Go Back  DVD Talk Forum > General Discussions > Other Talk
Reload this Page >

Another home buying question - no realtors?

Other Talk "Otterville" plus Religion/Politics

Another home buying question - no realtors?

Old 10-28-04, 03:05 PM
  #1  
DVD Talk Limited Edition
Thread Starter
 
Join Date: Jan 2001
Posts: 6,635
Likes: 0
Received 0 Likes on 0 Posts
Another home buying question - no realtors?

If I wanted to buy a home from an aquaintance who is willing to sell at a decent price, without listing, and without using realtors. He mentioned the listing price

Am I asking for trouble? I know I am, but please try to help me

What important things are involved? This is my first home so I am somewhat clueless..

As far as I know, I would have to:

1. get purchase contract filled out properly and handed over to a title company, who will then require all the inspections, etc.

2. My bank/loan seems pretty acceptable to the idea, and I think they just need the contract, inspections, etc. I'm already approved as long as it appraises.

What else? I plan to have a realtor friend look over our shoulders, and make sure the forms are filled out properly, etc. How big a role does he need to play? any specific things he needs to do? What is a fair amount of compensation for this service.
Old 10-28-04, 03:30 PM
  #2  
DVD Talk Hero
 
Join Date: Aug 2001
Location: in da cloud
Posts: 26,196
Likes: 0
Received 0 Likes on 0 Posts
you don't need a realtor to buy a home

find an RE lawyer in your area to handle the paperwork. shouldn't cost more than a few hundred $$$.
Old 10-28-04, 03:34 PM
  #3  
DVD Talk Hero
 
Numanoid's Avatar
 
Join Date: Aug 2000
Location: Down in 'The Park'
Posts: 27,882
Likes: 0
Received 0 Likes on 0 Posts
I just sold a home to a friend. Really a piece of cake. I hired a lawyer who filed all the legal stuff and represented me at the closing, total cost for the lawyer was $400 (small town). The buyer didn't even use a lawyer, their mortgage lender did all their paperwork and arranged for the appraisal, pest inspection, etc.
Old 10-28-04, 03:57 PM
  #4  
DVD Talk Ultimate Edition
 
Join Date: Jul 2000
Location: houston, tx
Posts: 4,844
Likes: 0
Received 0 Likes on 0 Posts
are you a dyslexic pirate?
Old 10-28-04, 11:00 PM
  #5  
DVD Talk Hero
 
Join Date: Mar 2001
Location: Lighten up, Francis! (Funland)
Posts: 26,856
Likes: 0
Received 0 Likes on 0 Posts
We bought a house and then sold our without realtors. A friend that's a lawyer gave us a contract to use and checked over the other one.
Old 10-29-04, 10:33 PM
  #6  
DVD Talk Gold Edition
 
Join Date: Jan 2001
Location: New York
Posts: 2,902
Likes: 0
Received 0 Likes on 0 Posts
Re: Another home buying question - no realtors?

Originally posted by grrrah
I plan to have a realtor friend look over our shoulders, and make sure the forms are filled out properly, etc. How big a role does he need to play? any specific things he needs to do? What is a fair amount of compensation for this service.
The best thing to do is save your money and hire a real estate attorney.

I frequently respond to these types of questions (those who've noticed, bare with me). I used to do loan closings for Chase Bank (hundreds of them). Please, please get a lawyer... there's way too much complicated stuff going on to be sure it goes off without a hitch.

Especially, definitely hire an attorney if you were going to pay this realtor friend anyway. Realtors do not know real estate law very well (law isn't their job-- selling houses is). Just like the nice guy who sold you your brand new car isn't a mechanic, someone who's job is to list and sell houses doesn't know the ins and outs of real estate law.

When I'd prepare to go to a closing, I could usually predict the ones that would be a disaster (the ones that wouldn't close, for one reason or another)--- it was the closings of the people who didn''t have an attorney.

Who's going to explain all the bank documents to you? When the bank gives you your "Truuth in Lending" disclosure and asks you to sign it, which has a higher interest rate than what your note is, your attorney will tell you why it is okay to sign it. There are tons of other confusing papers like that-- a real estate attorney will know every one of them. I very much doubt a realtor would(again, not their job to know).

At my last closing, my bank screwed up and was $56,000 short at the closing table. The attorneys wrote up an escrow agreement, the deal closed, and everyone was happy. Try to imagine what would've happened without attorneys there.

A good real estate lawyer is a few hundred bucks. A very worthwhile investment.

Hire the right professional. Good luck.

Last edited by Dave7393; 10-29-04 at 10:37 PM.
Old 10-30-04, 04:34 AM
  #7  
DVD Talk Hero
 
Join Date: Jun 2000
Location: Words
Posts: 28,207
Likes: 0
Received 0 Likes on 0 Posts
Re: Re: Another home buying question - no realtors?

