Home Buying in Georgia>Question Details

Martina, Other/Just Looking in 31626

For sale by owner?

Asked by Martina, 31626 Tue Apr 8, 2008

I see alot of Real Estate for sale by owner. What do I need to know as a buyer? What should the seller know?
Thank you Martina

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Once the title is “clear” you have to make sure the contract to purchase clearly defines the what you are buying and for how much. Remember if you hand the seller a check and the seller does not pay off the mortgage in full guess who owns the house … nope not you... the bank. That why you want a closing attorney involved... Buying a house buyer to seller can be done but it is high risk and lots of room for errors. Some Realtor like my self will ask as a transactional agent (one that handles just the process) for a flat fee. It’s not a bad way to go as it adds a level of security to the process and the cost far out ways the benefits.
2 votes Thank Flag Link Tue Apr 8, 2008
That is a great question. When you are considering a for sale by owner, you need to make sure that your financing is right for the property. That the seller has the correct forms and disclosures for you. On your end you need to be able to put together an offer, have the most current forms for a contract available, understand your rights, and essential time frames for inspections, closings, and conditions of obtaining financing.

You will need someone to review your offer. You can hire an attorney to help you with this. Just make sure every aspect of the transaction is agreed upon in writing, including agreed concessions or repairs. A mistake many people make going at it alone.

The FSBO may be willing to compensate an agent. Often they are relieved to have the assistance for the buyer, because they do not have a clear understanding of how the process works either. If not; you may want to strongly consider, hiring a Realtor. You would be surprised at how often this will actually save you money, avoid disagreements, and contract fall thru. Time, energy and peace of mind. It really could be worth having someone on your team negotiating for you.

I wish you the best of luck in your home search.
Web Reference: http://www.LGRealtor.com
2 votes Thank Flag Link Tue Apr 8, 2008
As a buy you should at the very minim ask that all purchase and sale agreement title work and earnest funds and closing documents be handled by a real estate attorney.
Price is not the question... the question is does the seller have a legal title to transfer to you at the time of sale. The only way to know this is with a full professional title search .
2 votes Thank Flag Link Tue Apr 8, 2008
All the answers are good so far. I want to point out that you are taking a risk buying a house 'by owner' and without a Realtor. If you get a Realtor involved they can ask for the seller to pay the commission. Even if you end up paying the fee you may have saved yourself thousands!
1 vote Thank Flag Link Tue Apr 8, 2008
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