For Sale By Owner Transaction

[Jason H.]

Hello BP Members,

After being on this site for about 3 months and binge listening to many of the podcasts within this 3 mo time-frame, this is my first forum post, hopefully leading to many more. 

Currently friends of mine are looking to sell their condo in So Cal and I am interested in buying it as owner occupied. I'm pitching a For Sale By Owner transaction to eliminate the agent costs and bring the purchase price down. This would be my first FSBO transaction and I'm looking for any feedback & advice on the sales process for a FSBO.

Would I need an attorney? 

Other than a title & escrow company, and lender, would I need any other services from any other RE businesses? 

Are there any differences between a FSBO transaction and a transaction using agents (other than no agents for FSBO)?

What would the step by step FSBO transaction process look like?

Any good feedback and or suggestions is appreciated. 

Thank You,

Jason

[Shannon Wright]

Hi there!

You do not need an atty in Ca for any straight-forward deals. Usually, when things go sideways, then you get an atty involved in Ca.

While in escrow, you will need an NHD report service provider (escrow can order the actual report) and homeowners insurance in place (if financing). You can opt for an appraisal and inspection, which are usually Buyer costs.

FSBO deals have none of the disclosures (usually) that an agent involved deal would have, especially depending on what contract is used.

The transaction process is almost identical, just no Agents involved to negotiate or mitigate, you and the seller wear all the hats, so to speak.

Call me anytime to discuss further. :)