Buying a Property directly from Seller

Buying a Property directly from Seller

Investor · Greensboro, NC · Member since 2015 · 10 posts · 3 votes

In case this deal comes along, I don't want to be totally confused.

After you agree on price to buy the Home, What steps should be taking Next

1)Do I get a full property disclosure from seller.  Then Submit Offer Letter?

2)Home INspector

3) Then realestate lawyer Right?  

Totally confused here? 

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Real Estate Broker · Indianapolis, IN · Member since 2014 · 3k+ posts · 2k+ votes
11y

That Depends. I don't know if NC is an attorney state or a Title Company state. 

I would submit an offer with a 7 day inspection clause. That gives you a week to get an inspector through the home and make sure there aren't any issues.

If he finds issues you can either renegotiate the price or terminate the agreement. 

If you're not paying cash make sure you give yourself adequate time to close and have a financing contingency. You typically want to be atleast pre approved before making offers. 

Buying homes directly from the seller is the BEST way to do it. No commissions, cheaper price, and you talk directly to the man in charge.

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  • Real Estate Broker · Indianapolis, IN · Member since 2014 · 3k+ posts · 2k+ votes
    11y

    That Depends. I don't know if NC is an attorney state or a Title Company state. 

    I would submit an offer with a 7 day inspection clause. That gives you a week to get an inspector through the home and make sure there aren't any issues.

    If he finds issues you can either renegotiate the price or terminate the agreement. 

    If you're not paying cash make sure you give yourself adequate time to close and have a financing contingency. You typically want to be atleast pre approved before making offers. 

    Buying homes directly from the seller is the BEST way to do it. No commissions, cheaper price, and you talk directly to the man in charge.

  • Greensboro, NC · Member since 2014 · 212 posts · 143 votes
    11y

    @Ryan Dossey

    Attorney state

  • Residential Real Estate Broker · Graham, NC · Member since 2015 · 25 posts · 5 votes
    11y

    if you don't at least have a standardized process already, including agreements on file to use I would be very careful...it sounds like maybe this is your first deal? Feel free to reach out to me off BP if you would like a little help or some sort of limited representation. 

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