Home Buying in 37934>Question Details

Santos.creat…, Home Buyer in Knoxville, TN

Making an offer on the home I am currently renting

Asked by Santos.creative, Knoxville, TN Mon Oct 14, 2013

My lease is up in 5 months, and the house has been listed in the past as a "For Sale By Owner". The owner wants me to "Make him an offer". I already have all my financing in place, just not sure how to go about "making an offer"

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I would suggest you find yourself a local experienced buyer broker and work with them. You're going to need to have someone put together the actual paperwork and a good buyer broker will prove to be an invaluable resource center and once the property is under contract can assist you with all the necessary details that take place between the time of contract and closing.Most importantly they can help you with pricing and hopefully if the Seller is realistic help them to understand the market. With more than 25 years of experience trust me that when properties don't sell, it's because their not priced right. and FSBO sellers are often (though not always) unrealistic in terms of valuing their property.

The buyer broker would typically get paid at closing out of Seller proceeds, however the Seller in this case may not want to pay them and then it would fall on you to pay them It's possible you might find someone willing to do this for a flat fee; all you can do is ask.

Iv'e attached a link below on how to find a great buyer broker regardless fo where you're located and I wish you the best of luck.
1 vote Thank Flag Link Mon Oct 14, 2013

In addition to making sure that you are not paying more than market value, you'll want to consider how the results of inspections on the home will be handled. You've lived in the home already but you may be surprised by the results of a home inspection. You'll want to know if there are any underlying issues that may cost you in the short term or in the long run. If repairs are needed, are you prepared to include those when "making an offer"?
I agree with the other posts - it's a great idea to have representation on your side.

Deanna Mendenhall-Miller
Alliance Sotheby's International Realty
1 vote Thank Flag Link Mon Oct 14, 2013

The best route for you is to have a Realtor representing you in the process to protect your interest. A Realtor can do research on the value of the home and help you make sure you do not over pay for the home. Buying a for sale by owner can be tricky and I advise you to have representation.

Valarie Thompson, Realtor
Remax Preferred Properties
1 vote Thank Flag Link Mon Oct 14, 2013
I would be happy to explain; it is definitely more complicated than it sounds.
Feel free to call/email through Trulia for assistance.
1 vote Thank Flag Link Mon Oct 14, 2013
Have you been pre-qualified yet? One of the first steps in the home buying process is to get pre-approved. This is a key step because a pre-approval gives you an idea of how much you can afford and it will allow the owner to know that you have a serious offer. I would be glad to speak with you to help you get the loan that you need! Good Luck! Brian Nguyen Sr. Mortgage Banker NMLS # 659743 Phone: 949.667.2887 brian.nguyen@nafinc.com
0 votes Thank Flag Link Fri Feb 14, 2014
Find a good Realtor! You must make sure to protect your interest. Be sure to get a CMA and just as important a qualified inspector to conduct your inspection.

As far as your financing, I recommend a THDA loan or and RD. You should be able to get into the property with little or zero down. Finally......get the seller to pay your closing cost!

Before making an offer please find out the current market value of the property.

Please call, text or email if I can help you. Mobile 865-455-8889

Good Luck!
0 votes Thank Flag Link Wed Nov 6, 2013
That would be a great answer to get from your local real estate agent.
0 votes Thank Flag Link Wed Oct 16, 2013
It would be wise to have Buyer Representation in this process. A Realtor will be able to assist you with finding the right lender for your particular situation. Your Realtor will be your advocate and negotiate the offer with the seller of the home and will be able to advise you on an appropriate offer by completing a Comparable Market Analysis of similar homes in the area. It is also very important to have a Home Inspection of the property which could identify any issue that the home may have.

Best Regards,
Catrina Foster
Keller Williams Realty
0 votes Thank Flag Link Mon Oct 14, 2013
Good Morning Santos,

There are many parts to purchasing a home, especially a 'For Sale By Owner' home. It is in your best interest to be represented by a real estate agent. I would be happy to speak with you about the process at your convenience.

Warmest Regards,
Pam Owen, Realtor
Realty Executives Associates
0 votes Thank Flag Link Mon Oct 14, 2013
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