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My friend has a home in the exact neighborhood I want to live. I would like to buy it if everything checks out. Here is the problem. I don't know how to do this as a private transaction. They have hit hard times. I know that they have mentioned they just want the house paid off and that is fine IF what they owe on the house is really fair. I have been told by a real estate agent that the amount they are asking is the amount homes are selling for in that area. It would be odd to me that they could owe that much on the house after having lived in it 10 years. Maybe they got a second mortgage? At any rate that doesn't matter. What matters is that we are out of state at the moment . I haven't seen the home in years. I have never seen the upstairs. I have asked of pictures about 15 times but she hasn't sent them. This makes me wonder why she won't send me pictures. Yet she wants to sell me the house . I know she is out of state and needs her son/husband to send the pictures but so far no one has. I think this is due to the husband/son procrastinating and not her. Anyway, I need to get an inspection/appraisal done I feel to make sure I don't get screwed. Does anyone have advice on how I should go about all this? Houses in that neighborhood go very quickly and so if it is a good deal I do want the house. But I don't know what to say. She told me she has a family friend who is some kind of person that can write up the deal but I don't think that would be in my best interest. I need to make sure I am covering my best interests. Advice?
You talk about a private sale but then you say a real estate agent told you how much they have it listed for. If it is on the market and listed than you just need to treat it like any other house you would be looking at.
Why does it matter how much they owe compared to what they are asking? You need to take trhe friendship out of it and look at it like any other house you are looking at
Exactly- this is a business transaction- keep personal feelings out of it.
The first thing you want to do is to physically see the house. Forget pictures- they can hide much. You need to get there and view the home inside & out.
Then you need to get good idea of what it is worth. Forget about what they owe on it- it has no bearing on today's value. If they are not willing to show you a current appraisal, then ask if you can have one done. Based upon an appraised value , hire a real estate attorney and have him/her draw up a contract. Make sure you include a home inspection clause, a financing clause, closing data, etc. - all to protect you.
Then present the contract to the sellers and see what happens.
Make sure to do all due diligence. This is an expensive transaction - protect yourself.
Exactly- this is a business transaction- keep personal feelings out of it.
The first thing you want to do is to physically see the house. Forget pictures- they can hide much. You need to get there and view the home inside & out.
Then you need to get good idea of what it is worth. Forget about what they owe on it- it has no bearing on today's value. If they are not willing to show you a current appraisal, then ask if you can have one done. Based upon an appraised value , hire a real estate attorney and have him/her draw up a contract. Make sure you include a home inspection clause, a financing clause, closing data, etc. - all to protect you.
Then present the contract to the sellers and see what happens.
Make sure to do all due diligence. This is an expensive transaction - protect yourself.
If I was a seller and had a buyer and all at once buyer introduces a realtor and expects me to pay a fee I would be pissed.
A professional appraiser, good home inspector and a good lawyer is more important. A realtor adds nothing to transaction except a bad dye job and cheesy clothes
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