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Updated over 2 years ago on . Most recent reply

User Stats

80
Posts
43
Votes
Pablo Mendez
  • Abita Springs , LA
43
Votes |
80
Posts

Buying neighbor's house private party... several questions.

Pablo Mendez
  • Abita Springs , LA
Posted

My immediate neighbor had listed his home for sale $250K in Abita Springs, Louisiana. It was on the market  for two months, was pending but buyer backed out. 

I am strongly considering purchasing this home. I spoke with my neighbor and he would sell for $225K to me private party. I am familiar with the basics of real estate, I whole sale sold to properpeties before. 

Question 1: He had a realtor for two months, neighbor decided to unlist the property and take off the market to see his other options, He was considering renting it out. Is his contract with his previous realtor now completed? Can he sale his property to me private party without getting the previous realtor involved? Or does he owe previous realto some amount for two months of marketing?

Question 2: Do I get a purchase agreement from a local title company or do I get a purchase agreement from an attorney or online?

I plan on renting this property for $2100 month. 

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