How can I purchase my parents home without using a real estate agent in CA.?

Asked by s, Santa Ana, CA Fri Apr 25, 2014

They will sell me the home at a fair market value and I will need to get my own financing. Does escrow handle all the paperwork that is needed (inspections,forms, etc.)

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14
, ,
Thu May 29, 2014
As a lender and a licensed real estate broker , would help you with that for free if I am making the loan on the house. The good news is that you will save thousands of dollars on a loan going through me as opposed to any bank. Also, I would work with you to help you keep your parents tax rate which would save you thousands of dollars more every year for as long as you own the home. You can click on my pict ure to contact me or

I am here in Santa Ana

714-421-1037
1 vote
Heather Wrig…, Agent, The Dalles, OR
Wed May 28, 2014
I would suggest hiring an attorney. However when all said and done, it may have been a bit cheaper to hire an agent to help review contracts, help with inspection periods/negotiations, financing. Their is a lot of work Realtors do to help facilitate a successful sale. Their are a lot of steps and paperwork. Good luck!
1 vote
Caroline Ger…, Agent, Newport Beach, CA
Mon Apr 28, 2014
I suggest as follows:
1. get preapproval from an Orange County Lender on the proposed amount.
2. Open escrow and title
3. Find out what the basis of the house is for parents
4. Have escrow estimate a HUD1
Once you have all that paperwork completed a Real Estate attorney can review and
provide advise. Billable time should be one hour (attorneys charge $300 -400 an hour)
or make an agreement with a Realtor to review for the same $400 cost.
No marketing or sprucing up is needed BUT the issues are:
a. contracts
b. taxes (income and transfer)
c. who pays for what
d. how to calmly execute.

Should be easy to execute. I would be happy to provide free advice.
1 vote
Anna M Brocco, Agent, Williston Park, NY
Fri Apr 25, 2014
If you don't want to use an agent, hire an attorney who specializes in real estate....
1 vote
My NC Homes…, Agent, Chapel Hill, NC
Tue Aug 19, 2014
You and your parents can simply go in and sit down with a real estate attorney who can put the necessary paperwork together for you. Check their price. It may be less expensive to find a Realtor willing to do it for 1% or so.
0 votes
Jay Taylor, , Santa Ana, CA
Mon Aug 18, 2014
Hiring an agent is much cheaper comparatively. An agent would review all the contracts and also facilitate the financing process along with the negotiations. Otherwise, you can hire an attorney, both are feasible options though. Good luck.
0 votes
Melchor, REA…, Agent, Orange, CA
Mon Jul 28, 2014
Hello S,

First and foremost, thank you for posting a question here at trulia. I agree with Heather. Get an attorney. I hope this helps. I am here to help you.
0 votes
Heather Wrig…, Agent, The Dalles, OR
Mon Jul 28, 2014
Hire an attorney! The attorney can draw up the contracts an handle escrow! Good luck!
0 votes
Terry McCarl…, Agent, Cape Coral, FL
Mon Jul 28, 2014
I would recommend you hire an attorney to handle all of the aspects of the transaction that a Realtor would handle on your behalf if one were involved.
0 votes
Dorene Slavi…, Agent, Torrance, CA
Wed May 28, 2014
You might be able to work with a local Realtor who will help you for less then the normal commission since it is a straight forward sale. This would be the best way to go about it. Otherwise you would have to hire an attorney, and that would cost you more.
0 votes
Neal And Van…, Agent, La Habra, CA
Wed May 28, 2014
We can walk it thru escrow for you for 1%. This includes all of the legal forms.

Neal Prochoren
(949) 500-1680
0 votes
Miguel Barre…, Agent, Santa Ana, CA
Tue Apr 29, 2014
ONCE YOU LOCATE THE SUBJECT PROPERTY, REGARDLESS OF THE PRICE THERE WILL BE AN APPRAISER AND THAT'S WHAT THE BANK WILL LEND YOU.
IF YOU INICIALLY OFFER MORE THEN WHAT THE APPRAISER CAME AT, YOU GO BACK AND TELL THE SELLER THE THAT'S WHAT YOU WANT TO PAY FOR TH PROP.
0 votes
Annette Law…, Agent, Palm Harbor, FL
Fri Apr 25, 2014
There are WAY too many options available to you to attempt to list them for you.

Your parents situation.
Your situation.
The real objectives.
Life planning
Asset sheltering
Finance options

These are the issues to which those who help in the sale of dozens of homes every year have solutions. There may be options that will prove exceptionally beneficial to you and your parents.

You really should pick up the phone and call a Santa Ana Realtor. They don't bite and they WILL be extremely accommodating in assisting you through a simple real estate transaction. The important part is the conditions surrounding that transaction.
0 votes
Jill Murty, Agent, Mission Viejo, CA
Fri Apr 25, 2014
Escrow is a neutral third party that carries out the agreed upon terms set out in the fully executed (signed by buyer and seller) purchase agreement. Escrow has nothing to do with inspections or obtaining financing.

You might feel more secure with the process if you and your parents interviewed some agents to walk you through the procedural stuff. You can hire separate agents or one agent to represent you and your parents.

If you decide you'd like the assistance of a Realtor, you might ask if they will agree to help you for an agreed upon fee, as your transaction doesn't involve some of the steps that other transactions require.

You might want to look into Prop 58, which speaks to the potential tax benefits with regard to parent-child property transfers. Here's the link: http://ocgov.com/gov/assessor/realproperty/transfer/

Best of luck! Let me know if you have any other questions or would like my assistance.
0 votes
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