Rental Property Investor · Edmonton, AB · Member since 2021 · 4 posts · 1 vote
What steps need to be done when buying a house For Sale By Owner? No realtors. Tenants want to remain in the home, and that is perfect for us! What should we look out for? Doing a walk through this weekend, and will be presented the contract same day to be filled out.
Real Estate Investor · Williamson County, TX · Member since 2011 · 1k+ posts · 961 votes
5y
@Chey Zwicker In Texas there is a promulgated contract that almost everyone uses. There are blanks and check boxes for who pays for survey, etc and different markets have different customs on who pays. Not too complicated if read carefully. You will need someone to go over your contract to make sure there isn't something irregular and also to explain what you are not clear about after reading the contract. Uncommon, but some people have leased when they thought they'd bought (automobiles) or even swindled and with a signed contract you are bound to the terms.
Rental Property Investor · Edmonton, AB · Member since 2021 · 4 posts · 1 vote
5y
@Lucia Rushton
Not as of yet! We are asking for 10 business days for conditions, in which I think then we will book an inspection! The property is about a 5 hour drive from us, so we are yet to view it ourselves this weekend!
Investor · Pacific City, OR · Member since 2016 · 174 posts · 123 votes
5y
@Chey Zwicker after under contract, get a copy of the current tenant lease and seller’s Schedule E for at least the last two years, which will show you seller’s reported expenses and income.
Being five hours away, do you have contacts for inspection, etc. Will you be managing the property yourself or having a PM do it? How is it currently managed?
Attorney and Title Company, would those be different than a regular lawyer? Or is a lawyer sufficient?
In the very least, you will want to find a real estate attorney. They specialize in real estate and would know how to write up the contract. They may have contacts with title companies or may offer this service as well.
Attorney · Dallas, TX · Member since 2016 · 5k+ posts · 2k+ votes
5y
What state is this in? (I assume USA) That will determine if title or attorney state.
Generally, the attorney for closing only charges $750 but doesn't review anything, he's just an escrow agent. If you want an attorney to advocate for you, thats a different set scope of work.