horns Posted April 6, 2005 Report Share Posted April 6, 2005 HiI encourage any one with challeneged credit who is looking for a house to go this route...When your buying, "realtors" are on "your side", but they turn into large pains in the behind always pushing you to "put down more" or to "offer more"...go the FSBO route and you can be your own boss....Its a lot less stressful and you can make your own "non influenced" decisions..Work with the seller one on one and youll get a lot further faster and get a better deal.... Link to comment Share on other sites More sharing options...
workinninetofive Posted April 7, 2005 Report Share Posted April 7, 2005 Maybe so, but you still need a real estate attorney.. Link to comment Share on other sites More sharing options...
horns Posted April 7, 2005 Author Report Share Posted April 7, 2005 NO you do not. I sold a house and just bought one, both attorney free. I actually typed up the contract for sale myself (with a little help of the internet). No attorney needed....and the closing was held in the kitchen of the new house, with no attorney. Just a rep from the settlement company. Link to comment Share on other sites More sharing options...
Justgotta Posted April 9, 2005 Report Share Posted April 9, 2005 I have to agree on this one. I am purchasing a FSBO and it has been stress free. He accepted $7,000 less than asking price and he will pay for home warranty and he didn't take forever to accept the offer. Agents want to get the most of course because the more the home costs the more they make and in this scenario it all goes to him. Maybe I got lucky with this but it seemed so much easier dealing directly with him rather than going thru an agent. All we are dealing with is the title agency. But to each his own... Link to comment Share on other sites More sharing options...
choiceworthy Posted April 17, 2005 Report Share Posted April 17, 2005 I have seen many FSBO transactions proceed smoothly with no attorneys involved other than the title company.The problem with FSBO is finding a home! I have yet to see any FSBO site that can compete with the MLS database in any way, shape, or form. Link to comment Share on other sites More sharing options...
Capepuffin Posted April 17, 2005 Report Share Posted April 17, 2005 The problem with FSBO is finding a home! I have yet to see any FSBO site that can compete with the MLS database in any way, shape, or form.I had my home listed on FSBO for quite awhile. I never had an offer and I did have 4 realtors come and do a market analysis. SO I know the price was right if not low for my area.My realtors contract is up in 1 month and I may go back to FSBO. Even if you do get a lawyer, I would rather pay $700 for a lawyer than 20K to my realtor! Link to comment Share on other sites More sharing options...
xena0608 Posted April 23, 2005 Report Share Posted April 23, 2005 OK... IN PENNSYLVANIA THERE ARE QUITE A FEW FSBO PROPERTIES THAT MY B/F AND I ARE INTERESTED IN PURCHASING... HOW DO WE GO ABOUT IT WITH THE BAD CREDIT?... WHERE DO WE GO FOR THE LOAN?... I AM AFRAID TO EVEN LOOK AT A HOUSE FOR FREAR THAT I WON'T GET THE LOAN?.... ANY ADVICE... AND YES I AM CURRENTLY ATTEMPTING TO FIX THE CREDIT (BEEN IN TOUCH WITH THE 3 AGENCIES TO GET THINGS REMOVED FROM MY REPORT)... THANKS Link to comment Share on other sites More sharing options...
firstsource Posted April 23, 2005 Report Share Posted April 23, 2005 I don't know how these sites work, but if you can list on more than one, I would suggest that you go to http://www.byowneramerica.comI say it that way because I don't know if they are the best, so don't highly recommend this one, but I do know that a home that was a great deal, for both parties, was listed on this siteCharles Link to comment Share on other sites More sharing options...
firstsource Posted April 23, 2005 Report Share Posted April 23, 2005 Hi Xena, First thing to do is to get a loan approval, or at least a pre-approval. To get a valid approval, be prepared to give/send the Loan Officer your recent paystubs, let the LO know your rental history, (and what type place you are renting, ie apt, private home, etc).I would also highly suggest that you spend the money to get your own credit score information. The most accurate one for mortgage scores (and the credit pull is a "soft" one, does not hurt your credit) is www.myfico.comCharles Link to comment Share on other sites More sharing options...
xena0608 Posted April 23, 2005 Report Share Posted April 23, 2005 ACTUALLY... I DID GET MY SCORES... STARTED ABOUT A MONTH AGO... THEY WERE TU 465/EQ 485 TO 553/EX 560; EXPERIAN AND EQUIFAX REMOVED DISPUTED INFORMATION... TRANSUNION DID NOTHING... SO... THAT, IM SURE LOOKS BAD... Link to comment Share on other sites More sharing options...
firstsource Posted April 23, 2005 Report Share Posted April 23, 2005 Looks like the EQ is a split file. It will end up being one or the other. Depending on the need of the FSBO seller person for cash, here is the secret plan. Well, not so secret, but hard to do. When your middle score gets to 500, (and depending on why it is that low, credit history is as important as scores, the scores just open the door) you can get an 80% LTV loan. In English this means that if it is a 100K home, the lender will lend you 80K of it. For the rest, ask the seller if they will lend you the balance for 3-5 years. If yes, then they will issue a "seller provided mortgage-or Seller 2nd", they will have a junior lien against the property, and you pay them interest for those 3-5 years, and at the end of that time, there is a balloon payment due. Your goal will be to get your credit up to at least 580 in that time, so you can refinance into a 90 or 95 or 100% LTV loan.Of course best would be to have your scores in the 640+ range,so you can refinance into a conforming type loan. Keep on working on your credit, there are some fantastic people on the other parts of the forum that can help you get your scores up. You can do it. REALLY. Just takes some time and a lot of effort. AND a positive attitude helps. Prayer helps. Having rich parents helps. Charles Link to comment Share on other sites More sharing options...
liverichly Posted April 26, 2005 Report Share Posted April 26, 2005 The day that a real estate agent pushes to make your offer for $5k more is the day I'll roll around on the floor laughing my *** off. Real estate agent's get paid a percentage, usually 3% of the sales price. Justgotta are you seriously trying to convince us that when a real estate agent tells you to offer $5k more he only has his own commission on his mind and isn't concerned that a low-ball offer isn't going to get accepted? That extra $150 is really going to make his day Here in some parts of California if you don't offer more than the listing price your offer probably won't get acknowledge.. so a real estate agent in that market telling a buyer to offer more than the listing price is really just out to make an extra few (and yes I'm talking few) bucks instead of do what's best for their client?If there are two idential homes, one is FSBO and the other has agent representation, both listed for the same exact price. If you are a buyer would you offer the same to both owners? Wouldn't you low ball the FSBO home? Because after all, they don't have to pay any agents so why should you pay the same for the home if the seller doesn't have to pay their own agent nor yours out of the sales price? Link to comment Share on other sites More sharing options...
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