Home Buying in Levittown>Question Details

Alisha Harre…, Home Buyer in Levittown, NY

i am a renter who wants tho buy the home ive been in for the last two years.

Asked by Alisha Harrell, Levittown, NY Thu Nov 20, 2008

the land lord is considering putting the house on the market in late summer. what can i do in preparation for this process.

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Answers

39
Renee,

What I think Ken is refering to is the chance that the lease may have a clause that says the Brokers involved in the lease may have rights to any commission if a sale occurs between the Tenant & Landlord. One would think that if you really are the "expert" you keeping saying you are - you would have a clue!

That's my 2 cents......
2 votes Thank Flag Link Thu Nov 20, 2008
Hi Andy,

As you can see, I am quite passionate about buyer agency. I don't want to write a whole long post again on it but rebac.net is a website for buyer agency. It explains exactly what it is and why it is in the buyer's best interest to hire their own buyer agent. It clearly states on the site that if an agent takes a buyer out without having them hire them (sign a buyer broker agreement) that, that agent's loyalties are to the seller. It's really no different than when a seller hires an agent to list their home, they have to sign a listing agreement and now the buyer has that same right which they never had so many years ago. It levels the playing field so-to-speak.

Renee Porsia
Associate Broker
RE/MAX ACTION REALTY
(215) 669-0589 Direct
(215) 358-1100 Office Ask for Renee
http://www.reneeporsia.com
1 vote Thank Flag Link Fri Nov 21, 2008
Renee,
Your not a PHILLY fan unless you do. 89-88 over the clippers . I know we arent good this year oh well.


Steve,

I see your point that is odd yes.Not as odd as your anger for her though. Did you email her on her site first ? Maybe she would have been like yes I did it no big deal sorry wont happen again end of story. But seriously who looks at that? And who goes by that? I would personally look at alot more then that before deciding to use someone to buy/sell my home. I feel bad for Alisha I dont think we made things easy on her. Ok I had enough fun for a friday nite. Same time next week everyone??? Send me an email on whos post we are going to hijack like this one. Out.
1 vote Thank Flag Link Fri Nov 21, 2008
Steve or whoever you claim to be,

I asked you to back off and leave me alone and I am not going to ask you again. Why you are so concerned about how many people gave me a thumbs up is a mystery to me. I work very hard to answer consumer questions on Trulia. You seem to have some sort of resentment because of my success. You clearly are a jealous Realtor or some type of jealous professional disguised as a seller. I am not going to ask you again to leave me alone and leave my name or any references to me out of your posts from here on in. The next step will be my attorney or perhaps the police.
1 vote Thank Flag Link Fri Nov 21, 2008
Ken, put your glasses on and actually take a second to "read" slowly what I am writing because obviously you have a problem comprehending what you read.

First of all, I can't even believe that you and your buddy teamed up on me simply because I answered a question and disagreed with what you wrote. Guess what Ken, everyone has an opinion.

Secondly, you should really watch what you say about someone on a public board. You can get yourself in trouble slandering someone. Where do you get off stating this: "You are misleading your clients and the Trulia audience when you make blanket statements such as "To hire your very own buyer agent doesn't cost you any out of pocket money". I do not mislead anyone. When a buyer hires a Realtor and signs the Buyer Broker Agreement, the only way the buyer would be obligated to pay the Broker would be if the buyer agreed to pay the Broker and it was then written into the agreement. Otherwise Ken, the only other reference to any money the buyer would have to pay the Broker is if the Realtor put into the agreement that if the seller was offering out less than 3% then the buyer could be responsible to make up the difference. Don't try to change what I wrote or put words in my mouth.

