How to Buy a House Directly from an Owner
You don’t need a real estate agent to sell a house. You sure don’t need one to buy a house directly from an owner. Historically, about 20 percent of annual house sales are direct purchases between the buyer and the owner. Read how to buy a house directly from an owner, and you will find it just as easy as buying a home with an agent advising you. The main difference is that you will have to tackle several key logistical steps on your own. You will want to work directly with several experts, just as an agent does. Here’s how to buy a house directly from an owner have a straightforward, cost-effective transaction.
How to Buy a House Directly from an Owner
- Contact the Owner Directly: When you see a listing that intrigues you, email or call the owner to request more information and to set up a showing. Most likely, the owner will give you a guided tour of the house. Don’t allow decorating and other superficial easily changed factors to distract you. Look beyond them to deduce if the house fits your criteria for price, place, and style.
- Get a Valuation Report of the Home: Get a valuation or property report to see how the home’s asking price compares to other recently sold homes in the neighborhood. A computer-generated valuation report is similar to a real estate agent’s comparative market analysis (CMA). It will compare the home you’re considering to up to 20 nearby recent home sales. Remember that such property reports and CMAs do not factor in any recent renovations — such as kitchen or bathroom remodeling — so the estimated value will be affected accordingly.
- Hire an Attorney: For a few hundred dollars, a real estate attorney will provide you with all the advice and counsel you’ll need to go from offer to closing. Use a local attorney who is knowledgeable about your town’s real estate-related ordinances as well as your state’s disclosure and tax laws.
- Make an Offer: Once you have seen the home firsthand and have a property valuation report, and have lined up an attorney, you are ready to present the seller with an offer. Your attorney should have the necessary offer forms, and you can also visit our Real Estate Forms sectionfor all the state-specific paperwork you’ll need.
More Tips on How to Buy a House Directly from an Owner
- Get the Home Inspected: The next step is hiring a reliable, licensed home inspector who will go through the home – from foundation to attic – to see what condition the home is in. A home inspector will cost $300-$600, and the inspection will take around two hours. You’ll get an inspection report outlining any mechanical or structural problems that the home might have.
- Close the Deal: Your real estate attorney will handle most of the details at closing and, depending on your state and local area, will advise you on any special paperwork you need to complete between you and the seller. Your attorney and your mortgage lender will also assist you with coordinating the financing and providing payment to the seller. On closing day, the seller will sign over the deed of the home. You will complete all the mortgage paperwork. The last step: you get the keys!
We will send you FREE information about How to Sell Your House Fast.
Harmony Property Solutions, LLC is here to help homeowners out of any distressed situation.
As investors, we are in business to make a modest profit on any deal. However, we can help homeowners out of just about any situation, no matter what! There are no fees, upfront costs, commissions, or anything else. Just the simple truth about your home and how we can help you sell it fast to resolve any situation.
Harmony Property Solutions, LLC is part of a nationwide group of thousands of investors who are helping tens of thousands of homeowners every year. We may not be the “traditional” route, but we CAN help, and we can do it quickly!
Give us a call today at 319-343-6773 to let us know how we can help YOU.