All Forum Posts by: Daylon Turner
Daylon Turner has started 1 posts and replied 4 times.
Post: Possibly buying first property off of family friend
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Quote from @Nathan Gesner:
Quote from @Daylon Turner:
A good REALTOR does a lot more than fill in blanks on a contract. They can help you with market value, inspections, negotiation, and more. They also maintain an objective opinion and aren't caught up in the emotions or anxiety of a purchase.
An Agent can work with you as a client (confidentiality, protecting your interests) while working with the seller as a customer (no confidentiality) and collecting a lower commission.
Another option is to have an attorney fill out the contract, but they won't do well for market analysis, negotiation, etc.
You can also get the contract from a Title Company and do it on your own. That's a dangerous thing for a new buyer working with an old seller that hasn't properly maintained the home.
Post: Possibly buying first property off of family friend
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Quote from @Eliott Elias:
She won't pay any closing costs with you such as realtor fees. You still will go through title. You don't need a real estate agent, but if neither of you have any experience with buying or selling I wouldn't do this transaction without one. Maybe get one realtor involved
Post: Possibly buying first property off of family friend
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Quote from @Billy Daniel:
Being a realtor, I'm biased. It can certainly be done without a realtor, but I wouldn't recommend that for a first-time home buyer. Here are some things a realtor would help you with:
Fair market value: Are you overpaying for the house? A good realtor will help you determine what a fair price is based on location, condition, age, layout, etc... This can come in handy when your bank sends their appraiser
Contacts for lending, inspections, and renovations: Realtors work with these people all the time. They know the ones who provide good value and those that don't.
Survey and title work hiccups: Realtors often fall victim to the "they just want their commission check" stereotype. However, my experience is that everyone involved can act this way. I've had to save my clients from title companies who just wanted to get to closing.
In summary, yes you can absolutely do this without a realtor, but I don't recommend it for a first time home buyer! Good luck!
Post: Possibly buying first property off of family friend
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Hello everyone,
I just joined BP today, although I have watched/read their info before.
I know of a family friend who will be selling their house in about 6 months or so. She said she would let me know before she puts it on market and possibly sell directly. Is this a good option to reduce costs? Do I need to have a real estate agent for a deal like this?
This would be my first property, it is in a rural area, has a decent amount of land(2.5 acres) and is not in top condition as the woman is a little older and hasn’t done a ton of renovations. I was thinking about looking into the USDA loan as the area qualifies and so do I. Any tips on the benefits and drawbacks of that would be greatly appreciated too.
I am thinking this could be a great opportunity for me to get started so I am trying to find all the information I can before she is ready to sell. I am thinking of possibly living in it shortly, renovating, and then I am not sure if the better move is to sell it after that or try to rent it out. I really appreciate any tips and information you can give. I feel that this could be a great opportunity that I don’t want to pass up on because I don’t know what to do. Thank you everyone. Let me know if you need more info to answer my questions.