Rolan, I thought my FSBO experience was quick, easy and painless, too. Here’s what happened after: seller tried to sell me wall to wall carpet, window treatments and chandeliers. Seller told me there was wood under carpet, it was plywood. Seller lied to me about why they were moving, LOL what a surprise. ☺ Seller tried to sell me the TV antenna, do you believe that one. Seller called me every week to find out if I had sold my house. Seller called a couple of time to tell me the agents had told him he priced his house too low—I subsequently found out I overpaid (210,000) when the house behind me sold for 169,000 a few months later. Seller lied and said his house was ready when I asked for an extension of the closing, costing me an extra $1500. When we did go to close, seller couldn’t make it cause his house wasn’t ready. I think much l of this would not have happened if either side had an agent representing them. I think I would have done better even buying thru a listing agent. This was before I was an agent, it was the 2nd house I bought, I wasn’t a first time buyer, but not doing this every day no matter how knowledgable you are, you’re taking a chance. Even in my office sometimes one of us comes up against something we’ve never encountered before and has to ask one of the other 40 agents, some of whom have 50 years in the business, for advice. You’re taking a chance buying or selling FSBO IMO, it can be done, people do it, but you are definitely taking a chance.

Remember that the Seller pays the Realors, not the buyer. Therefore, buying a FSBO will mean a much more difficult transaction for you, and no cost savings to make up for it.

Unless there is something that makes this home particularly special to you, I think you would do better moving on to a home that is listed with a real estate professional. Then you'll be dealing with a seller that is serious about handling the transaction in the proper way.

As a first time home buyer in Edison, there are downpayments and programs you may qualify for. Make sure to check all of them before its too late...

Congratulations on your first new home. I have a list of very good attorneys in the Metuchen/Edison area. In addition, I have lists of inspectors, home contractors, lawn service and other valuable vendors. It is difficult for a buyer going without a professional realtor to go over the bumps of buying and an attorney will not be present for home inspections or making sure that all the proper paperwork is completed by the homeowner. I wish you the best of Luck.

Hi
I work heavy in the Edison/Piscataway area and have a list of local Lawyers for you if you do not already have one. As for tips, when you are representing yourself and do not have a "buyers agent " working on "your " behalf, all is on your shoulders. Negotiating the sale is the easy part, making it through the home inspection and appraisal can be a hurdle or even a deal breaker. With no middle agent to keep things moving along smoothly you will have to count on the lawyers involved. In todays market having an agent represent you is key. I hope this helps and good luck with your purchase.
Melisa Takacs
Millennium Interstate Realty
732-203-1500 (0)
732-996-1835(c) http://www.HousesJust4You.com

Xx,

Since you have already located a home, find yourself a LOCAL real estate agent to assist and negotiate the commission. The money you save by foregoing a Realtor may very well cost you much more than the expense of hiring a Realtor as the process moves along.

You can use Trulia's "Find a Pro" under the "advise and opinions" tab. Interview at least 3 and pick the one which you feel most comfortable. Ask questions like are u full time or part time, how many years experience, etc.

Once you have found one that you are most comfortable, he/she will usually recommend 3 attorneys with which they have worked with in the past that have provided adquate service to their previous customers. I highly recommend one that your Realtor recommends as most often their previously established relationship usually ensures a smooth transaction. No worries about kickbacks and the like b/t Realtors and attorneys as it is illegal and frankly, I don't know of any Realtors who would risk their license by engaging in such practices.

Good Luck!

Love and Peace,
Francesca, Realtor, ePro

You've gotten great - and consistent - advice. I'll just add that if you have not yet reached an agreement with the seller, do secure the services of an agent to assist you. The reasons have already been covered well - deserves repeating though that the value to you is enormous, most especially to be sure you don't pay too much and to guide the process and keep it on track. Most FISBO sellers will cooperate with agents so your transaction should not be hindered in any way. If you've already reached an agreement with the seller, then he/she will likely not entertain paying your agent.

In any case, a good real estate attorney is critical. I do have several I work with often and while they are not in Edison, the location of their practice is not that critical - with the exception of the closing which generally takes place at the buyer's attorney's office, your communication with your attorney will be phone,fax,email. I have a Woodbridge buyer who is using one of these attorneys now.

If you'd like additional info, just send me an email or call 908-337-0943.

Best,
Jeannie Feenick
"Unwavering Commitment to Service"
Search the MLS at http://www.feenick.com

If you don't have a Realtor and you don't have a lawyer, don't expect easy going! If you've already selected the home and are sure that your offer is fair market value, GET AN EXPERIENCED REAL ESTATE ATTORNEY.

As agents we could give you a ton of advise, but guess what every transaction is different and it's our ability to respond to varied and unexpected occurances, while moving the contract forward, that make us valuable in any real estate transaction.

Laura Giannotta
Keller Williams Atlantic Shore

I'm going to cut to the chase and say what no one else really wants to. ESPECIALLY as a first time homebuyer and ESPECIALLY dealing directly with a homeowner, you're potentially setting yourself up for failure and a good amount of money thrown to the wind.

