Home Buying in 40047>Question Details

Jersi, Home Buyer in 40047

Do need an attorney to make an offer on a "for sale by owner" home I am very interested in? I have a pre-approved letter from my bank.

Asked by Jersi, 40047 Sun May 27, 2012

Help the community by answering this question:

Answers

9
It is very important to have a good agent who will have your back on any transaction. attorneys can be used, but most agents would have a rappore with one to ask questions, and if necessary direct you to a realestate attorney
0 votes Thank Flag Link Mon Oct 13, 2014
Your lender should be able to provide you with a purchase contract and help you with the details of your offer. However, I would suggest you find an experienced agent willing to approach the seller and negotiate for a commission from the seller for bringing a buyer for his property. This way you get all the benefits of professional representation without the cost. Make sure the agent you select has experience with this scenario.
Flag Wed Nov 5, 2014
ven though it's an additional expense, it may be wise to hire a lawyer who will protect your interests throughout the entire transaction. An experienced real estate lawyer can help you evaluate complicated offers (those with a variety of conditions), act as an escrow agent to hold the down payment, evaluate complex mortgages and/or leases with options to buy, review contracts and handle your home's closing process. They can also tell you what things, by law, you must disclose to buyers prior to a sale and can also help you avoid inadvertently discriminating against any potential buyers.

In some areas, title companies will handle all aspects of the transaction and have in-house legal departments that can assist you with legal issues that may arise. To locate a title company in your area,

Unless you're significantly experienced in the home selling process, having a real estate lawyer at your side provides peace-of-mind. You know you've got someone looking out for your interests, not just the buyers
0 votes Thank Flag Link Wed May 15, 2013
Owner-to-consumer purchases can be completed without an attorney.

You may want to get a buyer's agent though, as purchasing a home is a big investment and making the wrong investment you could lose your savings.
0 votes Thank Flag Link Sun Feb 17, 2013
No you don't. You are fine on the offer. Get it in writing.
0 votes Thank Flag Link Sun Feb 17, 2013
You could always make a verbal offer to the seller to see if you can come to an agreement, and then follow up with an attorney to make things official. Just keep in mind that any verbal agreement will not be legal and they could just change their mind while you are getting the attorney to draw up the papers. Also, you may not seem as serious a buyer, but nothing is stopping you from doing it.
0 votes Thank Flag Link Wed May 30, 2012
If you are not working with an agent of your own, do protect yourself and hire an attorney for all related paperwork...
0 votes Thank Flag Link Tue May 29, 2012
Fsbo sellers will often work with buyers represented by agents, and agree to pay the agent as part of the deal. The buyer can get all of the paperwork done properly so that the deal goes smoothly, at no cost to the buyer, if the seller agrees to cooperate. A great deal for the buyer!
0 votes Thank Flag Link Tue May 29, 2012
Yes. Everything follows the initial Purchase Agreement that is executed between the parties. Waiting until closing is too late.
0 votes Thank Flag Link Sun May 27, 2012
No, you should be fine. However, make sure you do a title search and have an attorney represent you at closing.

Joel Lobb (NMLS#57916)
Senior Loan Officer
502-905-3708 cell
502-813-2795 fax
jlobb@keyfinllc.com

Key Financial Mortgage Co. (NMLS #1800)*
107 South Hurstbourne Parkway*
Louisville, KY 40222*
http://mylouisvillekentuckymortgage.com
0 votes Thank Flag Link Sun May 27, 2012
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer