#2. Have your lender order an apprasial.
#3. Once you get the appraisal determine how much you want to offer for the house.
#4. Make your brother an offer based on that.
#6. Have an attorney write the contract/offer for you....even if it is with your brother.
#7. Since he is selling direct to you and there is potentially no realtor involved perhaps you could
split the normal realtor fee that would be involved.
Good luck...sounds like a good deal. Also just keep your lender involved and ensure they understand
you are buying from your brother and that you are already in the house.
I can do a FREE Comparative Market Analysis for you to estimate the fair market value. Based on my findings, if you still want to purchase the home, then an appraisal should be ordered by your lender.
I would seek a real estate attorney to draw up the paperwork needed and a title company to handle the transfer of title.
I hope this helps. Remember that it is still a "buyers market", so keep your homebuying options open; there are a lot of fantastic properties out there right now. I know moving is a pain, but if you can find your "castle", then make that move. Please contact me should you decide to look for other properties.
The fair market value can be determined without paying for an appraisal, but one will be needed if financing is involved.
Based on the scenerio given I would be able to help you, if you buy the home you are if for 2%. This fee is usually paid by the seller, or you could split it depending on how you structure your offer.
If you decide on a different home then my services are free, the owner pays the fee.
Real Living/Best Homes
Best wishes, Jim
There are 2 factors involved: How much is the home worth and how much does your brother want to make off of it. The difference in those 2 numbers can be a gift of equity combined with a closing cost concession.
Assuming all works out well, you can buy the home for nothing out of pocket
If you have any questions, feel free to contact me.
Apply Online @ Luke.Allison@flagstar.com
We totally agree with the importnce of getting an independent appraisal. This can be accomplished through an appraiser and paying a $300 to $400 fee for this service or have a real estate professional provide you with a FREE Comparative Market Analysis.
Talk to a mortgage professional first. Then, if you want to buy your brothers house, get an independent appraisal.
If you agree on the price, go for it. If not, there are a lot of great buys out here.
Let me know if I can help. Either way, an experienced agent can really bring perspective to the situation.
All the best.