Buying a FSBO
 

I am about to buy a FSBO. I saw it advertised in the paper and went to the open house alone. However, I did have a Villages agent and MLS agent looking for houses for me. What is my responsibility to those agents as far as fees? Also how do I handle the closing? Title search, etc. Do I use The sellers lawyer or hire my own? Any advice greatly appreciated.

Fsbo
 

Your seller should be able to direct you as for the process in closing this sale. If they cannot, they should not be selling FSBO as the deal could also lead to probloems for them as well as you. Call a closing company and they can also direct you.. I,ve used Feeedom Title several times in Lady Lake, excellent company..

You don't owe any fees to the real estate agents because they work for the sellers. The FSBO seller should have already set up a title company to handle the paperwork and the closing. If not, you need to engage a title company to handle the sale. But, the first thing you need is a sales contract, signed by you and the seller, where you provide some earnest money that you pay to the title company to hold in an escrow account. Do not pay any money directly to the seller. The title companies are very good at making sure the sale and title transfer are processed legally, will answer your questions., and will provide a standard FSBO sales package with the required forms. I would have an inspection of the house as a contingency in the sales contract using the standard sales contract wording. If you don't feel comfortable with the process, you may need to hire an experienced agent on a fixed fee basis to guide you through the sale. Some people will tell you to hire a lawyer, but I don't think it is necessary.

I bought my fsbo in TVs years ago. I wrote the contract on a paper bag!

Keep it simple. Deposit, closing date, home/termite/moisture inspection and what is included in the sale price.

I agree that the seller should not be selling a FSBO without a title company. But, as a buyer, you can select your own title company and control the entire sale, as long as the seller agrees to it.

OP, you or your title company should check that ARC approvals were obtained for any and all changes to the outside of the house and the landscaping, and that the appropriate permits were obtained and completed, and finally, that there are no outstanding liens against the property. Many contractors or subcontractors take out liens in case they are not paid for work performed, however they sometimes forget to remove these. Also, there have been a few reports where previous owners made changes without ARC review, and the new owner becomes responsible if a complaint is filed.

Outstanding advice!!

I just sold my house FSBO. As seller, I hired McLin Burnsed Attorney in Leesburg for $600 to complete the purchase agreement. Once both parties sign that agreement, the attorney turned it over to the title company. The title company handles everything else affiliated with the sale. Any costs related to home inspection, title search, etc.are handled as closing costs, which the buyer pays some and the seller pays some. TV owns Peninsula Title so that is who we used as the title company.

Great post
 

Make sure that any addition or change done had a building permit and it was completed, when we sold our home in South Florida, a building permit was taken out but not finished in 2001 by a previous owner, the problem was that a contractor got a permit for a side porch, but the owner did not award him the contract and another contractor got a separate permit and the other one was left open, even after I showed them pictures of the only side porch in the home, so I had to hire a lawyer $300 later it was resolved and we were able to close. Most people don’t realize that these counties here are a pain to deal with and I feel for the contractors involved.

You don’t owe them anything just say thanks for your help. You need to get a contract. You can go to any closing company around the villages to get that make sure the seller completes a disclosure statement and get an inspection Freedom title is one I used nice ladies

Really? First, hire a lawyer well versed in real estate transactions. Second, follow what he/she suggests.

And in the contract You sign, I suggest that everything is contingent on an inspection and everything is ok at the end of the inspection. For example, say some of the windows had cracks in them that you didnt see that in your walk around...and the inspection recommends replacement. Make sure if the owner says he wont replace them, you can get your deposit back and back out of the sale If you chose to do that, or you can renegotiate the asking price based on the items that need to be repaired/fixed to get them to your satisfaction. Not sure how to fit that in but just a suggestion so you don’t get stuck on a large item.

since the property is for sale by owner & they are not using an agent or paying a RE to sell the property, you are dealing directly with the owner. Seller should use McLin Burnset who does the Villages closings. They charge $600 they prepare the sales agreement, accept deposit check and then when signed turn contract & deposit check over to Peninsula Title who handles the closing. I just sold mine that way, very easy and you let the people that know what they are doing handle all the paperwork & closing costs. Hope this helped you.

Did you sign anything with the other agents like a buyers agent form? If you did not you owe the agents nothing. You should never buy a home without a title search and a home inspection.
You do not need a lawyer if you have a title company search the title but it is k to use the same lawyer.

I do this work everyday.

Maybe some people have had different experiences with lawyers. But, over the years, I have had at least three horrible experiences trying to hire a lawyer to handle a simple transaction. They wanted to charge outrageous fees, and often on an hourly basis. If you do hire a lawyer, make sure you get a firm fixed price for the transaction.