Third, I want everyone on Trulia to see that you clearly have no clue about buyer agency so the next time a buyer comes to you to buy a home they will know that you do not know what you are talking about. You quoted me when I said this "I hope you realize that if you take a buyer out to view homes and that buyer doesn't sign a buyer broker agreement with you, you actually work for the seller." And then you responded "I think the listing agent may disagree with you on that one." READ THIS:

**Are you a buyer-customer or a buyer-client?

Services will vary, depending on your agency status*

If you are a CUSTOMER (no agency relationship),(meaning the buyer didn't sign the Buyer Broker Agreement) an agent will:
Maintain loyalty to the seller’s needs
Tell the seller all that they know about you
Keep information about the seller confidential
Focus on the seller-client’s property
Provide just the material facts
Only provide price information that supports the seller’s listing price
Protect the seller
Negotiate on behalf of the seller
Attempt to solve problems to the seller’s advantage and satisfaction

If you are a CLIENT (agency relationship), your agent will: (meaning the buyer signed the Buyer Broker Agreement)
Pay full attention to your needs
Tell you all that they know about the seller
Keep information about you confidential
Focus on choices that satisfy your needs
Provide material facts as well as professional advice
Provide price counseling based on comparable properties and their professional insights
Protect and guide you
Negotiate on your behalf
Attempt to solve problems to your advantage and satisfaction

So, Mr. clearly knows nothing but has so much to say... who is misleading their "clients" and the "TRULIA AUDIENCE" now? Why it's you Ken!! It clearly states that if the consumer doesn't sign the Buyer Broker Agreement the AGENT MAINTAINS LOYALTY TO THE SELLER. I could care less what the listing agent thinks or says. It's right there in black and white. FOR MORE INFORMATION KEN PLEASE VISIT THE REBAC website: What is REBAC Ken ..you ask... REBAC focuses on buyer representation. http://rebac.net/descriptions_of_agency.cfm

Finally, Ken, do yourself a favor and please stop making false statements, accusations and attacking my reputation. You can be sued for slander. I NEVER MISLEAD MY "CLIENTS" which by the way are actually my "clients."

Stay in Princeton and keep spewing your clear lack of knowledge on buyer agency to all the buyers who come to you and leave the professionalism,expertise in buyer agency and guidance to me.

I am done with this now so if you feel the need to respond, please do not make anymore derogatory statements about me on this board or I will contact the appropriate parties and take action.

**thanks to REBAC.net for providing information on buyer agency.

Renee Porsia
RE/MAX ACTION REALTY
(215) 669-0589 Direct
(215) 358-1100 Office Ask for Renee
http://www.reneeporsia.com
1 vote Thank Flag Link Fri Nov 21, 2008
wow, I havent checked in for 24 hrs and apparently ruffled feathers. Steve's observations and comments are right on . Thank you-Steve

Kenneth "Ken Verbeyst CRS GRI ABR SRES
Broker-Associate License NJ
Sales Associate LIcense PA
Prudential NJ Properties
Princeton Office

(numerous State and company awards viewable on company website)
1 vote Thank Flag Link Fri Nov 21, 2008
Ok..

Thanks Ken!

Renee Porsia
Associate Broker
RE/MAX ACTION REALTY
(215) 669-0589 Direct
(215) 358-1100 Office Ask for Renee
http://www.reneeporsia.com
1 vote Thank Flag Link Thu Nov 20, 2008
Renee,

And Ken's reference had nothing to do with compensation. It had to do with the fact that a lawyer's employment could be needed to figure out the mess you proposed.
1 vote Thank Flag Link Thu Nov 20, 2008
Renee,

Hurry up and switch to alter ego. You need to give yourself another thumbs up. I have looked at many profiles and it is truly amazing how many of your comments get thumbs up. I guess you are an expert!!!!!
1 vote Thank Flag Link Thu Nov 20, 2008
Hi Alisha,

Great question.

Well, you would need to first know how much your landlord wants for the home. Then you would need to find yourself an aggressive, knowledgeable buyer agent who can then do research on the home and find comparable properties to make sure the price your landlord wants is reasonable and who will protect your interests not your landlords.

Do you have money for closing costs and down payment? There is seller assist available and many first-time home buyer programs available to you. It's a shame you weren't buying now, I know of an amazing first-time home buyer program. You would also need to find yourself a very good, reputable, reliable mortgage consultant who will stay by your side for the entire process and that includes coming with you to settlement which is VERY important. You would need to have your credit run in order to get approved for a loan.

There are many other questions that you would need to answer and there is a lot more to know.

I would love to talk with you more at length and go over every step with you. Feel free to contact me.

