Home Buying in Lexington>Question Details

Susan, Home Buyer in Lexington, KY

What are our options for entering into a legal contract to purchase a home for sale by owner?

Asked by Susan, Lexington, KY Fri Jan 9, 2009

If a seller accepts an offer from a buyer to purchase seller's home, can the buyer enter into a legal contract with that seller where the buyer is obligated to close on home within 90 days of accepted offer?

Help the community by answering this question:

Answers

5
Voices Member’s answer
Hi Susan!

Deb has good advice - have an attorney look over your contract to make certain that your interests are well represented and not just those of the seller. Lenders closing attorneys can often offer this service for a small fee as they're doing the closing anyway, but the cost is modest in any case and a good investment.

The "must sell by" date or date of closing is standard in most purchase contracts. At the minimum, you should review the contract with your real estate agent, if not an attorney as suggested.
0 votes Thank Flag Link Tue Nov 9, 2010
Hi Susan!

Deb has good advice - have an attorney look over your contract to make certain that your interests are well represented and not just those of the seller. Lenders closing attorneys can often offer this service for a small fee as they're doing the closing anyway, but the cost is modest in any case and a good investment.

The "must sell by" date or date of closing is standard in most purchase contracts. At the minimum, you should review the contract with your real estate agent, if not an attorney as suggested.
0 votes Thank Flag Link Tue Nov 9, 2010
Hi Susan,

If you are buying directly from the owner, make sure to have an attorney review everything you sign. If I understand your question correctly, you seem to be questioning the 90 day window. The offer should already have a closing date on it . (That can be changed if both parties agree. )

Hope it all works out!
Web Reference: http://homes.DebN.net
0 votes Thank Flag Link Sat Jan 10, 2009
As explained, yes. Our advice is if you have questions about the contract and buying process, that you refer your questions to an attorney for their input.

Good luck
0 votes Thank Flag Link Sat Jan 10, 2009
YES you can do that, buyer / seller has to comply with terms and conditions and laws of state for selling a property.
Web Reference: http://www.lynn911.com
0 votes Thank Flag Link Fri Jan 9, 2009
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