Is A Friend Selling A Property You Want To Buy? What To Know

11 February 2016
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Do you know someone that wants to sell their home and is willing to sell it to you before they put it on the market, but you aren't sure what to do legally? Hire a residential real estate lawyer and you won't have to worry about high real estate agent fees and you can have a smooth transaction.

A lawyer will help you make the best financial decisions and can guide you through the buying process. There are a few things you'll want to do before you make an offer on the property, and some things you'll want to consider.

Get an Appraisal and Inspection

Even if you know the people or you think the house looks like it is in fair condition you'll want to get the property appraised and inspected. This is to ensure that the homeowner doesn't want too much for the sale, and to ensure you don't have to stick a lot of money into it. If you find out that you need a new $10,000 roof, you may want to ask for some of that off the purchase price when you are negotiating.

Have the Lawyer Send Over and Negotiate the Terms

It can be weird to negotiate money with people you know. Have the attorney do all of the negotiating for you, so you don't have to offend the homeowners or get into an argument or disagreement. The lawyer can work with them directly or work with their lawyer, and they will do all of the hard work for you to get the price that you need.

Set Closing

Set a closing date so the previous homeowners don't think they have unlimited time to get out of the property. Your lawyer will have a sale agreement for the owners so you can all agree what date the funds are due for the property, and when the title of the house will be transferred. They will have to be out by law by the date you have set.

You will need some type of real estate professional to help you with the sale of any property, and hiring a lawyer can be much cheaper than paying for the commission of a real estate agent. This saves the homeowner money because they don't have to pay anyone, and they may lower their price since they don't have to pay commission which will then save you money in return.  Contact a business, such as Steve Butcher Sr, for more information.