If you're not represented by a real estate agent, how do you know this home is being offered at a market value price? Who is running comps for you? The homeowner? They don't have access to the same complete information as any experienced agent in your area. Also, the homeowner will not be able to make the same indepth comparisons that an agent who works that territory can.

If this homeowner has not completed a seller's disclosure (typically provided by the listing agent), you will not have an opportunity to judge the age of the home's operating systems or get sufficient warning of the home's potential issues. Of course a home inspection will reveal most if not all issues, but seller disclosure forms are helpful in giving the buyer an idea if the home is indeed something they want to pursue or not. Do you really want to pay $500+ for a home inspection when you could have had a buyer agent's guidance in having the seller fill out the disclosure and then reviewing the contents of the form?

This situation is a great example of the blind leading the blind. Get a real estate attorney. Get references from people you know.

Fred's response is excellent and indicates the vast issues and challenges that could be relevant to this property. You should have the homeowner address each of these points.

Good luck!

X: Before you sign anything, (and I hope you haven't) talk to a Realtor about helping you. You really do need the expertise a good realtor can provide. AFTER you have a Realtor, hire next a Lawyer to represent you and counsel you on matters of law and, of course, we are talking specifically about real esate law and contracts.

Best wishes.

Bill Holt

Get a Real Estate Attorney.

Do not Sign ANYTHING without your Attorney's approval.
----------------------------------
Get the House Inspected by a Contractor.

Check with City and County Zoning to find out what the plans are for the area.

Call the Sheriff's Office and the Police Department and get Crime Reports for the neighborhood.

What about the Schools? Can you find out the pass/fail rates?

Is it convenient to shopping, and restaurants?

How far is the nearest Hospital or emergency medical facility?

Is it convenient to mass transit or bicycle paths or sidewalks if you need them?

How far is it to the Airport, and how much will that Taxi Ride cost?

Any Parks or public Green Areas in the vicinity?

Is it on Sewer or Septic?

Private Well or Public Water?

How old is the Roof?

Is there Lead-Based Paint?

Is there Polybutylene Pipe?

How much Insulation is in the Walls and in the Ceiling?

How old is the Heating and Cooling System, and is it large enough for the house?

Are there any Zoning Violations?

Are there any Illegal Additions to the house?

Will the Property Taxes be adjusted when you buy the house, or will they remain the same?

What about Environmental Issues like Radon?

What was on that Land before - was it an industrial site?

How is the foundation?

Is there a Mandatory Homeowners' Association or Condominium Association that you must join?
If yes, how much does that cost? Are the Dues current?

Are the Property Taxes current?

Is the House in a Flood Plain?

Even if it is Not in a Flood Plain, what happens when it rains - does the rainwater run off,
or does it stand in puddles or back up against the house?

How much is the Homeowners' Insurance?

Is there any Negative History attached to this house (murder, suicide, "haunting", crime scene)?

Why are you Selling?

Are you [the Seller] an Investor / Landlord or are you the owner-occupant?

Is the house in Short Sale status - do you need your Bank's Approval for any Contract that we sign?

Etc. etc. etc.


------------------
Best wishes to you,
Fred
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Hello!
How are you doing?
First if all, you have to be sure you are paying a market price for this house, not higher, but less is good.
Ask the seller about property disclosure. If there is no one, make a list of questions that is most important to you and ask the seller answer them and sign your list.
And contact real estate attorney to prepare a contract of sale for you.
Be ready to pay more at closing to attorney, because he/she will do extra work in your deal.
Good Luck.
Yelena

Xxnileshxx,

I agree with J....I agree with J....I agree with JJJJJ

Ditto J R's answer.......

I think I actually said Xxnileshxx several times this weekend while sampling beverages!

I'm going to add a fourth. Make sure the attorney's primary practice is REAL ESTATE. Not DIVORCE and not a CRIMINAL attorney.

You need to be represented by an experienced and savy buyer agent. Often, FSBO sellers don't know real estate and your agent needs to protect you by doing a lot of the work a seller agent would. You will also need a real estate lawyer.
Jean-Pierre Angel
Exclusive Buyer Agent in the Boston area for the last 15 yeaars
RealEstate.com REALTORS
angeljp@aol.com
617-924-9136
cell: 617-230-7045
FAX: 617-393-1664

Gonna say it a third time...get a real estate attorney. One of the reasons people use Realtors is because WE can help you through the process (tho not give legal advice). If you are not using a Real Estate agent, you need someone who understands the process to guide you.

Good luck

Hello,
Get yourself an experienced real estate attorney to assist you with the process.
Best Regards,
Pamela El-Ghoul
Weichert Realtors
732-577-0440

Hi,

Definitely get a Real Estate attorney to handle the transaction. Have all your inspections...House Inspection, termites and radon done. Good Luck to you!

Gina Fagnani
Century 21 Hearst Realty