There can be a lot of money saved if you want to purchase a home from someone you know, and you want to skip a real estate agent. If you know a homeowner and they are willing to sell you their home, and you have both agreed on a price, you don't have to use a real estate agent.
Instead, you can make the process fast. Here are some of the things you will want to do, so both of you are protected during the buying and selling process.
Hire a Lawyer
A lawyer can help with the sale of the home by creating the contracts and filing the paperwork. You will only be billed for the time that the lawyer has put into this sale. You won't have to pay a real estate agent's commission, you don't have to get into a bidding war with other buyers, and the house doesn't have to be listed at a higher price because of the agent fees. Both of you can share a lawyer and get the house sale completed quickly.
Get a Home Appraisal
Getting the home appraised by a residential home appraisal company is beneficial for both the buyer and the seller. The appraisal will show the seller that they are getting a fair price for the property in the sale, and you can see that you aren't overpaying for what you want. If you are taking out a mortgage or any type of loan to purchase the property, the bank may require that an appraisal is completed.
Have an Inspection Completed
You don't want to buy a house and then find out there are major concerns. An inspection will look into things like the:
- Safety of the structure of the home
- Condition of the appliances
- Plumbing
- Electrical
- Mold inspection
If there are specific things you are worried about because of the age of the home, like lead, radon, or asbestos, have the home tested for these things as well. You will want to go over the inspection with the seller if there are major concerns, and you may have to sign a waiver in the contract before the sale.
You can save a lot of time, hassle, and money when you buy a home from someone that you know, and when you don't use a real estate company to manage the transaction. These are a few of the things that you'll want to do to move the sale along quickly, and to make sure that the property you are buying is reliable.
Contact a local residential home appraiser to learn more.
