.
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Old 11-19-2008, 08:37 PM
 
Location: Columbia, SC
309 posts, read 633,697 times
Reputation: 67
You're well within your rights not to have a Realtor advise you if you feel that it is what you want, but I would agree with the comment above. None of us have seen the contract, none of us know what it says or just as important what it doesn't say. You should at least have an attorney of your own take a look at the contract and advise you on it.
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Old 11-19-2008, 09:33 PM
 
Location: Knoxville
1,152 posts, read 2,106,808 times
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Best friends sometimes can become not so best, and the unknown is what you need help for. You mentioned getting your own termite inspection, and you also need a great home inspector, to make sure of any unseen items. You also need to consider some type of home warranty, and I would highly recommend a good title company, to make sure about clear title, and be sure and buy the Title insurance. Best friends do not always have all the answers.
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Old 11-19-2008, 09:42 PM
 
Location: Central Texas
16,525 posts, read 23,073,250 times
Reputation: 12845
In this situation you may not need your own agent, but you absolutely need to have your own real estate attorney look at the contract and perhaps advise you on the process.

This is to save your friendship as much as to protect you in the transaction.
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Old 11-19-2008, 11:09 PM
 
Location: Nashville, TN
150 posts, read 216,618 times
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You didn't say in which what part of the country you are located. The role of Real Estate agent varies somewhat in different parts of the country, but in all parts we understand the market value of a property. Obviously at this point you and your friend have agreed with that portion of the contract.

They other agents are correct when they say that you need your own representation. I know everyone wants to save money and all they can see when they purchase a property is the "added fees" from agents or attorneys. But there can be problems with a property that even an owner is not aware of. We can all tell horror stories about surprise findings during an inspection of the property or of its title. A good home inspector, a good title company, title insurance, and a home warranty are for your peace of mind as well as your friend's. This way they will know they didn't inadvertently "cheat" you on the transaction.
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Old 11-20-2008, 07:00 AM
 
Location: Venice Florida
1,381 posts, read 3,685,535 times
Reputation: 793
It's amazing how easy a real estate transaction can be!
Just curious, is that 15 calendar day or business days to get the inspections? Once the inspections are done, how long do you have to notify the seller about any problems that were found if any? Who is responsible to make repairs should any be needed? Your getting the property at a great price, how much below the market is this "steal"? Who's doing the title search for you? Are you getting title insurance? How about a survey? Any encroachments on the property?
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Old 11-20-2008, 07:50 AM
 
3 posts, read 8,843 times
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Quote:
Originally Posted by FLBob View Post
It's amazing how easy a real estate transaction can be!
Just curious, is that 15 calendar day or business days to get the inspections? Once the inspections are done, how long do you have to notify the seller about any problems that were found if any? Who is responsible to make repairs should any be needed? Your getting the property at a great price, how much below the market is this "steal"? Who's doing the title search for you? Are you getting title insurance? How about a survey? Any encroachments on the property?
I live in SouthEast Virginia. What I'm getting is 3.25 acres with a Single-wide trailer that has two permanent additions. The square footage with the additions comes out to app. 1800sqft. The land is very nice and perks for at least one really big house. I'm getting the land and the existing trailer which is in really great shape and has been there for 20 years for $82500. The property is located on Colonial Trail W just outside the town of Surry, VA. Homes are sparse on that road, about one every 1/4 to 1/2 mile and all the other ones are big, expensive homes. So, for me to subdivide this land and build a couple homes in the future would be a relatively easy profit. There's nothing but farmland around my property. It's beautiful out there. Market value for the property is $95000.

So, yeah, 15 calendar days from the signing of the contract to get the inspections done and 3 days after to notify the seller. If we can't come to an agreement, the contract is nullified and I owe them nothing and get my $500 deposit back.
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Old 11-20-2008, 08:14 AM
 
Location: Venice Florida
1,381 posts, read 3,685,535 times
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Zoning in the area will allow sub-division? You've checked with the county zoning dept.? Is land in a flood zone, Surry is close to the James.
Sounds like you have found a great place, enjoy.
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Old 11-20-2008, 09:00 AM
 
1,151 posts, read 1,900,334 times
Reputation: 240
Yes it can be that simple. I've done it without a contract even. Are you concerned that your friend will decide to sell it to someone else? If not, I don't see any reason to even sign a contract. Do your inspections, and if it passes exchange the money for the deed. Good luck.
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