Working without a buyer's agent

[christina0001]

Did you really think you could ask a bunch of realtors how to make a bid and close a sale without using a realtor? If realtors were willing to tell you this for free over the internet, they'd have no jobs.

I'm no expert, but it sounds like you may be in a contractual agreement (verbally or otherwise) with the two agents who showed you houses and maybe even the seller's agent of the home you're thinking of bidding on. Before you make the situation even more stressful for yourself, choose a real estate attorney and discuss your options.

[BrianG]

Originally Posted by jacob

I am planning to put in an offer on a house I like.

What are the things I need to be careful about on the offer ? What I can think of is :
a) Using the standard 1-4 family residential contract form for putting in the offer.
b) Put about $3000 as earnest money
c) Ask for about 20-30 days for closing after the acceptance of offer. (The house is empty right now)
anything else ?
d) Ask for 7 days buyer's option to terminate the contract for $100 option fee.

anything else ?

What are the next steps that I need to work on. The ones I can think of are :
a) Finding a good inspector for inspection. May be also get a separate termite and structural inspection.
b) Work with a mortgage banker/broker.

Is that all ? Or am I simplifying things too much.

In jersey most brokers will not even present an offer to their seller without a
Pre Approval Letter

SO # 1 is work with a mortgage banker/broker
also in jersey the termite inspection and structural inspection are all part of the home inspection

Also
In jersey , you need a co from the town or city the house is located in
You need to know if The CO is the buyers or sellers responsability
It is different than the home inspection , The town will let you know what is required to get a CO ..It could be something as minor as a switch plate cover or it could be something major (maybe the seller put in a 2nd bathroom without getting the proper permits) If the CO is on the buyer it could get costly so be carefulllllllllllllll

AND make sure you get everything done in the time frame set forth in the contract

[scgraham]

Originally Posted by jacob

I am planning to put in an offer on a house I like.

What are the things I need to be careful about on the offer ? What I can think of is :
a) Using the standard 1-4 family residential contract form for putting in the offer.
b) Put about $3000 as earnest money
c) Ask for about 20-30 days for closing after the acceptance of offer. (The house is empty right now)
anything else ?
d) Ask for 7 days buyer's option to terminate the contract for $100 option fee.

anything else ?

What are the next steps that I need to work on. The ones I can think of are :
a) Finding a good inspector for inspection. May be also get a separate termite and structural inspection.
b) Work with a mortgage banker/broker.

Is that all ? Or am I simplifying things too much.

Who's looking out for you? There is no amount of research that can overcome the experience of a true buyer's agent to help you save save money and avoid pitfalls.

[Rakin]

Jacob

I agree with above. Sounds like you are in TX. All listing agents are not as honest as you would like and they are working for the seller. The odds are the seller has agreed to pay the listing broker a fee and the listing company is probably offering at least 3% of this fee to a buyers agent. It should not cost you anything in the price of the house and may keep you from making a major mistake.

Also, that 3% the buyers agent should probably get will end up in the listing agents pocket.

Someone above said it sounds like a verbal agreement. In real estate there are no verbal agreements.

[Bill Keegan]

Originally Posted by Rakin

Someone above said it sounds like a verbal agreement. In real estate there are no verbal agreements.

Maybe in Texas there are no verbal agreements. Here in NJ, you absolutely can make, agree to, be bound by, and enforce, a verbal contract for the sale of real estate.

[Brandon Hoffman]

Originally Posted by Bill Keegan

Maybe in Texas there are no verbal agreements. Here in NJ, you absolutely can make, agree to, be bound by, and enforce, a verbal contract for the sale of real estate.

Bill, I know you are a very knowledgeable and intelligent agent so I have to ask. How can you enforce a verbal contract? It seems to me it would break down into he said/she said to me and you could never prove anything.

[Bill Keegan]

Originally Posted by Brandon Hoffman

Bill, I know you are a very knowledgeable and intelligent agent so I have to ask. How can you enforce a verbal contract? It seems to me it would break down into he said/she said to me and you could never prove anything.

Oh, I'm with you on that, and I would never want to work with a verbal contract for that reason. But it is helpful to know that verbal contracts are valid & enforceable, if for no reason other than to make sure you don't enter one inadvertantly. I like to reduce every agreement to writing at the first possible opportunity.

[Rakin]

Frios

We wish you would stop your advertising on this website. You've just joined and I've already seen you push this on 2 threads.