Feroz
A few questions to think about:
What would happen if you gave them owner the money and it turned out that the "owner" was unable to give you title because of a "problem"?

What happens if the agreed price is more than the bank's appraiser says it is worth? Will you pay more for a property than it is worth?

What would happen if AFTER the transaction closes you learn that you could have had professional legal representation (a REALTOR, for example) for free?

and Feroz look at Bill Eckler's suggestion and the others. We have NO dog in this hunt, we are too far away to help you.

Please get a Lawyer and/or a Realtor. Read Bill's answer 4 times.

And the others, all good answers. Think about Nadine's headlight.

john

Feroz,

Our recommendationis to seek the support of a real estate professional in this endeavor. Take note that many FSBO's have an inflated impression of their home and a poor grasp on the local real estate market. For a novice, this could spell trouble.

At least find out how a RE professional can assist you with the FSBO process.

Hello Feroz,

Buying a home on your own without help can be a very difficult and somewhat risky thing to do. As Fred Griffin noted in probably one of the longest answers he has ever given here on Trulia (Fred is well known for his brevity in responding to questions), you should engage the services of a qualified attorney to assist you in purchasing the home. In fact, the length of Fred's response should indicate to you, the potential for risk in an unsupervised and unaided home purchase transaction. An attorney can help you draw up an offer and will steer you clear of the common pitfalls that can come back to haunt you at a later date.

Contact an attorney and protect yourself--you'll be very glad you did!

Sincerely,
Grace Morioka, SRES, e-Pro
Area Pro Realty
San Jose, CA
Area Pro Realty

Hi Feroz,

I can understand your desire to make your own offer. There is no aboslute given way to make an offer.

I don't know what line of business you are in, but probably I wuold not be likely to do your job as well as you do. Last week I needed a new headlight for my car. I got the manual, readd the directions and said no problem. I took the front assembly apart, but there was no way I could get the old bulb out of the socket. After wasting an hour of my time, I decided to go see a mechanic. The price to replace the bulb, and the cost of the mechanics time was only $25. It took the mechanic less that 10 minutes start to finish. The mechanic knew how to do the job, and was paid for doing what he knew how to do.

The commission to the REALTOR is paid by the seller, not the buyer. Your price would be the same either way. Do yourself a favor when making what will be one of the largest purchases of your life and hire a REALTOR. This is what we do day in and day out. We know what paperwork needs to be done, what procedures to follow. If you don't wish to use a REALTOR, hire a Real Estate Attorney.

Good luck in your new home.

Nadine Mauro
The Herman Group Real Estate
561-414-0864
NadineMauroRE@yahoo.com

You might want to have a Realtor help you here

let me suggest Fred Griffin

he will cost you nothing if the listing is on MLS and he has a great handle on Real Estate

handling on your own means

YOUR OWN!

how many times have you bought a home alone?/??

ask Fred how many homes he has sold????

look at all the Issues Fred talks about
and there are MORE

Call Fred I think YOU NEED HIM

John

Have a Real Estate Attorney draw up a Contract and the necessary disclaimers and documents for you.

Tallahassee Attorneys charge approximately $200 per hour plus costs of paralegals, document prep, mailing costs, etc.

I am not making recommendations; I am just dropping names of some Tallahassee Attorneys that I have dealt with; you can look them up (including their firm names and their partners):

Al Penson

Donna Biggins

Tim Padgett

Joe Boyd

Robert Boyd

Crit Smith

Susan Thompson

Matt Matthews

there are many others.


(If you use an Office Supply Contract, or a contract that you bought from an Internet Legal Website, you should still have an Attorney review it.)

There are a number of State, County, and City Ordinances that the Seller must comply with, including Radon Disclosures, lead-based paint, square footage, school zone disclosure, possibly the insulation disclosure, road maintenance, etc.
Be sure to get all of these disclosures. Your lawyer can provide these.

If there is Deposit Money involved, you may want that to be held in escrow.

The Real Estate Attorney can assist you with ensuring Clear Title.
Title Insurance is advised, and will most likely be required if you take out a mortgage.

You will also want to verify Homeowners' or Condo Association Fees and Issues, if applicable.

If you are doing any kind of Lease Purchase or Lease with Option, you will want to verify that the existing loan or loans are paid, and that the Seller cannot take out new loans or otherwise encumber the Title.

The Property Appraiser or Tax Collector can verify the status of the property taxes (are they paid current).

You will need to determine if it is in a Flood Zone if you plan to buy Insurance.

You (or your Lawyer) may want to be sure that the contract is contingent on financing, inspections, etc. with specific dates, who pays for what, remedies, etc.

A typical contract with addenda in Tallahassee runs 10 to 15 pages, depending on the type of property involved.
If you add Seller's Disclosures, Buyer's Disclosures, Inspection Addendum and Inspection Notices, CCLRs and other specific addenda, you can be looking at 20 - 30 pages of paper. Read every word, read the fine print.


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Best wishes,
Fred
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