Consumption and Real Estate
How to buy 1st Home that is FSBO – No agents involved?
Question : How to buy 1st Home that is FSBO – No agents involved?
My fiance and I recently walked through a home that was FSBO, and went ahead with an offer that was agreed to in principle. Now that the seller and us are on the same page with price and terms – what is the cheapest (but safest and best) way to close the deal? We havent signed anything yet and are treading carefully until we get some good advice. Thanks!
fsbo signs
Best answer:
Answer by sxplaybun
ok first have the proper inspections done then do a neighborhood check. check city hall records of any information that they my have on the address
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#3 written by Mary B 1 year ago
Well, if you haven’t signed anything yet, you have no agreement b/c verbal agreements are not legal in real estate.
You need to contact a local real estate attorney who will draw up a sales agreement. You CANNOT draw up your own b/c that is practicing law without a license and makes the contract voidable.
The major problem is that you need to do a contract with an appraisal and financing contingency b/c you have no idea if your offer was under or below current market value for the area.
I would also encourage you to get a home inspection, home warranty and a pest inspection.
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yes you can write your own contract.
you do need a lawyer.
all you need to start the sales.
is a date, signatures and agreed price.
and this agreement can be written on a “napkin”.
the lawyer can do the rest……….
get some quotes from a lawyer on prices to finish the contract..
mostly all the other is outlined..
once this agreement is signed and both buyers and sellers have a copy you can be sued..for damages (either way)..if you try to back out..or they do (you can sue them for damages)
you will have no way out…………so a poor inspection, poor appraisal, the bank will not lend on the home, etc….nope your bound..
you didn’t put that in the original..