Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Hello, my partner and I recently began simply perusing home listings in anticipation of "officially" starting our first home buying experience over the coming months. However, we happened to come across a home for sale in a nice neighborhood well within our price range. The home is FSBO, and after calling the number on the sign and getting a tour of the place, we really liked what we saw. We applied for and were preapproved by our bank to borrow an amount that would allow us to pay up to the list price for the home. We made an offer and the sellers accepted. We signed a purchase contract that was written by their lawyer and gone over by my father (who is a lawyer). The contract contains standard clauses, including "outs" if buyer financing falling through or if the buyer and seller are unable to negotiate a new price based on the results of a certified home inspection (which we are having done this week).
FWIW, the sellers themselves are very nice, not apparently in a hurry to sell, and want to help make sure this goes smoothly.
I guess my main question right now is- what exactly do we need to pay people to do at this point? And who can we get to do those things? By that I mean, we found the home and we agreed on a price (subject to the results of the inspection), which typically seems like a huge part of the hastle involving home buying. I'm not suggesting that we can handle everything. But on the other hand, this seems to be a very amicable process between buyer and seller so far. I guess we'll have more to potentially negotiate when the inspection report is finished later this week. But I really don't think at this point we need to pay somewhat a substantial amount of money to "go to the mat" for us, we mainly just need someone that can help with paperwork. Should that person just be a lawyer? Should be contact real estate agents and find out what they would charge to handle the "back end" details? I guess I'm just not exactly sure what steps to take next.
A lawyer reviewing your real estate contract, I'd say $1k is reasonable. Get a termite inspection too. When the inspection comes back you will need to negotiate those items in disrepair to your satisfaction. What will the seller pay for? They may issue you a credit at the sale which will put money on your side but won't reduce the sales price. They may also reduce the price. Or they may pay nothing or fix nothing and then you can re-evaluate. My opinion, A good real estate lawyer should be able to do this for you.
Yes, termite inspection is included in the home inspection this week. And that is exactly the question we are waiting to discuss. What comes out of the inspection? But assume we can also negotiate a reduced price after the inspection (surely something will need to be fixed)- then what? I guess what I'm saying is that it's possible we will be able to negotiate everything ourselves with the sellers to everyone's mutual satisfaction. At that point, for all the loose ends that come up as you prepare to close- is there someone we should simply hire to work on those details?
I think the lawyer is your answer. He will advise further, but your banks and the title company will do all the paperwork for you. They will set up a closing with all of the documents at the title company with both of your lawyers. Check with an attorney and let me know too if he recommends someone else. I'd be surprised. I'm sure someone else will chime in soon too. Good luck.
I agree with the first post about getting an attorney who specializes in real estate and not being represented by a relative. Real estate is too complicated these days and too much can go wrong before settlement that you will want an attorney who knows what they are doing. Also, don't assume the seller knows what they are doing when it comes to ordering tax certifications, inspection repairs, or anything else associated with getting to settlement. Stay on top of these items so that you don't have any issues at the settlement table. Good luck!
I would highly recommend a home inspector and NOT someone recommended by the realtor. The home inspectors Realtor's recommend tend to white wash issues just to make the sale go through, they do not have your best interest in mind, they want repeat business from the realtor so they are not going to point out anything that's not obvious.
I would highly recommend a home inspector and NOT someone recommended by the realtor. The home inspectors Realtor's recommend tend to white wash issues just to make the sale go through, they do not have your best interest in mind, they want repeat business from the realtor so they are not going to point out anything that's not obvious.
Perhaps you can get off the soapbox and take time to really read the OP again. They are not using an agent, and have already scheduled their inspection. The reasons why your comments are not true have been discussed elsewhere many times, so I won't rehash here.
A lawyer reviewing your real estate contract, I'd say $1k is reasonable.
Both buyers and sellers use attorneys in my state. Typical fees, including in person representation at closing are in the $350-450 range, paid out of closing.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
