7 Steps to Buy a House Listed on PropertyGuys.com
So you've found a home that you like that is being sold privately; now what? What is my next move? How do I get the process rolling?
When you buy a home that's for sale privately, you are talking to the home's expert and dealing directly with the price setter. There is no better situation to be in. There are no competing agent agendas; just you and the home seller.
While some people will tell you the process is far more difficult than it really is, knowing what steps to take will allow you to buy that private sale house you're interested in. Take a look at the following steps and see what point you are at in the process. Pick it up from there, and away you go:
It's always a good idea to make sure you can financially handle a new home; contact your local bank or mortgage broker to get pre-approved for a mortgage.
Find your dream home:
Start looking for the home you've always wanted. It might be right in front of you or you might have to look for a bit. Once you find it, don't wait. Get in touch with the home owner to set up a time to see the house.
Visit the House:
Show up at the house at the time you've set with the seller. Walk through the home and explore rooms, closets, storage, yard, etc. After an initial walk through, you may be in a position to start discussing asking price, what stays with the house, and important timelines. Other times, you may need to discuss things with your spouse or partner first. Sometimes a second visit is arranged to have others look at the house with you.
Make an Offer:
If you decide you like the house and want to make an offer, you will be dealing directly with the home owner to do so. At this point, you'll want to discuss things such as price, items included, conditions and closing dates. If any of these terms are new to you, you might want to get your real estate lawyer involved at this point; you will need one for closing anyway.
If you need help getting the negotiating process going, we have The Offer MakerŪ tool to help the direct exchange of information from you and the seller. The Offer Maker® is easily accessible from the PropertyGuys.com listing page. It will help you and the seller come to a mutual agreement on the basics.
Just because you put an offer in doesn't mean it will be accepted right away; often there is some negotiating involved. Submit proposals back and forth until you reach an agreement or determine there is not an agreement to be made.
When the foundation of an agreement has been reached, get the name, address and phone number of the seller's lawyer. As the buyer, you will get your lawyer to draft up the details of the purchase and sales agreement (what you negotiated together, independently or through The Offer Maker®) and have them sent to the seller's lawyer's office.
If there are any questions at this point, the lawyers will communicate back and forth to get clarity around the agreement. This process will continue until all the details are correctly account for within the agreement.
Once a deal is reached, you and the seller must agree on and include a closing date in the purchase and sale agreement. The closing date is the day that you pay the seller for the property and you get the deed and keys to your new house.
When selecting a closing date, it's important to keep in mind any conditions that may exist on the sale. You'll want to provide enough time for any conditions to be met. The date also needs to allow time for lawyers to do their titles searches and calculate the adjustments.
Once a closing date is set, this is the date the seller will have all their belongings out of the house and have it ready for you to move it. You'll be performing one final walk through on this date to ensure the house is in proper condition.
House Warming Party (an optional step, but a lot of fun!):
The house is yours! Time to celebrate
We've included a bonus step...
Now that you are buying a home, you may have one to sell. We'd love it if you used our services to help you keep your money.
What is a Private Seller?
Private sellers are homeowners who have decided to sell their own house and pay themselves the commission, instead of using a real estate agent. They're smart people who want to save money.