Laura - house question

Karen H Posted: Oct 28, 2001 11:24 PM

Laura - house question

Laura;

We looked at a 'For Sale By Owner' home today, and were tempted to make an offer, but decided to hold off.

I was wondering - how did you go about making the offer on your 'by owner' home? Did you work with a Real Estate lawyer or write it up yourself? I've read that the offer you work up with a real estate agent generally has all kinds of detail like contingencies for getting a mortgage, engineer's report being acceptable, closing dates, etc. and I'm a bit paranoid about leaving out a crucial detail. How did you go about making the offer on your house?

Thanks - Karen

Laura Posted: Oct 29, 2001 10:11 AM

Karen

What we did was call them with our offer- we didnt do it in person only because we knew it would be a back and forth-- so we made an offer - tehy called us back with a counter and then we called them back and settled on a price-- the next night we went up there with a deposit and we signed a handwritten binder-- we then gave that to the attorneys who draw up the contract with all the specifics in it(closing,mortgage etc all the things you mentioned)
then the lawyers add riders onto the contract depending on what is going on but usually they are all standard--
so you have found a house you like? that is exciting--where is it?
Personally we like that there are no realtors involved because we go right to the owners rather than have to go thru the realtor--much more efficient and you can really get a feel for what they are thinking about certain things that come up(and they will!!;-)
hope this helps
Laura

Lee Posted: Oct 29, 2001 10:41 AM

Karen - FSBO info

Karen, I work in the real estate finance industry - here's a link that might help you out.

http://www.fsboonline.com/long_island/BuyingPreparation.asp

Karen H Posted: Oct 29, 2001 09:00 PM

Lee - FSBO info

Thanks for the info. I took a quick peek and it looks like it will be helpful. I'm planning to go back.

PS - what do you do in RE finance? Mortgages?

Lee Posted: Oct 30, 2001 08:50 AM

Karen

I work for a firm that invests in and services mortgages. I work in marketing on the investment side, but work with the servicing and seller-finance (FSBO) group managing their marketing. We're part of the mortgage industry so there are some areas I know more about than others, but we don't originate mortgages. Let me know if you need more info - I might be able to help.