[willbush]

Originally Posted by Jmiller176

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.

They should know what to do;they should have a standard Real Estate for sale contract with the standard closing costs etc;then they turn it over to a Title Company (just like Real Estate Agents do) and they do everything else;I've sold all my homes myself (I did have a RE license in the the past); 1 in NY, 1 in MD, 2 in FL;all went smoothly; They do all the work; Search the title for any defects or “clouds”
Provide the buyer with title insurance to protect against fraud and forgeries
Safeguard money and documents in escrow
Oversee the final phase of closing and fund distributions

Originally Posted by Jmiller176

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.

Did you sign any agreements with the agents? If not, there is no fee. If you did, review the agreement you signed. I don’t know about here, but in Iowa a standard clause in the agents agreement requires the buyer to pay a fee even if they find the house themselves or through another channel. We always had that struck out, or used a different agent if they wouldn’t.

[KRM0614]

Do not use freedom title get an independent assessment - no people involved with TV

[KRM0614]

Check with re attorney ! Title companies provide no legal clearance

[RealJudy]

There are no disclosures so buyer beware. You don’t owe fees to anyone unless they sell you a property.

[newgirl]

Originally Posted by Jmiller176

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.

A title company will provide the service if filling out purchase agreement and all documents you need. I just bough fisbo

[Debfrommaine]

Freedom title did a great job with two homes we sold. They are located in Leesburg.

[celiarw]

As a Realtor in Chicago, many FSBOs are willing to pay the 2.5% - 3% buyers fee, or some negotiated rate. It may be much easier for you to have an experienced Realtor to work with - paid by the seller.

[dkaufnelson]

I have bought two homes for sale by owner here in The Villages and used Advantage title company right here in the villages to do my closings. We just downloaded our own standard Florida sales contract online and used that along with the paperwork the closing company provided to us it was very simple and they are very good and efficient. You don't need a lawyer unless you have some complicated issues as the title company will search out most everything for you. Good luck and hope you enjoy living here in The Villages as much as I do.

[Ladygolfer93]

I agree it is an individual decision. Personally, I have purchased a home three times from the owners rather than going through a realtor or real estate agent. I have also gone through an agent at a realtor office. None went poorly, but the one on one with the home owners were all far superior transactions. No middle people with a variety of agendas which may not align with your own, etc. made it so simple and straight forward. I did hire my own attorney every time. I found this very affordable compared to the number of "cuts" that come out of a deal through a realty office. Now of course those who work as agents will definitely disagree with me, some would even try to frighten people if they can, but after hiring an agent twice, I'd never do it any other way again after experiencing one to one transactions. Again I want to repeat, I did hire my OWN attorney and feel the reasonable cost was well worth it for the peace of mind. I also had an independent inspection, something I found in several states where I have lived, is a VERY difficult thing to find.... an "inspector" who is not in some way connected to local banks, or local agencies, or to a particular agent and does not have a vested interest in seeing that the deal DOES go through no matter what, is a hard individual to find....but well worth the trouble and research. Shop and long and hard for an "inspector" is what I learned. Finally someone put me in touch with a man who taught building trades at a local community college and had a very independent business doing inspections.... he was not connected to any real estate agency, agent, or bank. Took some time, but well worth it !

[Ladygolfer93]

Originally Posted by LizzieBorden

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.

Definitely GREAT advice, do not ignore !

[Ladygolfer93]

Originally Posted by KRM0614

Do not use freedom title get an independent assessment - no people involved with TV

Same with attorney, check CAREFULLY for any ties to developers, to various realtors, to agents.... this takes some time and research but you will be very glad you went to such "extremes" is all I can say !

[mamamia54]

Originally Posted by Ladygolfer93

I agree it is an individual decision. Personally, I have purchased a home three times from the owners rather than going through a realtor or real estate agent. I have also gone through an agent at a realtor office. None went poorly, but the one on one with the home owners were all far superior transactions. No middle people with a variety of agendas which may not align with your own, etc. made it so simple and straight forward. I did hire my own attorney every time. I found this very affordable compared to the number of "cuts" that come out of a deal through a realty office. Now of course those who work as agents will definitely disagree with me, some would even try to frighten people if they can, but after hiring an agent twice, I'd never do it any other way again after experiencing one to one transactions. Again I want to repeat, I did hire my OWN attorney and feel the reasonable cost was well worth it for the peace of mind. I also had an independent inspection, something I found in several states where I have lived, is a VERY difficult thing to find.... an "inspector" who is not in some way connected to local banks, or local agencies, or to a particular agent and does not have a vested interest in seeing that the deal DOES go through no matter what, is a hard individual to find....but well worth the trouble and research. Shop and long and hard for an "inspector" is what I learned. Finally someone put me in touch with a man who taught building trades at a local community college and had a very independent business doing inspections.... he was not connected to any real estate agency, agent, or bank. Took some time, but well worth it !

Can you share who did your inspections. He sounds very good. Thanks

[tvbound]

An excellent thread topic, some great advice and will bookmark in case we end up purchasing a FSBO ourselves.

[Pricey]

You would only have an obligation to a RE Agent if he/she brought the house to your attention or noted it for you as a possible purchase. Yes, you and the seller can agree to just about anything, but don't get stuck with something that a buyer doesn't normally take care of, and don't overlook something that may not appear to be a problem "to the untrained eye".

We bought our first home in California (1980's!) through FSBO, and were fortunate that the sellers were honest and trustworthy.

We bought our home in TV with a RE agent who represented us as buyers. We then sold our (second) home in California using a RE agent for us as sellers. In both cases, the agent has fiduciary responsibilities to ensure you have full knowledge of the home, itself, and what is normally your responsibility or the seller's responsibility, among other things. Avoiding RE pitfalls can be very valuable, and our hard working RE agents have definitely been worth their commission.

Also, a RE agent for TV will have very good "local" knowledge about the homes, requirements to position you advantageously with insurance (newer roof), what is typical for different neighborhoods (plumbing?), what the problems are in an area, etc. A RE agent is REQUIRED to disclose these things, and will provide information on your options and advise when requested.

We were going to sell our California home ourselves and we were so glad we used a RE agent. The agent warned us about poor risk buyers and some buyers with a history of pulling out of the deal at the last possible moment, with sellers not able to keep the earnest interest money (fighting it legally would have slapped a lien on the house and prevented selling it in a timely manner), and other things we could not have known except through unfortunate experiences (which we're glad we didn't have to endure). On the flip side, in your situation, if you learn of something at the last moment that makes you decide not to buy, especially if it was not communicated to you by the seller, then will your funds be returned to you?

For us, the peace of mind was unquestionably worth it. (Paul Brady 352-753-2270 was our TV RE agent, representing us as buyers. I highly recommend him.)

Good luck with your purchase!