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Old 06-07-2010, 07:40 AM
 
183 posts, read 618,896 times
Reputation: 52

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My brother is going to give me a deal of a lifetime - the house is not on the market and I know for a fact it is in wonderful condition. Aside from the basics like bank appraisal for the mortgage, various inspections (termite, etc) what other fees do I avoid by buying direct? I assume no broker but what else?
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Old 06-07-2010, 07:42 AM
 
152 posts, read 547,890 times
Reputation: 112
Nothing. Most of the fees associated with buying a house are due to closing costs.
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Old 06-07-2010, 08:57 AM
 
Location: Northport
465 posts, read 1,710,143 times
Reputation: 179
^^
all closing costs are buyers responsibility, you will require an appraisal for your mtge as well as a termite inspection.

the price will be your savings if he gives you a great deal.

your brother saves alot of money by not having to pay ~4% to an agent.
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Old 06-07-2010, 09:09 AM
 
Location: East Northport
3,351 posts, read 9,759,873 times
Reputation: 1337
Even though you are buying the home from your brother I suggest that you still get a home inspection. There may be defects that your brother does not know of. Also, it could save a lot of family strife down the line.
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Old 06-07-2010, 09:15 AM
GPC
 
1,308 posts, read 3,413,166 times
Reputation: 1050
Quote:
Originally Posted by JonnyTrees View Post
^^
all closing costs are buyers responsibility, you will require an appraisal for your mtge as well as a termite inspection.

the price will be your savings if he gives you a great deal.

your brother saves alot of money by not having to pay ~4% to an agent.
That's what I was thinking as well.
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Old 06-07-2010, 09:43 AM
 
152 posts, read 547,890 times
Reputation: 112
Your bank may require an inspection whether you want it or not.
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Old 06-07-2010, 01:27 PM
 
Location: Long Island
9,933 posts, read 23,152,789 times
Reputation: 5910
Quote:
Originally Posted by brimasa View Post
Your bank may require an inspection whether you want it or not.
The lender merely requires a termite inspection (on Long Island).

However, IMHO no one should buy a house w/o a full inspection, regardless of who the seller is, including new construction.
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Old 06-07-2010, 01:52 PM
 
2,851 posts, read 3,474,564 times
Reputation: 1200
Pretty much what everyone said. He can drop the 4%, but thats it.
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