Renee Porsia
Associate Broker
RE/MAX ACTION REALTY
(215) 669-0589 Direct
(215) 358-1100 Office Ask for Renee
http://www.reneeporsia.com
1 vote Thank Flag Link Thu Nov 20, 2008
Alisha,

You 1st need to get pre-qualified for a mortgage. Then we need to approach the Seller to see how much he is looking to get for the home. Then we will do a market analysis of the home and help you make an offer to the Seller based on the information found. This is the service, free of charge, we provide to any client we have under a Buyer Brokerage contract. Feel free to call or email with any questions or concerns.

Thanks, Hugh

Re/Max Associates
Hugh Henry Jr.
215-588-6369
remax@voicenet.com
Web Reference: http://www.hughhenryjr.com
1 vote Thank Flag Link Thu Nov 20, 2008
I think it would be a good idea to go to your landlord and tell him you wish to buy it from him. He may would be interested in taking your security deposit as a down payment. Going ahead and write up an offer and both of you sign. Still do this if you need to get money saved or need to fix your credit. That way your monthly rent would start being part of your mortgage instead of your renting. If you can get him to agree for you to finance it later. Than when you get your ducks in a row so to speak. You can go to the bank and tell them you need a loan. I would check with a mortgage broker first though to make sure you can or are close to being able to afford this home. Hope this helps.
1 vote Thank Flag Link Thu Nov 20, 2008
You should first find out what the home is most likely to sell for; not what the owner will list it at. These can be two very different figures. You can do this by getting up-to-date market analysis from a realtor with good comparables. Look at the 3 most recent months and none further than that since the market has been declining. A good rule of thumb would be to offer that comparable amount less the 5% commission your landlord would be paying if he had listed it. Always talk in terms of benefits. Let your landlord know that if he sells to you, he eliminates the hassle and uncertainty of selling. You already know the home (the pluses and minuses) and are willing to buy the home.
0 votes Thank Flag Link Mon Nov 24, 2008
Alicia,
I see this question got quite a few responses, but never really got answered properly. What you can do in preparation to buy this house is to first, save money towards the purchase, secondly, fix any blemishes on your credit report. I would consult with a mortgage broker on how to prepare yourself for a purchase. Then I would talk to your landlord to see what he wants to do. If you don't buy the property, at least you will be preparred to buy another property if you need to.
The very best of luck to you! If you need any help, feel free to contact me.
Michael

Michael D Delp
Mortgage Pro
4802 Old Bethlehem Pike,
Telford Pa. 18969
Ph- 215-453-1025
Fax- 215-453-1012
Cell- 610-762-0318
michaelddelp@aol.com
michaelddelp@verizon.net http://www.mortgagepro.instantlender.com
0 votes Thank Flag Link Mon Nov 24, 2008
Renee,

I understand what your saying. I bought a few homes already and signed them with realtors before. I think its great you work hard for your clients. Being passionate about what you do makes it worth it in the end.
0 votes Thank Flag Link Fri Nov 21, 2008
Andy,

Once again..I am not Ken. And as you can see I did put up a question back in early November. So my reason to be on trulia had nothing to do with a particular agent. I have been a casual observer of this site regarding questions and answers in my area. I noticed some tendencies and felt compelled to point them out. I will be glad to stop. But I will definitely continue to watch what is going on on this site and point out when I feel someone is misleading the general public!

Just so you know what I am talking about. Look at any realtor's profile. Notice the % of useful answers compared to the number of answers. Compare that to the realtor in question. Then let me know what you think.

CYA
0 votes Thank Flag Link Fri Nov 21, 2008
Andy,
Disclosed Dual agency is where broker represents both buyer and seller. I am glad it worked out for you. I doubt many agents would want to get involved in that manner as some might consider it practicing law since she only came in to write up the contract. Again no problem for you, I just wouldnt take the chance with my license. Out.
0 votes Thank Flag Link Fri Nov 21, 2008
Andy,

Thanks for the nice words. I forgot to add the Sixers to my page. I'll add them! : )

Renee Porsia
Associate Broker
RE/MAX ACTION REALTY
(215) 669-0589 Direct
(215) 358-1100 Office Ask for Renee
http://www.reneeporsia.com
0 votes Thank Flag Link Fri Nov 21, 2008
Ken,

