Home Buying in 75056>Question Details

Melodieh, Home Buyer in 75056

do i need a realtor to buy the house that I currently rent and live in for the past two years. Our landlord will sell us house what she owes $180,000?

Asked by Melodieh, 75056 Sun Jun 26, 2011

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6
Shanna Rogers’ answer
Hi Melodieh,

Unless you know real estate law and/or are a Realtor, it would be in your best interests to hire either a Realtor or a Real Estate Attorney. There is alot of paperwork and laws involved and you don't want to make any mistakes in such a large and important matter.

Shanna Rogers
SR Realty
http://www.RealtyBySR.com
1 vote Thank Flag Link Sun Jun 26, 2011
I will answer your question like this. There are a lot of things that people can do with out assistance like have a baby without a doctor, replace an engine without a mechanic, go to court with out a lawyer, but it doesn't mean that its the best or safest way to do it.

The thing is if you need to ask the question most likely you will need some help getting it done so I recommend getting a professional. When you hire a professional they will want to be compensated so you have to consider that if you hire a real estate agent will the seller be willing to pay the commission if not you will need to be willing. If you hire an attorney you will definately have to pay them.

Now some of the previous answers made a lot of sense because you will need to know if the house is worth the asking price and have some other things verified before deciding to buy. In fact you may be missing out on better deals so before you commit you may want to also shop around.


Chris Hutchinson
The Chris Hutchinson Team
The Michael Group
http://www.chrishutchinsonteam.com
972.809.0607
1 vote Thank Flag Link Sun Oct 2, 2011
A licensed real estate professional provides much more than the service of helping you find your ideal home. Realtors® are expert negotiators with other agents, seasoned financial advisors with customers, and superb navigators around the local neighborhood. They are members of the National Association of Realtors® (NAR) and must abide by a Code of Ethics and Standards of Practice enforced by the NAR. A professional Realtor is your best resource when buying your home.
0 votes Thank Flag Link Tue Apr 1, 2014
You definitely want someone who will get you the best price for your home, plus there is no charge to work with a Realtor when you are BUYING a home--even if its the one you currently live in. From the sellers perspective there will also be a TON of legal documents, forms, etc that he or she will need to complete--its the same reason why For sale by owner's statistically list their home with a Realtor within 3 weeks of trying to sell it on their own. Your owner may not KNOW he or she needs a Realtor, but when the process starts they will soon realize the importance of having that representation, and you should have that same representation too.
0 votes Thank Flag Link Mon Mar 31, 2014
Things you need to know

1. What is the market value of the property -- your realtor can help you
2. Is the seller the true owner of the property --- a title/escrow officer can help you
3. What are the liens against the property --- again, title/escrow officer can help you
4. Besides price -- what are the terms and conditions of the sale? --- a realtor can offer guidance
5. Disclosures including local ordinance requirements, what the seller needs to disclose regarding the property's condition, etc. --- your realtor can give you a list of what you will need
6. Inspections -- what type of inspections are recommended? Whom should you call. Again, your realtor can help you with these.
7. Loan --- shop around. You realtor can also make recommendations on lenders who are responsive, resourceful, reliable.
8. Your financial situation -- the lender can determine how much you can afford to buy, what type of loan you qualify for, and give you an estimate of how much cash you will need for down payment and closing costs

Whatever you do....don't do it alone. Have professional guidance representing your interests as a buyer. If you've never bought a house before, all the more reason why you need professional assistance in this process.

Good luck
0 votes Thank Flag Link Fri Aug 26, 2011
I second the previous responder. You want to know what the market is for a comparable home in Lewisville. This is done through a comparative market analysis. You may have a wonderful landlord, but you are making a BIG investment and should be represented by a buyer's representative who can help guide you through all the pitfalls of financing, getting an Inspection (YES, even though you live thre you want one), and the other 40 something steps it takes to buy a home.
0 votes Thank Flag Link Fri Aug 26, 2011
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