buy a friend house

6 Replies

Hi,

My friend is planning to sell a house for ~220K. The house is in Irving texas. Currently, I am staying in a rented apartment near to that place wherein I pay 1750 per month + utilities extra. So question is does it make sense to buy a house? 

also, I am planning to buy directly from him without a realtor ? how much this going to save us? or how difficult it would be to close the deal end-to-end?

just trying to see if any one have an opinion or advice here?

Vish S. You will have a much lower monthly payment on that house as opposed to your rent. If you're able to purchase the house, it is probably better long term for you than continuing to rent.

thanks for the suggestion.

Also, what is the process of buying directly with our a realtor? is it a difficult process? and how can I get the lender? excuse me .. this is my first deal so asking these questions. 

basically what is high level I need to take off

Hi, 

I am in the process of completing my first deal without a realtor.  At first I was concerned but with minimal research I was able work through the process without too many stumbling points and I'm sure you can too.  You can download a copy of the TREC residential sales contract at the following link...

http://www.trec.state.tx.us/formslawscontracts/for...

It is form 20-12

You can find a lender online or at your local bank or credit union and I found mine to be extremely helpful when it came to questions regarding process.  

I'm sure there are tons of people here that can offer much more info and advice but I would be happy to share my experience with you and answer any questions(that I can).  The good thing about a realtor is that they can pull comps for the area you are planning on buying in and make sure you are getting a descent price for the home.  From what I've seen and heard zillow is definitely not to be trusted.

Cheers and good luck!

Curt Lutringer, thanks for the link. I will give it a shot. Let's see how it will go. I will post question if I am stuck some where...

Thanks every one.

Hello. I live in Frisco and would be happy to connect you to a good title company that I use for our non realtor purchases. Use the TREC one to four contract and fill it out. The title company I recommend would have a lawyer to look over the contract first if you want them to.

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