To be honest I have no idea. I met the seller it was a 2 unit home that needed alot of work. We talked about the price and had everything settled then found a realtor to write up the agreement with her fee of 800.00 then we both made sure it stated everything we discussed it did I figured done deal it was the first one I ever did. Disclosed dual is that something to do with the realtor working for both of us? We found her at the end last thing she had nothing to do with our "dealings".
0 votes Thank Flag Link Fri Nov 21, 2008
Andy,
I have had a good share of lawyers I hope not to deal with again also. Fortunately I have found a few who seem very competant. When you had the realtor put things together for you, how did they represent you since both were paying? Disclosed dual?
0 votes Thank Flag Link Fri Nov 21, 2008
Ken,

I am a homebuilder so I understand where your going with the lawyer but to me with the lawyers I know/knew/or never want to know again alot NOT ALL dont care about much more then the check clearing. Thats another reason I say use a realtor more friendly. However if the seller did something dishonest then yes he would be talking to mr.paidalotbythehour.

Steve,

If this isnt Ken you have some serious issues with Renee?? I just checked out your profile you only made one to argue with her on this post. And you cant stand her. Your either a realtor who is mad because someone is having success when times are very bad for realtors. I know a few and some had to leave their profession of over 20 years because of it very sad. Or your some guy who likes Renee (yeah I can see her pic shes cute and a philly sports teams fan!!! You need to add sixers on your links!) and was turned down by her? Who does post stalking? I came on to see if a post I made was answered and it was and happen to read this never ending disaster. And if your so mad at her for calling herself an expert jump into the construction business I been doing it for 14 years you know how many people doing it 1 year call themselves expert instead of hacks???? 99.99 % of them do. If you been doing the same profession for over a number of years and are good and successful with it I think you can call yourself whatever you want. LOL Damn you steve now you have me involved.
0 votes Thank Flag Link Fri Nov 21, 2008
Steve or whoever you claim to be,

If you continue to bash me on this board, my attorney will be contacting you. I have had just about enough of your childish comments and jabs. This is not the forum for your anger management issues. Should I call you Mike? Leave me alone and stop STALKING ME!
0 votes Thank Flag Link Fri Nov 21, 2008
To All,

Just so you know, I am not Ken and I do not know Ken.

I am appalled at some of the tatics of Renee to boost her #'s on this site. And I am amused at how anyone would think it makes sense to run around calling herself an expert. And giving herself thumbs up at every opportunity.

And I do think Renee is confused on the Buyer Brokerage issue. Because I do not believe you are automatically are a Seller's agent just because you do not have a Buyers Agency contract signed. How can you represent the Seller if you are out riding around in a car with the Buyer. How does the Seller or Sellers Broker know what you are discussing with the Buyer? It seems like a true conflict of interest.

But maybe I should defer to our Trulia Expert!!
0 votes Thank Flag Link Fri Nov 21, 2008
Good suggestions Andy. I personally would have paid the $800 to have my attorney handle contract (just my preference). Hope the thread has amused if not educated others. BTW I am not Andy,Steve, William or any other identity than what you see. Thanks :)
0 votes Thank Flag Link Fri Nov 21, 2008
I care about what you say Andy! Thanks for reading all of the posts! Gee, I hope we didn't scare her away.

: )

