Searching for the perfect home to buy can take some time and effort, and it might require looking at dozens of homes. If you come across a home that is for sale by owner (FSBO) that you really like, you may wonder what the process is for buying that house. When homes are sold by their owners, the process is relatively the same as when they are sold through real estate agencies, but you may have to complete the process on your own. Here are some of the main steps you will need to take if you buy a house that is for sale by its owner.
Write up an offer
When you are certain you want to buy a particular house, you will need to write up a written offer to purchase it. You can do this alone on regular paper or on a purchase agreement template, or you could hire a real estate attorney to help you draw up the offer. On the offer, you should state the price you are willing to pay, along with any conditions that you are asking the seller to meet. These are often referred to as contingencies, and these must be included on the offer.
Contact your lender
If the seller accepts your offer, you will need to talk to your lender next. Before the lender can approve the loan and issue it to you, they will need to do several things and so will you. Your lender will inform you of everything you need to do, and you will need to do these things as quickly as possible.
Hire the professionals needed
One of the main steps you must take is hiring an appraiser to determine the value of the house you are buying. Your loan approval and amount will rely on this amount, which is why this is often the first thing the lender will require. Next, you may need to hire companies to perform inspections on the house. This may include an inspection of the septic system and one for termites.
Attend your closing
When everything is completed, the lender will set up a date for closing on the loan, and this will most likely be the day in which you take possession of your house. You may need to bring a certified check to this appointment, and your lender will tell you about anything else you must bring.
These are the four main steps you will need to take if you buy a house that is FSBO. If you have questions or would like to search for a home to buy, you may want to contact a local real estate agency.
For more information, you will want to contact a company such as Fischer Homes.