Advice on FSBO transactions
Did you buy a home For-Sale-By-Owner? Did you sell a home FSBO? Can you help a mama out? Margaret at mothernotes[at]gmail[dot]com seeks advice:
We're seeking some advice regarding purchasing a house for sale by owner. While we would prefer to work with a realtor, we have found an ideal house for us and have reached a verbal sales agreement to purchase an estate near our current house. We will be signing a legal sales agreement in the next day or so and then will proceed with the inspections (house/property, sewer, and soil). However, we aren't exactly sure how the paperwork and legal process works after that. Would love to hear for others who have been buyers of a for sale by owner transaction. And/or if you know or could recommend a good real estate attorney. Thanks!
I haven't purchased a home by owner, but I have heard good things about Mark Bonnett, a lawyer specializing in real estate. Here's his e-mail mark@markbonnett.com. Good luck!
Posted by: Kady | June 03, 2007 at 10:31 AM
I also recommend finding a real estate attorney. Mark happens to be my corporate attorney. Didn't know he was doing real estate! He's wonderful.
Posted by: Kat | June 04, 2007 at 11:56 AM
we've both bought and sold homes by owner. it's really very straightforward if you have the proper documents, which you can get online or at the law supply office downtown (on 5th i think), and are comfortable with face-to-face negotiations. but, if you're buying, why not go with a buyer's agent? the seller pays all agent fees, usually. if the fsbo owner won't pay for such fees, you might negotiate for something like 1.75%, and you pay the remaining part.
Posted by: leslie | June 07, 2007 at 02:00 PM
we've both bought and sold homes by owner. it's really very straightforward if you have the proper documents, which you can get online or at the law supply office downtown (on 5th i think), and are comfortable with face-to-face negotiations. but, if you're buying, why not go with a buyer's agent? the seller pays all agent fees, usually. if the fsbo owner won't pay for such fees, you might negotiate for something like 1.75%, and you pay the remaining part.
Posted by: leslie | June 07, 2007 at 02:01 PM