Renee Porsia
Associate Broker
RE/MAX ACTION REALTY
(215) 669-0589 Direct
(215) 358-1100 Office Ask for Renee
http://www.reneeporsia.com
0 votes Thank Flag Link Fri Nov 21, 2008
Wow. This is an interesting post. And seems like you guys scared her away. Alisha I would talk to your landlord and tell him you want to purchase. A few ways to work it is when I bought a fsbo before I contacted my realtor and asked for her to take care of the paperwork only and it only cost me 800.00 some other quotes were 1,000 1,200. The landlord will like this approach because he can put more money into his pocket 6% on a 200,000 home is 12,000. Now when I did mine we agreed to split the 800 because I took the savings in consideration and offered a lower price based on that. I think if you point how much your landlord will be saving he would pay the transaction fee without any problems. I think ken(and steve) and william are saying dont assume anything if your realtor writes up the contract wrong you would have to pay the costs because the seller didnt agree to anything and the realtor should get paid for their work. Renee is stating in her contract it would include that which is why she can state that the seller would pay her. Maybe im off base but its my point of view. And steve nobody cares about any of these comments that much to get heated unless you are ken its obvious. I was entertained by the drama. I think all of them had valid points. Good luck
0 votes Thank Flag Link Fri Nov 21, 2008
Renee, I have no idea who Steve is either. What I said was pretty easy to understand. But to restate for you, Alisha's landlord does not have the home listed and is under no obligation to do so. There has been no offer to cooperate with any broker. If you understand buyer representation you know that the agreement stipulates the terms you are working under. It is between the buyer and their agent only! Those terms state who pays the brokerage fees and what they are.

You are misleading your clients and the Trulia audience when you make blanket statements such as "To hire your very own buyer agent doesn't cost you any out of pocket money". The truth is you may be able to negotiate that the seller pay this but this is not guaranteed. On the other hand the buyer's agent has an agreement signed by the buyer indicating they will be paid. I suggest you brush up on your agency courses.

My clients understand agency representation before they get in my car. I find it kind of scary that you as an "expert" are showing houses to non clients and purporting to then represent the sellers. You state " I hope you realize that if you take a buyer out to view homes and that buyer doesn't sign a buyer broker agreement with you, you actually work for the seller." I think the listing agent may disagree with you on that one.

Seriously, have your broker check your postings and your blog, I grow dumber as I listen to you.
0 votes Thank Flag Link Fri Nov 21, 2008
Ken,

I don't know who Steve is but apparently he knows exactly what you are thinking and want to say. Seems a bit odd. Anyway, my feathers were not ruffled at all. I choose to be ethical and to represent my buyer and protect his/her best interests. It is apparent to me that you do not understand agency or what your role is. Perhaps you should read my blog on the buyer broker agreement. It also explains the difference between a client and a customer. I hope you realize that if you take a buyer out to view homes and that buyer doesn't sign a buyer broker agreement with you, you actually work for the seller. I hope that with all of your awards, you remember to explain the buyer's rights to them because that is just the kind of negligence "that keeps attorneys in business."

Obviously this Steve person is either a friend of yours or you. (SAD) I can't actually be certain. But whoever he is, he obviously read every single one of my posts because he keeps tabs on me. I am so flattered! After all, I AM AN EXPERT!

Renee Porsia
Associate Broker
RE/MAX ACTION REALTY
(215) 669-0589 Direct
(215) 358-1100 Office Ask for Renee
http://www.reneeporsia.com
0 votes Thank Flag Link Fri Nov 21, 2008
Hi Alisha,
I would start looking for another place to rent. If you think you are ready to buy, maybe check out some of the foreclosures in your area. I would wait a year or two to buy, prices are declining. Good Luck
http://www.trulia.com/for_sale/Levittown,PA/foreclosure_lt/
0 votes Thank Flag Link Fri Nov 21, 2008
Alisha: If you're still around or do check in again, I'd like to add to my previous comments. I believe them to be exactly what you should do but there is an issue that may or may not be applicable that I failed to address. It's this:

If, and only if, you obtained your lease through a listing with a Licensed real estate firm (many landlords do not use them for rentals but go direct to the buyer market,) in the LISTING agreement between the Landlord and the firm (a document that you would not normally see) there is a clause that states that any further transactions arising out of the lease will trigger additional commissions to be paid by the landlord to the agency. These transactions usually consist of extensions to the lease (rental) and/or purchases of the property by the renter-lessee. The issue of sharing a commission of this secondary nature with any agency other than the listing agency or the agency that brought you to the rental (Renter's agent) is not addressed. As a matter of fact, in my agency’s listing agreement, the wording, as I understand it, (Full disclosure: I am not an attorney and do not interpret contracts.) would leave any NEW agent or agency with no right to collect any commission from anyone, except of course, from you, if you signed an agreement to pay the new agent for their assistance.

