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Kharma, Renter in Phoenix, AZ

Where are the private owners?

Asked by Kharma, Phoenix, AZ Wed Jan 2, 2013

I was told I would have better luck going through a private homeowner in order to find a home in my current situation.

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I think you mean a FSBO as opposed to a house listed with a Realtor:
First of all, understand that a Buyer's Agent costs the Buyer nothing; they are paid out of the Escrow, by the Seller. (The Seller pays the total, negotiated commission and at Close it is divided.)

Now, the question you may have, is what does the Buyer's Agent do for you?
Do you know where to look for a LOAN?
Do you how to analyze a Loan; what to look for?
Do you know how to do a CMA; determine what the house is WORTH?
Do you know how they do an APPRAISAL?
Do you understand the Escrow process?
Do know a cadre of Inspectors?
What happens if the INSPECTIONS find something serious?
Do you understand CONTINGENCIES?
Do you know how to write up an OFFER to protect yourself?
Do you understand DISCLOSURES?
How much DEPOSIT should you put down?
Will that DEPOSIT be refundable?

There is a lot more; but another question;
Does the person who advised you about this; do they understand all these things?
0 votes Thank Flag Link Thu Jan 3, 2013
If you mean having the seller finance,or accept a carryback, most sellers are going to have some basic requirements similiar to a regular lender. Without knowing your "situation", it's hard to speculate. In any event, unless you go to a For Sale By Owner type website, you should contact a lender or a real estate agent to start having a conversation with him/her.
0 votes Thank Flag Link Thu Jan 3, 2013
Can you please be a little more specific with your question? Are you looking to rent or buy a home?
0 votes Thank Flag Link Wed Jan 2, 2013
I am looking to rent.
Flag Wed Jan 2, 2013
Hello Kharma,

By private owners I assume you mean homes that are not bank owned homes.

Properties listed for sale by private owners are better than REO homes for first time buyers because they are not sold "AS IS". In this case you would be able to get some history on the home as well, since the seller has lived in it. If the property is a standard sale meaning the seller is not in the red with their mortgage, you will have a smoother purchase process.

Another plus in dealing with a private owner vs. a bank owned home is the private owner may want to sale to someone who will live in the home, making you stand out above investors. Bank owned listings are awarded to the buyer with the highest and best offer, regardless if the buyer plans to occupy the home or not. With bank owned homes you may be competeing with cash heavy investors.


Best of luck to you!
Kawain Payne, Realtor
0 votes Thank Flag Link Wed Jan 2, 2013
Just what is "your current situation". If you have never purchased a home before, it would be wise to have someone help you find a property and guide you through the process and possible pitfalls. If your situation is related to your ability to get financing, then it may be beneficial to look at carry back or private financing sources, but that doesn't relate to the search for a home. To get the best answer, you need to provide more information. If you don't want to do that publicly, then you should contact an agent or lender to provide information to help you make an informed decision.
0 votes Thank Flag Link Wed Jan 2, 2013
My situation is having an eviction on my credit over 2.5 yeas ago as result to signing a lease for a friend who left two months prior to the lease ending. I am also a full time student using my financial aid and government grants as source of income since the additional cash flow I have can not be accounted for.
I have only rented condos and took over the lease on a home, never rented my own home so this will be my first time.
Flag Wed Jan 2, 2013
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