Home Buying in Dale>Question Details

Agoodgurl, Home Buyer in Dale, TX

What should be our best approach regarding this home?

Asked by Agoodgurl, Dale, TX Mon Jun 22, 2009

We have rented this property for a year with the intentions of buying it initially on owner-finance, until the econony stopped us and the owner cold in our tracks. A 3bdr/2.5 bath with carport and attached converted garage. Built 1980, it's a 5 acre property on a busy FM road, non-developed land with posts but missing wire, no During the year I have been strentghing my credit and told the owner we would like to try for more traditional financing or a USDA loan. We are still open to the owner finance, if need be, that is asking 9.25%. In addition we would like to take advantage of the first time hoe buyer incentives. How does one go about all of this without a realtor? And how can we negotiate the price intelligently? The house needs some electrical work, tiles are loosening from grout in shower and counter tops, etc. I'm sure an inspection will point out specifics. We love the house and can handle some of the work needed, but feel the electrical will need to be redone.

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Agoodgurl-
Because you have allready selected the property you would like to purchase - perhaps you could inquire with the top local Buyer's agents as to what they would charge in this unique situation to negotiate for you and to handle contracts and paperwork. Interview at least 3.

If you do not hire a Buyer's agent to represent you...
You could pay for an appraisal...and home inspection...title company.

Just curious...Why would you consider 9.25% financing? OUCH!!!
Web Reference: http://www.321advantage.com
0 votes Thank Flag Link Mon Jun 22, 2009
Agoodgurl,

First, good for you to ask questions. Second, get a professional real estate agent to ask them to.

You really need someone who knows the local market and can assist you with the negotiating part of the deal. A home inspection is also always recommended.

The agent can also assist with the USDA loan and the Tax Rebate.

And no to the 9.25%...you can do much better than that.

Goo luck,

Dominick Dina, Broker/Owner
1 vote Thank Flag Link Mon Jun 22, 2009
Hello All...just an update. We closed on this property this week. We took all of your advice and did seek professional advice. We also interviewed different loan officers from different banks, credit unions, and various mortgage companies. With a more informed and educated approach we went with our own bank with a USDA 30 yr fixed at 5.35%. We bought the house for $40k below asking. Then we appraised about $15k above the selling price, and the owner made the necessary repairs after we obtained the home inspection, although contract was for "as is". Looking back, we are first grateful to the seller for riding out this storm (recession and housing bust) with us for over a year. And, then we were very fortunate to have a loan officer with nerves of steel! Underwriting took us through many ups and downs once we were approved by the bank. Frankly, this was the only process that made us wish we had a Realtor, and the only reason we didn't use one was that we felt confident we were getting what we were asking, and then some. Oh, the only other thing that stressed us out, was the contractors the seller had making the repairs. If they showed up, the workmanship was questionable, and one group even stole a couple of our circuit breakers. With the prospected buyers living in the property it was hard to keep telling the seller, "The work is all done". So, after a few more incidents the seller allowed us to choose our own contractors. It was a relief to have that part over.

We will definitely use a Realtor on our next investment. This was just an unusual circumstance that turned out to be a blessing for us.

Respectfully,

Agoodgurl
0 votes Thank Flag Link Fri Dec 11, 2009
Agoodgurl,
You are asking professional Real Estate Agents how to do something without a professional Real Estate Agent, Maybe I put my caps in the wrong place did you notice the operative word PROFESSIONAL. That did not come by by hanging a sign out as many construction people do in Texas. We, in Texas are the most highly trained and regulated agents and Realtors in the United States.
I would not ask my Doctor how to take my grandchild's tonsils out with out a Doctor.
But to answer your question you can handle the paperwork, if you must, at a Title Company. The will not represent you, they will not negotiate for you, they will only do the paperwork for you and for Goodness sake do not try to do that with out the professional at the Title Company particularly the Owner Finance.
Please Take the advice Dominick gave you. You can interview a few BUYERS agents on the phone and tell them that you have already chosen the home you want and need help with the contract and ask how much they will charge. Your closing cost are paid in a USDA loan so why cut this corner, you are already saving a lot.
I will put you in contact with someone that can handle both the loan and the contract if you wish


Margaret
Web Reference: http://www.Century21Conroe
0 votes Thank Flag Link Mon Jun 22, 2009
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