All of this agency and commission stuff is, of course, of no consequence, if you just rented directly from the landlord.
0 votes Thank Flag Link Fri Nov 21, 2008
Steve,

I find your answer to be very rude. Yes, I am an expert. Obviously you have no clue. Nobody wants your 2 cents. It doesn't matter what the lease states. She has the right to be represented no matter what it says. His point was who would pay her representative if he opted not to pay. Thank you but I do not need for you to translate other people's responses. Keep your rude comments to yourself.

Renee Porsia
Associate Broker
RE/MAX ACTION REALTY
(215) 669-0589 Direct
(215) 358-1100 Office ask for Renee
http://www.reneeporsia.com
0 votes Thank Flag Link Thu Nov 20, 2008
With all due respect Kenneth, I think we all agree that many scenarios could take place here and we do not know all of them right now. If the owner decided to put the home up on his/her own, Alisha, still has the right to hire a buyer agent and in most cases when a For Sale By Owner isn't using a Realtor, they usually have no problem paying the buyer's agent. I would know this because I have been a For Sale By Owner expert for 10 years now. Most of my business came from FSBOs and a lot still does. Alisha, if you are unfamiliar with buyer agency and how it works, I wrote a blog about it recently on Trulia. Feel free to read it. I will post the link below. It does explain what a Buyer Broker Agreement is and why every buyer should sign one with their buyer agent. In this case, if your landlord chose not to want to deal with someone you hired to protect yourself, my advice would be to NOT do business with him/her because the last thing you want to do is deal directly with him/her and not have your interests protected. If your landlord didn't want to pay your Realtor then that would be a discussion you would need to have with your buyer agent.

And Kenneth made a comment " You signing a buyer broker agreement with yet another agent is just the sort of thing that keeps attorneys in business." Actually, (and I mean no disrespect to you) it's comments like yours to this buyer which keeps attorneys in business. Perhaps you should take a look at the REBAC website for more information on buyer agency.

Alisha, I'd love to talk with you in great detail about all of this.

Renee Porsia
Associate Broker
RE/MAX ACTION REALTY
(215) 669-0589 Direct
(215) 358-1100 Office Ask for Renee
http://www.reneeporsia.com

Obviously none of us have seen this lease but I am certain that we are all qualified to give our professional opinions if we did have a chance to see it.
0 votes Thank Flag Link Thu Nov 20, 2008
Alisha, what I believe Renee has missed is that the home you currently rent is not listed and the owner may have no obligation to pay any agent at all. If you choose to enter into a buyer agency agreement with me or any other PA licensed agent, terms will state how much we are compensated. While common for sellers to list and offer a cooperating commission this may not be the case here. Look at your lease also as the landlord may already have committed to paying a commission to both the listing and renting agents involved if you purchase. You signing a buyer broker agreement with yet another agent is just the sort of thing that keeps attorneys in business. Read your lease (NOW)
0 votes Thank Flag Link Thu Nov 20, 2008
Alisha,

I have to disagree with William Leigh. To hire your very own buyer agent doesn't cost you any out of pocket money. The seller will pay your Realtor. You would be responsible for paying the normal costs such as transfer tax which is 1% in the counties as well as your title insurance and other fees (AT SETTLEMENT not before) that I would be happy to go over with you should you decide to contact me. If you go to a lawyer to draw up the contract, he/she will charge you up front and rest assured that you will not be able to contact him/her after 5 or on weekends. (if you can find a lawyer who does work after 5 and on weekends and who will hold your hand during the process, please let me know their name). What an attorney can do is give you legal advice and that is your right before, during and after the sale. If you find the "right" buyer agent for you, your Realtor can handle every aspect of the transaction.

You have the options to have a home inspection, termite, radon, lead paint, all at your own expense.

I hope this helps you and again, I would love to help you in any way I possibly can.

Renee Porsia
Associate Broker
RE/MAX ACTION REALTY
(215) 669-0589 Direct
(215) 358-1100 Office Ask for Renee
http://www.reneeporsia.com Read my latest blog. I am also proud to announce that Trulia has featured me in the Surviving the Housing Crisis section today.
Check me out at: http://www.trulia.com/blog/renee_porsia/2008/11/is_your_real…
0 votes Thank Flag Link Thu Nov 20, 2008
Alisha: First, you need to lock in a source of funds. You can't really have a dialog with someone who owns anything without being able to purchase. Mortgage Companies can be approached directly, without a real estate agent.

