Buying FSBO in Ohio

3 Replies

I own rental property in Ohio but when I bought them everything was handled by the seller and I currently have a deal in escrow that is a land contract on a property owned free and clear that was done thru a real estate agent. Now I have a seller that just wants out and want me to take over payments on 2 rentals he has because he is retireing and wants to move and not handle them long distance. My question is: I talked to an attorney in Ohio about doing a "subject-to" deal and was told A) There is no 'subject-to' in Ohio, B)It would have to be a land contract but the rules are different because of the exsisting mortgages and C) That I HAVE to use an attorney for EVERYTHING or risk getting in trouble for practicing real estate without a license. I am licensed in my state but not in Ohio. Where I live you can write your own offers without a license as long as you are a principle to the transaction. I told the attorney I planned to do my own offers and then have him handle the paperwork for the land contract, closing, etc... and was told I coulnd't do that. I have been in negociations with the seller verbally and via email but have not submitted an official offer, which I had planned to do beofre I was told this. Does anyone know if I have to use an agent or a lawyer to write an offer to a FSBO seller in Ohio?

hi Sheri,

You should be able to write your own offer on the property. Maybe the attorney could give you a preprinted contract where you just fill in the blanks. People negotiate directly with sellers all the time. That is how most people purchase wholesale property.

Medium prime lendingJerry Padilla, Prime Lending | [email protected] | 585‑204‑6923 | https://lo.primelending.com/jerry.padilla | NY Lender # NMLS #1084877

Thanks @Terry Hershberger and @Jerry Padilla That is what I have always known to be true but having this guy who is supposed to be an expert tell me different made me wonder if maybe Ohio had some strange rule I wasn't aware of.

Free eBook from BiggerPockets!

Ultimate Beginner's Guide Book Cover

Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!

  • Actionable advice for getting started,
  • Discover the 10 Most Lucrative Real Estate Niches,
  • Learn how to get started with or without money,
  • Explore Real-Life Strategies for Building Wealth,
  • And a LOT more.

Lock We hate spam just as much as you