renters wants to buy hous (by AL [NC]) Jul 21, 2018 4:41 PM
renters wants to buy hous (by Ken [NY]) Jul 21, 2018 5:35 PM
renters wants to buy hous (by AL [NC]) Jul 21, 2018 5:44 PM
renters wants to buy hous (by Frank [N]) Jul 21, 2018 5:57 PM
renters wants to buy hous (by Ken [NY]) Jul 21, 2018 6:18 PM
renters wants to buy hous (by Deanna [TX]) Jul 21, 2018 7:58 PM
renters wants to buy hous (by Robert J [CA]) Jul 21, 2018 8:13 PM
renters wants to buy hous (by BRAD 20,000 [IN]) Jul 21, 2018 9:29 PM
renters wants to buy hous (by myob [GA]) Jul 22, 2018 4:11 AM
renters wants to buy hous (by Vee [OH]) Jul 22, 2018 5:05 AM
renters wants to buy hous (by AL [NC]) Jul 22, 2018 6:14 AM
renters wants to buy hous (by myob [GA]) Jul 22, 2018 6:41 AM
renters wants to buy hous (by AL [NC]) Posted on: Jul 21, 2018 4:41 PM Message:
My tenant is seriously considering buying my rental. He has an agent and has qualified for a mortgage.
Dual agnt. I agreed to pay 1% to agent. Buyer will pay 3%. Is there anything I need to be aware of?
I have never done this? What will be my expenses? This will determine what I sell the house for.
Thanks
--24.179.xx.xx |
renters wants to buy hous (by Ken [NY]) Posted on: Jul 21, 2018 5:35 PM Message:
Why would the tenant get an agent to buy your house and why would you agree to buy pay an agent anything?Will the tenant have the ability to pay the 3%?What your expenses are shouldn't dictate the sale price,if you don't know the value contact an appraiser and you hire the appraiser so he is working for you. --72.231.xxx.xxx |
renters wants to buy hous (by AL [NC]) Posted on: Jul 21, 2018 5:44 PM Message:
I was shocked also. The agent showed them other houses but mine is the best in the price point. I am sure the sale
price is fair. Would I be responsible for any closing costs? --24.179.xx.xx |
renters wants to buy hous (by Frank [N]) Posted on: Jul 21, 2018 5:57 PM Message:
With these type questions what you DO need is an attoi to draw up the contract. Nothing else should get done you do. --174.225.xxx.xxx |
renters wants to buy hous (by Ken [NY]) Posted on: Jul 21, 2018 6:18 PM Message:
You will be responsible for an attorney if you hire one,i do not know is customary in your area,you may or may not be responsible for a title search and title insurance depending on who typically pays that in your area,you will probably have some filing fees at the county when the deed etc is recorded and you will have to pay off the mortgage if you have one and any judgments if any are filed against you.You should check with someone in your immediate area for specifics concerning your area. --72.231.xxx.xxx |
renters wants to buy hous (by Deanna [TX]) Posted on: Jul 21, 2018 7:58 PM Message:
"mine is the best in the price point" vs "This will determine what I sell the house for"?
You have your people on your side to look after your interests. He has his people on his side to look after his interests. It's not a good idea to trust people who promise to look after both people's interests... especially if the agent is already his agent, the same one who "showed them other houses".
On the rare occasions I sell something, I do it with an attorney and a title company. Presumably you're doing FSBO, so I'd recommend you go with an attorney and a title company. They don't take a percent; they'll presumably do it for a flat fee.
If you're selling lemonade, you can skimp on paying people to protect you. If you're selling a house--- it will cost you way more than their fee if something goes poorly.
Being a ll, I presume you've dealt with a title company before? They can give you all the documents you need. Talk to them, and see how optional or necessary the attorney is in your part of the world. --96.46.xxx.xx |
renters wants to buy hous (by Robert J [CA]) Posted on: Jul 21, 2018 8:13 PM Message:
You need your tenants to sign a purchase agreement with a price, costs and time limit. Also they need to know if they want an inspection.
They they need to give you a deposit. You take the contract to an escrow office who will handle all of the paper work. The escrow company need to be licensed and bonded. There is so much fraud that you can't take anyone's work. Get a copy of the escrow's bond and license and call the insurance company that is bonding them -- like for a million dollars. My escrow company had 50 million in coverage.
If your buyers don't complete their side of the deal, paperwork, inspection, loan application and approval by a curtain time, 45 days, the deal is off....
These are only a few things to know... --47.156.xx.xx |
renters wants to buy hous (by BRAD 20,000 [IN]) Posted on: Jul 21, 2018 9:29 PM Message:
AL,
I pay for my own appraisal so I KNOW what the house is worth.
Call a title company and they can give you the run down on costs and procedures.
My HUGE tip: Insign all docs BEFORE the closing because they try to negotiate more money out of the seller at closing.
BRAD --68.50.xxx.xxx |
renters wants to buy hous (by myob [GA]) Posted on: Jul 22, 2018 4:11 AM Message:
What hog wash. You have nothing but somene interested? there is no such thing any longer as qualified to buy-- heck there all "qualified" to buy in their eyes.
I've sold many homes to tenants-- under and using MY contract- MY value and MY atty. No commissions needed.
One thing to be aware of is the seller not knowing what they're doing........ thats a biggie. --99.103.xxx.xxx |
renters wants to buy hous (by Vee [OH]) Posted on: Jul 22, 2018 5:05 AM Message:
If you are interested in this business you will need training or pay an atty 250-40 bux per hour to guide you, the buyer pays the costs above the agreed price of house, agent and all - they will need the estopel form completed by both of you and then produce a closing date within 45 days of making the offer. You may want to find a title insurance policy for a warranty deed if there is any sketchy background on this house. --76.188.xxx.xx |
renters wants to buy hous (by AL [NC]) Posted on: Jul 22, 2018 6:14 AM Message:
Thanks. I am the only owner of the house, purchased it new. I don't think there are any liens on the house. I will take the advice of the consensus and get an attorney and title company. Only problem, I verbally agreed to pay the agent 1%. I haven't signed anything yet. Now I don't think I should pay anything considering input from Robert, Brad and MYOB. Thanks again. --24.179.xx.xx |
renters wants to buy hous (by myob [GA]) Posted on: Jul 22, 2018 6:41 AM Message:
when you put your name out there as "real estate investor" it just goes against the grain when you hear someone with that title than say my real estate agent said!!!!!
Nothing against agents. --99.103.xxx.xxx |
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