It is interesting that you're asking agents for advice on handling your agent.
Shouldn't you be asking why someone would want you to forgo using a real estate professional? I understand that the seller is showing their appreciation because you would save them the cost of marketing. Does that mean you're getting a fair deal? Not necessarily.
You should probably talk to a few contractors, if that's not your area of expertise. An agent, however, is going to be able to tell you if you're going to pay too much for a home. You're probably aware that agents often pair up with other professionals to work on fix and flips. It seems like this would be an example of where agents like this could be of service. Unless an attorney is also a real estate agent, you're unlikely to get this valuable perspective.
Many of us have backgrounds in the home construction industry. We know the questions to ask and this knowledge comes in handy when negotiating.
Are you sure you want to proceed without an agent? You say you are inexperienced. You should consider this move a bit longer.
of Longmont, CO
Attorneys are great for a lot of things, but I think a team comprised of a mortgage broker, inspector, attorney, and contractor is understaffed.
All the best,
You said it, you are first time buyers. You can't let the seller dictate the transaction. You need representation and a great recommendation for a lender that really knows the 203k.
Best of luck!
There is nothing stronger than a walk away position - my suggestion it to discuss with your agent - and then to consider telling the FSBO seller you are interested but only if they will work with your agent so that you get the support you need. The seller wants a buyer - and you deserve and will benefit from your agent's expertise, and it sounds to me as though your agent has earned the courtesy.
And in the future, be sure to bring your agent in BEFORE you call or see the home. The chances for your relationship to be recognized diminish greatly if you make contact yourself.
Good luck to you,
Unwavering Commitment to Service, Unsurpassed Results
But it is the best money you will ever spend. Don't do the deal without one.
The Seller's want to save on commission because the Seller pays the Realtor to do the deal. You won't lose the house if it is meant to be. If it needs a lot of work do not rush to do the deal. You have a right to do inspections.
1) I suggest getting your own, that way you'll have representation. I live in VA and they charge around $400 to write up the contract and do any negotiations.
2) Ask what their fee for closing is also. Here, it's around $300. (They'll also be able to tell you all of your closing costs). It's usually around 3% if you're getting a mortgage.
3) Be sure to make the contract contingent on a home inspection.
4) A real estate attorney will be able to interpret the contract in case there's anything you don't understand. Something an agent is not suppose to do.
The seller is obviously looking to save thousands on commission. That's probably one reason why their offering you a lower price.
If the home inspection comes back with no major repairs, it may be a good deal.