FSBO
Hi, this may be a rookie question, so please bare with me.
I've come across a nice duplex that is for sale by owner (FSBO). If I want to put an offer in without the use of my realtor, how do I do it so it is legally binding? Is there a place I can get a blank contract to use?
What pitfalls do I want to watch out for? I'll be using my mortgage broker to handle the closing, etc.
An added complication is the seller only speaks Spanish, and I do not. I've been talking with her english-speaking granddaughter, who is one of the tenants.
Obviously avoiding realtors is a great way for sellers to save money, but as a buyer, does it make sense? I don't pay the realtor's commissions.
Will FSBO's accept that buyers may use an agent and be willing to pay them their comission?
Thanks for any help!
Chris
Being both a licensed real estate agent as well as a mortgage broker, unless you have an agreement in writing with the agent, you are fine to buy from a fsbo. That's just the pitfalls of the business. Two, see if your mtg. broker knows of any spanish speaking people that can help you. Most likely, if you did want to get a realtor, the fsbo won't want to pay the commission, which is why she is selling it by owner anyway, that is unless you want to buy it over the asking price so the realtor can get paid without the seller losing her money. See how desperate she is to sell, you never know.
Also Chris,
You can go to www.totalrealestatesolutions.com and download free purchase agreements, rental agreements, etc. I just used it to sign a deal tonight. I use the long version of the purchase agreement.