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We are looking at a FSBO. The sellers are not keen on working with an agent (though they are open to it..) and we don't have one yet anyway. We're not necessarily intimidated by going it alone, but want to make sure we are thorough. One thing I have heard mentioned again and again is hiring a real estate attorney to represent us. Does anyone know of a good attorney who provides this service?
Any other input you feel like giving is great, too. Thanks!
No new input, but I agree with attorney. I have always sold my own houses and used an attroney. If the sellers aren't having to pay a commission, you are getting a better deal. This is such a basic transaction, that almost any attorney specializing in RE transactions, will be fine.
there is no guarantee the buyer is getting a better deal. They still need to agree upon a price, and the seller will want as much $ as possible. The seller may hate RE agents for all we know..
Any other input you feel like giving is great, too. Thanks!
As this sounds to be your first home purchase... go slowly.
Don't let anyone rush you to make any decisions and don't sign ANYTHING before that
RE attorney has seen and approved it. Most transactions are simple and uneventful...
but when a problem crops up it's almost always rooted in some detail *assumed* by
everyone to have been addressed by someone else.
You'll need an inspector. A good electrician is often adequate.
Most important is that you have reason to trust them.
A personal referral at the least... not just a name out of the phone book.
Go to your bank. Know how much you can afford to borrow.
Keep every penny of cash that you can in reserve for surprises.
Two years down the line if all is well... you can pay more "down".
Keep some repair reserve cash too.
On that point be certain the loan allows extra principle payments.
Amortize at 30 years... Pay it off at 20 years
Great advice...thanks. This is actually our fourth home purchase, but would be the first FSBO. In our state it's atypical to have an attorney involved in a closing so this a new angle for us.
In Washington, the escrow company will handle all the paperwork and make sure all the required paperwork is done.
It is often possible to hire an agent to do paperwork for you and check the offer and make sure you are protected, without paying them a commission. I usually pay about $500 for that service.
The big issue with using the help of a good agent is that they should be protecting you, a making sure the right contingencies are in the contract and that you can get your earnest money back if the contingencies are not met or the seller does not perform.
You could probbaly hire a real estate specialist lawyer to do the same job. I don't know how much a lawyer would charge, but the day to day wills and document type of lawyer isn't expensive. It's the prima dona criminal lawyers who charge so much.
I always wonder what a person is trying to hide when they try to keep agents away.
I agree. I refuse to work with FSBOs. They usually are just "too special" to work within the system and are unwilling to do things an agent would request, like clean, declutter or ask a reasonable price.
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Thanks!
