First time home buyer attempting to a buy a house FSBO

**tosjduenfs** · 11-08-2011, 07:59 PM

I'm a first time home buyer and I've found a house that I would like to put an offer on. The house that I would like to buy is for sale by owner, and I do not have an agent.

First of all I should say that I have almost no idea of what the hell I'm doing. I've done my due diligence as far as research goes but most of the advice I find is vague and I'm having a difficult time seeing what the "big picture" of home buying should be like.

I think now I need to find a real estate attorney to help me draw up an offer, is this correct? I've done some quick searches and I'm not sure where to start to get a real estate lawyer.

When I submit my earnest money with the offer do I give it to a third party or to the sellers?

How, when and where do I put my money into escrow (if it comes to that)?

I feel like I can muddle through the process of buying a home but the worst part is I have no idea what to expect.

If you can give some advice to a very confused first time home buyer I would really appreciate it.

Regards,
Mike

**John Woodward** · 11-08-2011, 09:48 PM

I would find an agent and hire them to help you. It can cost you more if you make a "learning" mistake. The process is not hard but a seasoned agent will help you to make sure all the proper disclosures are made, inspections get done etc etc etc.

I would not let a seller hold the escrow just on general principals.

**Greg** · 11-09-2011, 05:25 AM

It might be too late to get an agent but you should not sign anything until you get a lawyer. If you can't get a referral for an attorney then get out the phone book and start calling up attorneys. Avoid the ones you can not talk to personally or who do not return your call.

You are entering into dangerous territory which could cost you a lot of money.

You need to be worried about a loan contingency, a home inspection contingency, earnest money deposit, contract paperwork, and the timelines associated with all of these contingencies.

PROCEED WITH CAUTION!!!

This seller is in a position to take advantage of you.

**CC Lifestyle Realty** · 11-09-2011, 06:57 AM

Get a Real Estate Agent! There is a ton of stuff involved with the purchase of a house. It isn't as simple as buying a car. Not only is an agent knowledgable but they will deal with the seller directly on your behalf. They will know if you are paying too much or getting a good deal also. You do not have the ability to access all the information a realtor has available.

**markbrian** · 11-16-2011, 10:23 AM

FSBO + First Time Buyer - Real estate agent involved = Strong Probability of a DISASTER

**Chris Kukelhan** · 11-18-2011, 08:22 AM

Get an agent asap. In many cases the only reason a person lists their home for sale FSBO is that they do not want to pay real estate commissions. I would suggest contacting a REALTOR in your area and let them negotiate their commission with the seller. If the seller is not willing to pay the REALTOR, it would be wise if you offered to pay the agent (maybe not a full commission, but a little something to help you with the paper work and through the process of closing).