Skip to content
×
Try PRO Free Today!
BiggerPockets Pro offers you a comprehensive suite of tools and resources
Market and Deal Finder Tools
Deal Analysis Calculators
Property Management Software
Exclusive discounts to Home Depot, RentRedi, and more
$0
7 days free
$828/yr or $69/mo when billed monthly.
$390/yr or $32.5/mo when billed annually.
7 days free. Cancel anytime.
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Real Estate Agent
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated 5 months ago on . Most recent reply

User Stats

4
Posts
1
Votes
Rachel Leonard
1
Votes |
4
Posts

Purchasing a house without an agent

Rachel Leonard
Posted

Not sure this is the right sub-group to post this question in, please redirect me if not.

I am considering purchasing my neighbor's house.  I know her well and I know the house well.  It would be a straightforward transaction, I wouldn't be asking for any concessions or doing any major negotiating.  I purchased my primary residence and a vacation home in the last five years, working with a great buyers agent.  I am considering doing this deal with no agents on either side to save money (savings the seller would pass on to me) - my buyers agent actually suggested that when I explained the situation to her and that I really only needed basic transactional help.  I have a lender, I would work with the same law office as previously, I have an insurance agent, I would find a home inspector, I would coordinate with the lender on the assessment - I feel quite capable of managing all of that.  What else am I not thinking of, or what watch outs would you give me?

Most Popular Reply

User Stats

26
Posts
13
Votes
Robert Portal
  • Lender
  • Orange County, CA
13
Votes |
26
Posts
Robert Portal
  • Lender
  • Orange County, CA
Replied

Kudos to your agent for not trying to get in. I'd definitely use her in the next possible transactions. Sounds like you have the right flow and an agreed price. Just make sure you go over a few things -

1.Go over inspection report in detail in the event there some things called out that you can address with your neighbor.

2. Appraisal comes back clean and not 'subject to' (your lender can help here). Depending on the loan, lender may require some things to be fixed.

3. Sounds like you got the loan and attorney aspects down.

Good luck! Sounds like you have a unique opportunity here.

Loading replies...