If you are going to buy direct, many people do so without using a real estate agent. (I know I will be flogged for saying so but it's true.) You should have an attorney draw up a contract and give you advice if you do not use a realtor and maybe even if you do.

You may want to have a professional inspector check out the property. While you may be familiar with it from your residency there, you may not be experienced in picking up needed repairs. If you miss a biggie, it will be your cost to fix after you buy.

While a Realtor can help you navigate your way through to steps to consummating a purchase, the biggest thing that they can do is quickly come up with an appropriate price for the house. They have all the competition for sale and closed sales for the area at their fingertips. That's the way to be sure that you are getting a good value for your money. You can always look up closed sales in the newspaper or go down to the county to see the transaction records but a realtor can do it much more easily.

If you do use a Realtor, be careful about who is going to pay for them. In listed properties, the usual thing is that the seller pays all commissions but if the seller does not list and has no contract with a Realtor, he doesn't have to pay for service that you order and may feel that he/she shouldn't be asked to do so. It can be a very personal opinion but there you are.

Of course, if you do decide to hire a Realtor, I am licensed in Pennsylvania and would spell out exactly what the relationship and what my fee would be.
0 votes Thank Flag Link Thu Nov 20, 2008
Hi, Alisha,

Here is what I would suggest:

1. Speak to the landlord and ask what price they might be thinking about
2. Contact a reputable lender to get a pre-approval. If you are a first time buyer or have not owned a home for 3 years, be sure to go to a lender who is approved to do First Front Door and PHFA. That way, you can probably qualify for some grant money. Also, Bucks County has a lot of programs to help you with downpayment and closing cost assistance.

3. WHen you have your financil info together, contact a reputable realtor to draw up an agreement of sale that can be presented to the seller.

If you would like more detailed info, please contact me:

Carol Cei
ReMax Millenium
215-643-9661
carolcei@remax.net
0 votes Thank Flag Link Thu Nov 20, 2008
Express your interest to landlord (unless you arent on especially good terms ie late paying rent etc) see if he will give you a first right of refusal (this way the place wont be sold out from under you without your knowledge) speak with a couple of mortgage brokers to be certrain you can afford.Make certain you have a appraisal clause in contract or spend the money on an attorney to write appropriate contract and terms. Since you already live there you may want language reflecting this as well as municipal inspection requirements, as Derek indicated, applying security to down payment and possibly rent...If you do enter into a buyer broker agreement with an agent be aware that you could be liable for fees associated with this purchase.
0 votes Thank Flag Link Thu Nov 20, 2008
Your first step is to meet with a local and trusted mortgage company, they can prequalify you for free and let you know what pirce range you afford and what your monthly payments will be, you should get together you last 2 years tax returns, last 2 bank statements and last 2 pay stubs. Make a list of any credit cards, car loans or other bills. Once they tell you if you qualify for a loan you will want to meet with your landlord to get a price fromn him. You may want to consider getting a buyer broker who can assist you through the buying process. In most cases you can negotiate so it does not cost you anything extra as they would get paid from the listing agent the commission advertised in MLS and paid at closing. They can assist you in finding out what the value of the hose is in todays market so you can make an offer that is beneficial to you. good luck
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Thu Nov 20, 2008
You might be able to get a bargain in the deal. While you might be able to discuss the purchase of the property with the owner and negotiate a "pre-listing" arrangement, you will want to make sure you have a professional (lawyer or REALTOR, etc.) working with you to protect your interests.
While there may be some added expense on your side, the overall savings should more than offset those expenses.
By having a REALTOR working for you, you can make sure the transaction is financially sound and meets all of Pennsylvania's legal requirements. And if the landlord works with you, he will save a significant portion
of the traditional commission. So everybody wins.
I'd be more than happy to work with you and your landlord. Just give me a call.
Web Reference: http://www.charlesdick.com
0 votes Thank Flag Link Thu Nov 20, 2008
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