Who Handles The Close Iin FSBO?
I am ready to make an offer on a rental property. This is a FSBO - no RE agents involved. Seller is doing part of the financing. Since I am borrowing most of the money from the bank, does the bank automatically handle the appraisal, title search and closing? Is it cheaper to get an attorney a title company do the closing? If that IS an option, how would I get the money from the bank?
Sorry for the embarassingly newbie question. :-D
You can do a kitchen table closing without too much trouble, but in many cases, especially if you are starting out and don't know everything yet, you are better off having a title company do the closing.
It shouldn't cost you more than a couple hundred.
Until you get more than one closing with a FSBO under your belt, I suggest you get a RE attorney. The bank will arrange for an appraisal, but will not take care of other items, such as ordering title insurance. The bank either sends a rep to closing or sends the closing package (with loan proceeds check) to closing.