How would I buy a house without using an agent?

Asked by Badn55, 23322 Mon Jan 30, 2012

My husband and I are looking to buy my father in law's house and we are buying it from him for what is owed on it. My father in law is making no profit off of this whatsoever so we are trying to eliminate using an agent. What is the process to buying a house? We have no problem agreeing on a price and we have an attorney to review the contract. We know we will need to get a home inspection, what are the next steps to finalize the process? Thanks for any input.

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Charles Lewis, Agent, Virginia Beach, VA
Mon Feb 6, 2012
You should try to negotiate a smaller commission with a real estate agent to guide you thorugh the process since you dont know the process of buying a home.
0 votes
Don Tepper, Agent, Burke, VA
Mon Jan 30, 2012
Just use a good real estate attorney. You don't need an agent in your situation.

However, I would also recommend that you consult with a CPA. There are various tax implications for your and your husband--as well as your father-in-law. There are ways to structure the transaction that would better protect your father-in-law. It's possible that the real estate attorney could advise you on those, but to play it safe it'd be helpful to check with an accountant as well.

Hope that helps.
0 votes
Toby & John…, Agent, Farmingville, NY
Mon Jan 30, 2012
Choose a lender and give them everything they ask for in a timely manner. Your attorney should take care of everything else. They will hire a title company. Once your mortgage is cleared to close, they will contact your attorney to set a closing date.
0 votes
Jay Hurst, Agent, McLean, VA
Mon Jan 30, 2012
This is pretty easy and about 5-10 percent of the sales completed are party to party.

The Home inspection is good for a list of things that may need to be done. It does not sound like anything would keep you from buying it - but it would be good to know any flaws.

All you need is a good title company - that's it. I would suggest one that has an attorney on staff like MBH or RGS. Just ask if they have an attorney. This person works for the contract and has no interest with either party.

Good luck!

Jay
Web Reference:  http://www.lnf.com
0 votes
Jim McCowan, Agent, Arlington, VA
Mon Jan 30, 2012
I think your situation is the only one where I'd say you don't need an agent. You have a lawyer to review the contract but just remember, even with families, things can come up. Best of luck with it!
0 votes
Christopher…, Agent, Tarrytown, NY
Mon Jan 30, 2012
I would at least hire an attorney so they can draft a proper sales contract and guide you accordingly.

Chris
0 votes
Adrian Brown, , Chesapeake County, VA
Mon Jan 30, 2012
You are moving in the right direction with having an attorney review and draw up the contract. You don't need an agent in this situation. The next step is getting loan approval. If you need to get qualified, please call Adrian Brown at 757-672-6550. I'm located in Chesapeake, Virginia.
0 votes
Steve Zajas, Agent, Fort Myers, FL
Mon Jan 30, 2012
My opinion??? You MUST know a Realtor that's either a friend, or a friend of a friend, etc. Talk to them... tell them the situation, and ask if they are willing to "oversee" that the steps necessary for a legal and smooth transaction are being followed. I'll bet you that once you explain the situation to them, they'd be willing to help you and your family to put this transaction together PROPERLY for a of couple hundred dollars or so. Which will be the BEST couple hundred dollars you ever spent, believe me! Don't be thinking ELIMINATE using an agent, you should be thinking INCLUDING an agent, but for a very reasonable fee since you already have the buyer and seller, agreed on price and terms, and are including an attorney to make sure that the documents are in proper order. That's the way I would approach it, if it were me...
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