Hello, my name is Walt Jarvis and last year when I listed my house on the market to sell, I was very optimistic about the entire process. I was even more excited when I received an offer on the property. Before the sale could go through, a problem arose so I decided to hire a real estate attorney. The attorney I hired took care of the issue for me, which saved me a lot of time and headaches. I learned valuable information from the attorney and I wanted to share it by writing a blog. If I ever decide to sell any more property, I will hire an attorney first in case any problems occur. If you're selling a home or a business, you should read my blog to learn how a real estate attorney can help with various aspects of the sale.
If you're in the market for new home, it can be tempting to avoid the ones that are fsbo – for sale by owner. Most likely it's because everyone has told you that you need to work through a real estate agent. Or, you might just be worried that you won't be able to navigate the process properly. Whether this is your first venture into home ownership, or you've purchased homes before, buying a home that's fsbo doesn't need to be difficult. Here are four suggestions that will help you avoid complications when buying fsbo.
Solidify Your Pre-Approval
If you're going to be working without an agent, the first thing you want to do is get pre-approved for a home mortgage loan. This pre-approval will serve two useful purposes. First, it will show you exactly how much home you can afford, which will help narrow your search. Second, it will show the home owners that you're a viable prospective buyer. Don't start looking for homes until you have the pre-approval in your hand. It's important to note that your pre-approval will come with an approval of your average monthly payment. If you're going to be looking at homes in planned communities, remember to compute the cost of those HOA fees. Otherwise, you could end up being denied your loan once the payments go too high.
Don't be Intimidated
When you work with a real estate agent, it's the agent who will tour homes with you. However, when you work without an agent, you'll be touring homes with the owners, which can be a bit intimidating, especially once you start flipping the light switches off and on, and testing the plumbing. Don't be intimidated. You're planning on making a very large investment. It's important that you inspect the property from top to bottom before you agree to a purchase. Don't be afraid to request a professional inspection, as well.
Get a C.L.U.E
If you're going to be working without a real estate agent, you may be limited when it comes to obtaining pertinent information about the house. One piece of information that you can't pass up is the C.L.U.E. report, or Comprehensive Loss Underwriting Exchange report. This report will identify every insurance claim that has been filed for the house you're looking at. It will also let you know if those claims were taken care of, meaning the work was completed to repair the damage. If the home has had frequent insurance claims, or work was not completed to repair some of the damage, you may be looking at higher insurance premiums.
Hire an Attorney
When buying a home fsbo, it's important that you work with a real estate attorney, such as Steve Butcher Sr. Purchasing a home is requires a legally binding contract. Before you sign a contract for a very large investment, you need to have an attorney look over the terms, and make sure that the paperwork is done properly. Your real estate attorney will provide those services for you.Share