buying from "for sale by owner"

[Shane Wilkins]

I am looking at a four-plex and its for sale by owner. They don't want to use a real estate agent to save some money.

If I don't have a real estate agent, how do I make an official offer? How do I get it under contract?  I didnt see any documents in the tools section.

If I do have a real estate agent do I have to pay him out of pocket since (I believe) that his commission wouldn't be paid for by the sellers.

Thanks.

Shane

[Randall Alan]

Quote from @Shane Wilkins:

I am looking at a four-plex and its for sale by owner. They don't want to use a real estate agent to save some money.

If I don't have a real estate agent, how do I make an official offer? How do I get it under contract?  I didnt see any documents in the tools section.

If I do have a real estate agent do I have to pay him out of pocket since (I believe) that his commission wouldn't be paid for by the sellers.

Thanks.

Shane

 We buy properties all the time without a real estate agent. They aren’t required. The important “person” is the title company. You should be able to find a contract online by just googling real estate contract and your state. But if not, I would just reach out to the title company and ask them, I’m sure they have one. We simply both fill out the contract and sign it and give it to the title company. They then do everything else. Easy Peezy  If you do have a real estate agent, they would just get listed on the contract and then yes they would be cut into the deal with a percentage paid by the seller.  They would of course then fill out the contract for you.  Very easy to do yourself. 

Randy 

[Kathleen McDowell]

Quote from @Shane Wilkins:

I am looking at a four-plex and its for sale by owner. They don't want to use a real estate agent to save some money.

If I don't have a real estate agent, how do I make an official offer? How do I get it under contract?  I didnt see any documents in the tools section.

If I do have a real estate agent do I have to pay him out of pocket since (I believe) that his commission wouldn't be paid for by the sellers.

Thanks.

Shane

 Hi Shane. You can find a contract for your state online and use that. As Randall mentioned, the key is the title company (and certain states require a lawyer, so be sure to check your state laws. Hiring a Realtor to represent you is an excellent idea, as they will act as your fiduciary. Recommend finding one that specializes in small multi-family. Yes, you'd need to sign a buyer broker agreement with them that would state what their commission would be and that you would cover that (given seller is not).

[Shane Wilkins]

Quote from @Randall Alan:

Quote from @Shane Wilkins:

I am looking at a four-plex and its for sale by owner. They don't want to use a real estate agent to save some money.

If I don't have a real estate agent, how do I make an official offer? How do I get it under contract?  I didnt see any documents in the tools section.

If I do have a real estate agent do I have to pay him out of pocket since (I believe) that his commission wouldn't be paid for by the sellers.

Thanks.

Shane

 We buy properties all the time without a real estate agent. They aren’t required. The important “person” is the title company. You should be able to find a contract online by just googling real estate contract and your state. But if not, I would just reach out to the title company and ask them, I’m sure they have one. We simply both fill out the contract and sign it and give it to the title company. They then do everything else. Easy Peezy  If you do have a real estate agent, they would just get listed on the contract and then yes they would be cut into the deal with a percentage paid by the seller.  They would of course then fill out the contract for you.  Very easy to do yourself. 

Randy 

 Thank you

Shane

[Shane Wilkins]

Quote from @Kathleen McDowell:

Quote from @Shane Wilkins:

I am looking at a four-plex and its for sale by owner. They don't want to use a real estate agent to save some money.

If I don't have a real estate agent, how do I make an official offer? How do I get it under contract?  I didnt see any documents in the tools section.

If I do have a real estate agent do I have to pay him out of pocket since (I believe) that his commission wouldn't be paid for by the sellers.

Thanks.

Shane

 Hi Shane. You can find a contract for your state online and use that. As Randall mentioned, the key is the title company (and certain states require a lawyer, so be sure to check your state laws. Hiring a Realtor to represent you is an excellent idea, as they will act as your fiduciary. Recommend finding one that specializes in small multi-family. Yes, you'd need to sign a buyer broker agreement with them that would state what their commission would be and that you would cover that (given seller is not).

 Thank you,

Shane