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Person to person offer and property purchase

Many people fear the unknown and unless you have purchased a property without the involvement of a Real Estate agent, buying a home that is 'for sale by owner' (FSBO) would fall into the category of unknown. Believe it or not, the process is much easier than many make it out to be.

Work with a Real Estate Lawyer

The first bit of advice that I give to people pursuing the purchase of a FSBO property is to have a good attorney in place. Select a lawyer who handles real estate law. Most of the transactional type of attorneys will have a flat fee for a real estate closing. With a good attorney at your side, the process should go smoothly.

Making Your Offer

The offer process will depend on the seller. If the seller is handling his or her first 'by owner' property transaction, they will probably be willing to negotiate the price over the phone or via email. Coming to an agreement in this fashion will not be very different than the process of purchasing a used automobile. There will probably be some back and forth and eventually the two parties will come to an agreed price. At that point, your real estate attorney needs to get involved. Virtually every region will have a standard offer contract that is used. Any real estate lawyer will be familiar with this and will draft the document to make your offer binding. Your attorney could then work with the sellers attorney to negotiate an terms and get signatures.

In some cases, the seller might have more experience, or might be savvy enough to be sure a potential buyer isn't just kicking tires and looking at properties that they aren't qualified to buy. In that case, the seller might require proof of funds, or a pre-approval letter from a bank prior to discussing price, or signing off an an offer contract. If you aren't able to provide one or the other, you shouldn't be making the offer. If this is a requirement of your seller, you should pre-qualify for a real estate mortgage. The qualification is generally a quick process and does not assure that you will get the mortgage, but it should be your first step. Once pre-qualified and approved, you can request a pre-approval letter from the mortgage company.

The final steps are no different than they would be if you worked with a Real Estate agent. The real estate agent is often the person who makes sure the transaction keeps moving forward, but if everyone is doing their job (including you) the process should move forward on its own.

Acquire your Mortgage

Closing on Your Property

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