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I am looking to buy a property. I was planning to get a loan to buy it, but it turns out this must be a "all cash purchase" because it has a mobile home on it and cannot do loans. So Plan B for me is to sell another property I have to fund this. Problem with Plan B is, doing so takes at least 1-2 months; but this property I want to buy may get an offer after this weekend.
So my Plan C is this: I will get my brother to buy this property (I know they have cash in stocks and can convert into cash quickly); I plan to offer them - in one years time, if they like the property, they can keep it; if they don't like the property, I will buy it from them at a price that is 120% of what they pay now. I think one year is definitely enough time for me to do my sale.
My question is this - if and when it comes time for me to buy it from my brother, do we still have to go through a broker to do this and pay the 6% commission? (that seems unnecessary to me) Is there a way for us to do this transaction and take care of all paperwork ourselves with minimal cost?
I am looking to buy a property. I was planning to get a loan to buy it, but it turns out this must be a "all cash purchase" because it has a mobile home on it and cannot do loans.
He said 'vacation property' so I should have said that instead of "vacation house". My apologies for that egregious error.
Egregious? Don't go overboard. No need to criticize your own posts so dramatically (save that for the RE agents! ). I was just seeking to clarify his situation, since specific facts can make a difference. (Sarcasm and joking don't always transmit well over the internet, but if that was your intention...I apologize for my egregious oversight!)
I'm sorry if everything must be 1,000 words in order to be understood. See, he asked this question:
Quote:
My question is this - if and when it comes time for me to buy it from my brother, do we still have to go through a broker to do this and pay the 6% commission?
My answer was:
Quote:
a broker, regardless of compensation, isn't required in any real estate transaction until one or both parties has hired a broker.
a broker isn't required in any real estate transaction.
a broker doesn't need to be paid 6%, even if you use one.
if a party comes into a sale/purchase arrangement and "one or both party has hired a broker" (assuming on an exclusive agency basis), that's when a broker has to be involved ("go through").
have you had the time to link us to your "a broker claimed I was ESL" charge? this seems an appropriate time to remind you to do so, given that my short answer confused you so much.
Egregious? Don't go overboard. No need to criticize your own posts so dramatically (save that for the RE agents! ). I was just seeking to clarify his situation, since specific facts can make a difference. (Sarcasm and joking don't always transmit well over the internet, but if that was your intention...I apologize for my egregious oversight!)
Yes, I was being sarcastic. You're right that this was a relevant point to some of the streams of discussion on this thread and although my error was in a clearly flippant comment, others could pick up on it and it could create misunderstanding and confusion. And poor quality information for consumers. Guilty as charged.
(I know they have cash in stocks and can convert into cash quickly)
Quote:
Originally Posted by rhbj03
In fact, I had a few times hinted to him, that he should invest in real estate instead of stocks, but I did not want to outright meddle in his money affairs.
These statements are huge WARNING signs to me. There is far more going on below the surface than what we're reading in these posts.
My advice is to avoid giving any advice in this thread.
Why on earth would you need a broker? You already have a buyer.
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). I was just seeking to clarify his situation, since specific facts can make a difference. (Sarcasm and joking don't always transmit well over the internet, but if that was your intention...I apologize for my egregious oversight!)