Originally posted by Dave7393

Hire the right professional.
I agree. Pay good money, and get the high-class stripper.

Oh wait...wrong thread.

-pedagogue
Old 10-30-04, 08:24 AM
  #8  
DVD Talk Hero
 
Join Date: Aug 2001
Location: in da cloud
Posts: 26,196
Likes: 0
Received 0 Likes on 0 Posts
Re: Re: Another home buying question - no realtors?

Originally posted by Dave7393
The best thing to do is save your money and hire a real estate attorney.

I frequently respond to these types of questions (those who've noticed, bare with me). I used to do loan closings for Chase Bank (hundreds of them). Please, please get a lawyer... there's way too much complicated stuff going on to be sure it goes off without a hitch.

Especially, definitely hire an attorney if you were going to pay this realtor friend anyway. Realtors do not know real estate law very well (law isn't their job-- selling houses is). Just like the nice guy who sold you your brand new car isn't a mechanic, someone who's job is to list and sell houses doesn't know the ins and outs of real estate law.

When I'd prepare to go to a closing, I could usually predict the ones that would be a disaster (the ones that wouldn't close, for one reason or another)--- it was the closings of the people who didn''t have an attorney.

Who's going to explain all the bank documents to you? When the bank gives you your "Truuth in Lending" disclosure and asks you to sign it, which has a higher interest rate than what your note is, your attorney will tell you why it is okay to sign it. There are tons of other confusing papers like that-- a real estate attorney will know every one of them. I very much doubt a realtor would(again, not their job to know).

At my last closing, my bank screwed up and was $56,000 short at the closing table. The attorneys wrote up an escrow agreement, the deal closed, and everyone was happy. Try to imagine what would've happened without attorneys there.

A good real estate lawyer is a few hundred bucks. A very worthwhile investment.

Hire the right professional. Good luck.
can you give me some advice in my mortgage app thread?
Old 10-30-04, 12:47 PM
  #9  
DVD Talk God
 
kvrdave's Avatar
 
Join Date: Aug 1999
Location: Pacific NW
Posts: 86,201
Likes: 0
Received 0 Likes on 0 Posts
Where you already have the deal struck (for the most part), I would agree with the rest about just getting a lawyer.
Old 10-30-04, 03:47 PM
  #10  
DVD Talk Gold Edition
 
Join Date: Jan 2001
Location: New York
Posts: 2,902
Likes: 0
Received 0 Likes on 0 Posts
Re: Re: Re: Another home buying question - no realtors?

Originally posted by al_bundy
can you give me some advice in my mortgage app thread?
I just took a look at your thread.. you seemed to be concerned about your "Truth in Lending" disclosure from your broker.

To get right down to it, the "TIL" is meaningless. It really has nothing to do with reality. Your rate will appear higher on your TIL-- this is because it figures in projected closing costs, points, etc as part of the whole package (go ahead and sign it-- it's not your note). This document is pretty worthless, espcially on an ARM, with which nobody knows where rates are going. Rates are pretty low now, so getting yourself into an ARM may save you money initally, but consider the closing costs you may have to incur if you refinance back into a fixed rate mortgage, and where rates may be at that point (who knows?). With rates as low as they are, I personally wouldn't get into an ARM.

Alot of people who have ARMs from a few years back have been refi-ing like crazy, now , with fixed rate products under 6%. If an increase in short-term cash is your goal, then this ARM may work for you, also if you plan on moving/selling in a few years. But if you're staying put, I'd always go with the fixed.
Old 10-30-04, 09:51 PM
  #11  
DVD Talk Special Edition
 
Join Date: Sep 2002
Posts: 1,214
Likes: 0
Received 0 Likes on 0 Posts
Hey Dave, do you know any good Real Estate Message Boards that deal with these kinds of questions?
Old 10-30-04, 10:08 PM
  #12  
DVD Talk Gold Edition
 
Join Date: Jan 2001
Location: New York
Posts: 2,902
Likes: 0
Received 0 Likes on 0 Posts
Originally posted by Puzznic
Hey Dave, do you know any good Real Estate Message Boards that deal with these kinds of questions?
Actually, I never really looked. I'm sure they're out there. If anybody finds a good one, please post. I'd be interested in seeing some of these myself.

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is On
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Thread Tools
Search this Thread

Archive - Advertising - Cookie Policy - Privacy Statement - Terms of Service - Do Not Sell My Personal Information

Copyright 2018 MH Sub I, LLC dba Internet Brands. All rights reserved. Use of this site indicates your consent to the Terms of Use.