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.

Jerry Padilla, Lender in NY (#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.

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