What are the pros and cons of trying to purchase a home( condo/townhouse) this way?
Should you retain an attorney first? etc..
Should you retain an attorney first? etc..
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Always retain an attorney
Seller is cheap and doesn't want to give agent 5 points...don't be surprised if home requires a lot of upgrades or is non conforming in some wayComment -
Having bought and sold many houses, I second Fats.
Especially if you have to ask the question in the first place.
The only pro is that you MIGHT save a little money.
The cons, well the list is too long to list.
But to follow up on the only pro, for the possibility of saving a little money, you're opening yourself up to the risk of losing a boatload of money... And Id say that risk is prolly 50/50
So in gambling speak, to win a dollar you're risking 20, on a 50/50 eventLast edited by The Kraken; 08-07-21, 12:00 PM.Comment -
Before buying the BUYER must pay for a home inspection. This is for buyer's protection and required by lender. I am approved by BkofAmerica for a home loan. The bank's Home Loan Specialist that approved the possible loan could not give me the name of any realtor... She said she didn't know. I guess the key is finding the "right" realtor. Not an easy task.
If this was in the country, different setting, but population nearing 1 million makes it a gamble when no-one reccommends one.Comment -
LOL! I will absolutely pay for an independent inspection. When I sold my first home, learned a lot from the buyer's inspector, about pipes etc.. The prospective buyer walked away because I would not agree to some funds for possible pipe repairs. It was a brand new townhome that I lived in for 8 years. The inspector said the type of pipes used started to become a problem at about 12 to 15 years of age.. The next buyer was not concerned. Now having lived in a senior's apartment that was built in 2000, I am FULLY aware of pipe problems!!!!!Last edited by LongBall52; 08-07-21, 04:20 PM.Comment -
Not a particular property, but I know pretty well what I want and generally where I want it. Realtors have their function also, I am picky!Comment -
If you're comfortable navigating the process of property transaction and assuring full disclosures, its doable. My only other concern would be a supply issue, how many fsbo properties are there available for anpicky buyer? Befriend whoever does the inspection, let em know its an fsbo purchase and you'll throw in a few extra whatever's to assure a very thorough inspection. And then chop his costs off your offer
I never bought fsbo. Looked into it once but i appreciated the expertise of my realtor and we ended up using her many times.
As specifically for a condo or townhome I cant help. I've never owned either but good luck my man.Comment -
Kraken you are right. I am NOT comfortable at all. I just know what I went through buying my first and only house with a realtor... She showed me places simply because they were in my price range with my 10% down back in the day. Today, I have 20% down and I know prices are inflated around. I saw one place for sale by owner in an online ad where I want to buy. But's it's a little to early as my apartment lease doesn't end until April 2022.If you're comfortable navigating the process of property transaction and assuring full disclosures, its doable. My only other concern would be a supply issue, how many fsbo properties are there available for anpicky buyer? Befriend whoever does the inspection, let em know its an fsbo purchase and you'll throw in a few extra whatever's to assure a very thorough inspection. And then chop his costs off your offer
I never bought fsbo. Looked into it once but i appreciated the expertise of my realtor and we ended up using her many times.
As specifically for a condo or townhome I cant help. I've never owned either but good luck my man.
What I would like to know is do most bank mortgages only approve the buyer for 30 days at a time??? My credit score is 805. (The first place I got a mortgage is long out of business and I recall the realtor (Rose and Womble)not showing me any property until I was approved Of course they knew a lender.Comment -
I've had a couple of FSBO looks in the past and they have never panned out for me. Both times I find the seller is pretty stout in their price believing that certain upgrades to him are more valuable than they really are, the inspections always turned something up and then the refusal of the seller to acknowledge the issues or a disagreement with the inspectors finding. Things like a septic system that is on its last leg and the owners obfuscation of the need for a sand mound in the future. There is usually a bunch of small things that just make me walk away after spending some up front due diligence.Comment -
Your pre approval will look k for 30 and reset at a new rate thereafter
You financial information however will need to be updated because you'll be buying in a new tax year, ergo the 2 years taxes you provided will be obsolete.
Just wait till you're 60- 45 days out then start looking. Odds are this house will be sold, and also your seller may require time to find a home of their own.
Shopping this RE market 10 months out is insane, you could very well see a 15% drop in ppsqft by 1st qtr next year.Comment -
Fats I have to buy sometime by very early Feb OR this apartment will require me to go month by month. That price is high ! (I have to give 2 months NOTICE here)Comment
