We're considering buying a home privately with no agents.. what's the process like

Question

We saw a house we love.. we're first time home buyers. The sellers are selling it privately with no agents. We are pre-approved for a loan and a banker has told us about closing costs, inspections, etc.. so how can we negotiate? I have no clue.. we've discussed a few things with the sellers. ie carpets... we're just not sure where to go from here.

Answer 1

You need to put offer to the seller and start from there your negotiations. You know how much you want to pay for the house and what you need to be done by the seller- just put everything in writing and don't take any promises from the seller without writing them down. Do you have attorney to help you with this transaction? If you do - he will help you with this.

Answer 2

You probably need to just write up a contract and present it to the sellers (you can name whatever price you want and ask the sellers for any concessions - like replacing the carpets or whatever - in the contract).  

Problem is if you have never done anything like this, then this can be a very daunting task with lots of possible problems that could come up.  This is really where the agent earns there money as a good agent knows exactly how to word the contract, what to ask for, and everything else.  Also, if you have limited experience but the sellers do not they could write a contract very slanted towards their interests.  If neither of you have much experience you could accidentally write (and have accepted) a contract with different problems that cold come back to haunt either or both of you in the future.

Anyhow, thats what you need to do now (write a contract).  You can go it alone or get a good agent to do it for you, but if you do it yourself just be careful and study throughly how to do this (and you may want a lawyer or agent to check it first).

Answer 3

You can call a Real Estate Agent and ask her/him to prepare and review the paper work, and pay her for his/her services,or you can pay a Real Estate attorney to review the contract. There are many local, state, and federal programs which assist first-time home buyers.Good Luck!

Answer 4

It can be done, but the real estate agents tend to stream line the process for you.  Selling agents and buyers agents do all the presenting of the contracts, the negotiations so buyer and seller never meet.

However, get a contract and fill in the blanks for your offer.  State in writing what you want the seller to pay for such as the title policy, any repairs up to a certain amount and what you are paying for.  Pick a closing date, make sure you put in the contract that it is contingent upon you, the buyer obtaining suitable financing within a specified amount of time.  You will also want to cover yourself in the event the appraisal doesn't come back for the negotiated price. Also know the comps in the area.  You don't want to give them more for their house than the market dictates even if you do love it.  Hire a professional inspector for the house, including termite inspection.

There are lots of things to cover in the contract and you should retain the advice of an attorney or even a friend in the biz to guide you through the contract & the negotiations.

Good luck.