All Forum Posts by: Katrin Willoughby

I agree that I don't know what I don't know.  For my previous purchases I have used a wonderful realtor that I will probably use again. This home is for sale by a 'friend of a friend' that is ready to be done with this property.  She is selling it at a very reasonable price and due to other life complications she hasn't done anything other than tell a few friends she wants to sell it.  If we decide to move forward it would probably be a good one to learn how to buy directly from the seller. She has her set price and wants to get that reasonable amount and walk away. She probably does not know much about selling a property.  Would it be worth talking to my previous realtor about having her review documents?  iIf we agree on a price and terms, what is the difference between what a realtor would do and what a real estate lawyer would do?

I have found a good deal on an off-market home in Galveston County TX and am looking into buying the home from the owner.  From the research I have done the buyer typically has a real estate lawyer work with them and both parties chose a title company to work with.   I haven't had business hours to call a real estate lawyer yet, so started communication with email. The first two to respond have not really told me what they actually do in this process and I only got their hourly rate with a "This should take less than 5 hours."  The total bill for there services would then be much more then what I have been seeing in forums. Can someone help me better understand what the real estate lawyer does, and is there anything else I am missing from the big picture?  Any tips for buying without a real estate agent? Any suggestions for a real estate lawyer or title company in the Galveston or Clear Lake area in Texas? 

After month of research and a few months of looking we thought we found a good property.  A 1000 square foot home in good condition on a half acre that would give us the option to add a second home in the future.  Our inspector agreed that it is move in ready! Everything was going well and our closing date was set.  Then the appraisal came back at 60% of the value we had a contract for. The near by half acre lots are for sale for the same amount without a home! We have appealed once with no success.  They are letting us appeal again, but if there is not a significanlty increase in the apprasial value there is nothing else we can do with this mortgage company. We have asked about having another appraser, but they said to get another appraisal we would have to go start with another mortgage comanpy. If this appeal does not turn out there is nothing else they can do. 

Of course I am concerned about going through everything again just to end up with another low apprasal. I think the current apprasal is exteremely low and am highly surpried of it given the good condition of the house. I think the contract we have written is a resonable value for the home and property.

Any one else had this issue or have advice?