Buying without an agent

[Carrie K.]

It seems like most of the deals I read about are from direct marketing, and are purchased without an agent. I'm ready and willing to start marketing (have my letter written and everything), but how do the logistics of the sale come together? Does a title company put together that massive packet of documents? Is it the lender? How can I get more info about everything that happens after the seller and I agree upon a price (should I be so fortunate) and an inspector checks the place out for me? 

Are most of the people sharing these deal stories about buying outside of the MLS (with or without a wholesaler) also agents themselves?

Also, yesterday an agent said that he wouldn't recommend us (even me *with* an agent!) pursuing FSBOs because those aren't protected by the same disclosure requirements, so I might end up with an undisclosed problem. Does this seem like a realistic concern to heed?

Thanks!

[Will Barnard]

You don't need to have a license to buy a FSBO but you should be very familiar with the purchase and sales agreement (you can get a CAR form from an agent in CA or draft your own agreement which should be looked over by your real estate attorney first if you are new).

As far as that advice from the agent, it is not entirely true. With agency involved, there are certainly more required disclosures but CA has its own disclosure laws regarding real estate and FSBO or not, sellers must disclose any known defects, adverse affects to title, adverse affects to the value (such as death on property), etc. Failure to do so would constitute legal action against them in most cases by the purchaser no matter if agents were involved or not.