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I bought a house in the beginning of the year, doing a FSBO. I lucked out with the tax credit since, I had assumed that I would have to repay it, but lucked out that I bought my house before the housing bill credit was passed, but still qualified for non repayment. I had been looking at a few houses and put a few offers on the table with my real estate agent, but nothing was accepted. Granted I did lowball a few. On one, a guy was asking $239k, I offered $215k and he pay my closing costs. Initially, he didn't even counter, but he countered with $239k and he would pay half of my closing costs. One day, I decided to check out craigslist which I didn't do too often since most everything on there is on the MLS aside from FSBOs. I found a FSBO which looked nice, and we went and looked at it and put an offer on it later that night. I ended up piecing together a sales contract from the internet that was less than 2 pages long. It pretty much just stated that it was for X amount of money, this towards closing costs, this must stay in the house, etc. It also covered me in case I couldn't get financing or the inspection didn't pass. Overall, I'm happy with the deal I got, although I was leery at first to do a FSBO. I felt bad for doing it outside of my real estate agent, but there really wasn't any point for him being there since I had done all the work on my own. After 2 payments on my mortgage, it has already changed hands. It was initially with a smaller regional bank in the midwest, but has since been sold to Countrywide (now BofA).
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May 19, 2009 19:54
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Arzakon posted:Could you expand on how the rest of this process went? Looking at my sales contract I could easily piece together one of these, but I was worried about anything else that needed to be done after you were under contract. How did you protect yourself to take advantage of doing this yourself (Not having to pay a buyer's realtor 3% commission). Neither of us had a realtor so there was no commision that had to be paid. Basically, after we signed the contract, I gave a copy of it to my mortgage broker and gave him the title company's information. We also took the contract down to the title company office with the earnest money check and gave them my mortgage brokers information. I pretty much just waited for the bank to give the go ahead. I hate the approval with conditions though, the bank at the last minute decided that my final 2008 paystub showing my YTD income was not good enough and they wanted my 2008 1099 (not W2). Neither I had this, nor did my company, as they were waiting for ADP to process it and we had to close the house on 1/31. It came down to the wire, but I was able to get it after sitting around for 2 weeks waiting for it.
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May 19, 2009 21:13
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Yeah I initially wasn't using a realtor since I was using a website that would track everything in the MLS and map it. So I would just watch neighborhoods that I liked. Eventually when it got to the point of going and looking at them, it was way easier to have them. Because then we could just be like "hey we want to look at these 10 houses" and he would schedule everything. And like Wreckus said, they split the existing commission. Initially, I thought that it wasn't that way, and that was why we didn't have a "buyers agent" at first.
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May 22, 2009 17:27
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