Home Buying in 48205>Question Details

Bea, Home Buyer in Detroit, MI

What's the procedure to buy a house for sale by owner?

Asked by Bea, Detroit, MI Thu Feb 28, 2013

It's in Detroit. Do I need an inspection, title search, title insurance, atty? Must I get a realtor to help me or what? How do I check if back taxes are owed? I'm new at all of this. Before I fork over any cash, how do I know this person really owns the propery?

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7
Robert Visingardi’s answer
I would suggest getting a full time buyer's agent that specializes in the area. The benefit of hiring a buyer's agent: 1) All your questions should be answered 2) Hiring a buyer's agent should be free 3) A buyer's agent has a fiduciary duty to you, not the seller...

or

You can hire an attorney, pay them your hard earned money to purchase the house.
0 votes Thank Flag Link Sat Mar 16, 2013
Bea, these are all things a licensed Realtor can assist you with. It is in your best interest to have a Buyer's Agent. They can help you come up with a price, negotiate with the Seller for you, work with your lender for a successful closing, order the title work/ work through any title defects and an agent from the area will know what type of inspections you will need to be done.
Web Reference: http://www.GoMelinda.com
3 votes Thank Flag Link Thu Feb 28, 2013
Because you are asking these questions it tells me that you are not skilled to be negotiating and conducting a transaction in real estate. That is what real estate agents/brokers get paid to do. To advise you and interpret what is necessary to protect you and your money.

Law vary by state so it is best to get a local experienced, skilled agent to help you. Otherwise, the For Sale By Owner may take advantage of you.

Have an amazing day!
Web Reference: http://www.terrivellios.com
1 vote Thank Flag Link Sun Mar 3, 2013
Thanks everyone for your answers. The house I was looking at that was for sale by owner turned out to be a dud anyway. I am still looking, and thanks to your advice I will get a buyers agent.
0 votes Thank Flag Link Tue Mar 19, 2013
The title company will check for back taxes, any outstanding water bills and liens on the property. Please use a title company to proptect your interest.

In the city of Detroit a city inspection is required. You can either have the owner do the repairs cited by the inspection and have it re-inspected. Or you will be required to sign a ACR which will require you to do the repairs in a 6 month period and have it re-inspected.

I purchase properties in the city for myself and for investors we try to keep it straight. There are many out there who will try to take advantage of you just be smart.

I have lived in the city for twenty five years, and if i can help you in anyway please contact me.

Thanks
Bob Schweiss
Remerica Hometown One
schweiss.r@gmail.com
0 votes Thank Flag Link Sat Mar 16, 2013
You may talk to your attorney because you need an attorney to buy a real property.
0 votes Thank Flag Link Sat Mar 2, 2013
1. You may need all the above for a Detroit Property. The City requires a City inspection to be done. How is the seller converying title....via Warranty Deed or Quit Claim. It would be to your benefit to seek a realtor to help guide you through properly purchasing a property in Detroit and the Metro areas.
0 votes Thank Flag Link Thu Feb 28, 2013
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