Process for buying FOR SALE BY OWNER

[Anthony Barbato]

I realize this may be a very ridiculous question, but I'm asking anyway so I can get my hands on the process. The deals that I have done up to this point have all been through a realtor. This afternoon, I'll be looking at a property that I located online and I am 99% sure that the gentleman showing me the property is the owner. If this deal were to go through, what would the process look like? Would I submit an offer on a contract like a realtor would if I was using one? Can someone walk me through this please?

[Mike Cumbie]

@Anthony Barbato

In Rochester would look like this roughly:

1) You view the property and decide you want to put an offer in.

2) You present a P&S agreement with the owner. Include the addenda that are appropriate based on the property location and contract terms (FHA/Septic/Agricultural district/personal property/inspections etc) provide POF

3) Go back and forth until terms and price are agreeable, provide EMD

4) Once completed send the whole package off to both attorneys and wait for the attorney approval period.

5) Upon receiving attorney approvals move onto inspection items

6) Perform and schedule the inspections per the agreed upon terms

7) Issue a removal of contingency form for each due diligence item

8) Get the appraisal if required (not sure what type of financing you are using)

9) Once the funds are clear go to the title work

10) Let attorneys review and advise, clear up any issues with fence lines, title errors, trees, etc

11) Perform inspection/well items

12) Setup final walk through when cleared

13) Close

DISCLAIMER: There is no agency relationship and I am just posting off the cuff on an internet message board. Any information used is at the full discretion of the user. I accept no liability and provide zero warranties to the success or failure of attempting to use the above advice.

Good Luck!