Indy_Guy_77
Grandmaster
- Apr 30, 2008
- 16,576
- 48
Yeah... The situation that my wife and I find ourselves in:
We literally stumbled across a 1920sq, 4BR, 2.5BA tri-level with a .5 acre lot (with mini-barn) in a desireable Greenwood neighborhood (Center Grove schools) that's being sold by the owner...for a lot less than they can get for it.
My wife and I are good friends with another couple in that same neighborhood. Our friend is "best friends" with the wife of the couple selling their home... she confirms that they're undervauling their home in order to maximize THEIR returns (not having to pay two realtors...theirs and ours) out of the sale price.
My wife and I aren't exactly 100% ready, but literally, this deal is almost too good to pass up.
And no, I won't tell any of you where this place is.
-J-
Well, for one, a realtor can answer all of your questions. And believe me, you'll have plenty more. There is some info here: REALTOR.com: Why Use a REALTOR®?
My number one reason for using a Realtor? MARKETING. Let's face it, most buyers use Realtors to find homes. Those Realtor's are searching for homes that are listed with other Realtors. No, it's not a conspiracy, it's the computer system they all use via MIBOR. If your house isn't in the system, it won't come up on their search, and their buyer won't see it.
My number two reason for using a Realtor? LIABILITY. Realtors know all the ins and outs. They know who is supposed to pay what, when, why and how. They know all the legal ramifications and details including how to write a binding contract, title insurance, inspections (basic home, termite, radon, etc.), qualifying a buyer for you, showing your home, home warranties, surveys, and much more. They can read a HUD statement and tell you if it's correct or not (most of the time, the first one is not.) Their job is to relieve you of all the headaches you would otherwise endure as a FSBO.
Hint, if you already have a buyer that's interested, you may be able to get a Realtor to handle the paperwork at a greatly reduced fee. If you don't, it's worth the money to have the Realtor deal with finding a buyer for you.
Yes, it's true, there are quite a few Realtors who don't know their a$$ from a hole in the ground. The key is finding one that knows what they're doing. Don't just hire the first one you meet. Going with a referral is your best bet. Do you have any friends/family that has sold a home recently who was happy with their agent?
I know, I know, Realtors get paid WAAAAY too much. Right? Not really. What most people don't realize is that Realtors only get a fraction of the money you pay them. Most of it goes to office fees (which are HUGE), advertising/marketing fees (even HUGER), E&O insurance, signs for your front yard, MIBOR services, continuing education (which is required), and the list goes on. Everything comes out of their pockets. So don't freak out when you see them getting a check for 5-7% of the sale price.
And with that, I wish you good luck!
This goes for ANY buyer no matter how many homes they've bought/sold.Recommendation for 1st time home buyer: GET AN INSPECTION by a qualified inspector.
I do not recommend this. In some states it is normal and customary (and occasionally required) that an attorney writes up real estate deals. Here in Indiana (and many other states as well), attorneys aren't nearly as qualified as you might think. Attorneys here are not experts in matters of real estate... Realtors are. As mentioned earlier, they also won't do any leg work for you either as Realtors do. So I strongly suggest that you use a Realtor over an attorney in this state.We also used our Lawyer to write and offer / contract.
Realtor's don't "do" closings. Title Insurance companies do. If you heed any of the suggestions on this thread at all, heed this one... always always ALWAYS use a title company. ALWAYS! Here, lemme say that again... ALWAYS!There person who did the closing wasn't a Realtor, just some kind of closing agent or accountant type person.
Ok, coupla things.
This goes for ANY buyer no matter how many homes they've bought/sold.
I do not recommend this. In some states it is normal and customary (and occasionally required) that an attorney writes up real estate deals. Here in Indiana (and many other states as well), attorneys aren't nearly as qualified as you might think. Attorneys here are not experts in matters of real estate... Realtors are. As mentioned earlier, they also won't do any leg work for you either as Realtors do. So I strongly suggest that you use a Realtor over an attorney in this state.
Realtor's don't "do" closings. Title Insurance companies do. If you heed any of the suggestions on this thread at all, heed this one... always always ALWAYS use a title company. ALWAYS! Here, lemme say that again... ALWAYS!
Ok, back to your specific situation. Get a realtor to handle the contract and details. (If you're on the West side I can give you a name and number of someone to call.) You won't be charged the normal fees, but probably something like a $500 flat rate. Of course, don't quote me on that figure... that's ultimately between you and the Realtor to decide. Also remember that the fee should be worked into the final closing costs so it's not like you have to pay that out of pocket or anything.
There, two more cents.
I'll send you a bill for my consulting fee.
Seriously? What kind of shady deal were you into man?realtor that didn't want to get involved in our purchase even for a fee.
Seriously? What kind of shady deal were you into man?
Nothing shady. To this day I am not sure why he wasn't interested? Probably should have looked for a different realtor to use but it all worked out in the end. We have since sold that home and purchased a different one with the use of a realtor (My father-in-law)