How You Can Strike A Bargain In Buying A House Directly From A Homeowner

Buying your first home from a homeowner merits your consideration. You can save a lot of real estate agent fees by dealing directly with the homeowner. Experts advise that brokering your own deal and avoiding a real estate agency fee could save you a real estate average fee of two to three percent that's generally added to the price of a home. You also avoid the complications of time-consuming negotiations with a broker. Negotiations with the seller are easier to accomplish, especially when you make a good faith offer that is fair to the seller and is equivalent to market value of the house. It is in your interest and the seller's interest to reach a faster beneficial sale price that suits both of you.

Here is some basic information to help you strike a great deal with a homeowner. 

State Law Regulations

You must become familiar with state law regulations in the state where the purchase is to take place. Some state laws are cut and dry simple purchase offers that make you eligible to purchase the house. Other states may get you mired down with numerous forms and disclosure requirements that must accompany a purchase offer. Be prepared to abide by state rules that govern a home that you are interested in buying. You will end up with a void of sale status if you do not follow state rules. 

If you decide to purchase a home from a private seller, consider hiring a lawyer to represent your interests and help you understand your legal rights. Many real estate transactions involve complex laws and regulations. Hiring a local real estate lawyer affords you the best advice on purchase of home state requirements. That lawyer will prepare a contract that is later presented to the seller.

Pre-Approved Mortgage Approval

You send a powerful message to the seller when you obtain pre-approved mortgage approval. A pre-approved mortgage statement shows that the lender considers you to be a good risk and will lend you money for your planned housing transaction.

Seller Pitfalls

Be on your guard about sellers who may be hesitant about answering questions about the home's inspection. If the seller ignores questions about the condition of the house or any repairs that might be necessary, then you have reason to halt the negotiations and not complete the purchase.

Closing the Deal

If you get to the point where you are approaching a closing deal, use the services of your real estate attorney to close the deal. It is the real estate attorney who is best qualified to conduct a title search. The attorney also arranges transfer taxes that must be paid. Deeds must be prepared, and other important legal work will have to be performed as well. You can certainly obtain a bargain on a house you buy directly from the seller. You just have to do some legwork yourself and let your attorney handle the legal work.

For current homes for sale call Keystone Properties.