Buying a home in LA without a realtor
Jul 28th 2007, 9:18 pm
#16
Mr. Grumpy
Joined: Jun 2003
Location: Nashville, TN
Posts: 3,100
Re: Buying a home in LA without a realtor
find someone who has access to the local mls and run a report detailing comparable houses in the same area as the buject house that have sold in the last 6 months....
thats 85% of what an appriaser does and gives you a real world idea of what the place is worth. And look at the sales price - not the original listing price...
Jul 28th 2007, 9:20 pm
#17
Account Closed
Joined: Sep 2005
Posts: 15,455
Re: Buying a home in LA without a realtor
this is very easy to determine in most cases.
find someone who has access to the local mls and run a report detailing comparable houses in the same area as the buject house that have sold in the last 6 months....
thats 85% of what an appriaser does and gives you a real world idea of what the place is worth. And look at the sales price - not the original listing price...
find someone who has access to the local mls and run a report detailing comparable houses in the same area as the buject house that have sold in the last 6 months....
thats 85% of what an appriaser does and gives you a real world idea of what the place is worth. And look at the sales price - not the original listing price...
Jul 28th 2007, 9:26 pm
#18
Mr. Grumpy
Joined: Jun 2003
Location: Nashville, TN
Posts: 3,100
Re: Buying a home in LA without a realtor
It also depends what the buyers objective is
for example our house was a foreclosure, and I know for a fact that I could probably got the place for 3-5k less than we paid - but we were in a bidding war with a few people looking to renovate and flip it. Our objective was to have a family home and 5k to us over the timescale we intend to keep the property was not something that bothered us...
Jul 28th 2007, 9:53 pm
#19
Joined: Mar 2003
Posts: 68,280
Re: Buying a home in LA without a realtor
www.zillow.com can give you basics and recent local sales ..
to get a guide ..
to get a guide ..
Jul 28th 2007, 10:01 pm
#20
Mr. Grumpy
Joined: Jun 2003
Location: Nashville, TN
Posts: 3,100
Re: Buying a home in LA without a realtor
www.zillow.com can give you basics and recent local sales ..
to get a guide ..
to get a guide ..
my house which is bigger (sq ft), on more land, with more bed/bath is valued on zillow at 20% less than my next door neighbour and the house across the street...
wheras it reckons one of my slightly ghetto duplexes up the street is worth 650k
(more like $140k)
Jul 29th 2007, 6:04 am
#21
BE Enthusiast
Thread Starter
Joined: Aug 2006
Location: Los Angeles Ca
Posts: 375
Re: Buying a home in LA without a realtor
just speaking for my area, zillow is pants...
my house which is bigger (sq ft), on more land, with more bed/bath is valued on zillow at 20% less than my next door neighbour and the house across the street...
wheras it reckons one of my slightly ghetto duplexes up the street is worth 650k (more like $140k)
my house which is bigger (sq ft), on more land, with more bed/bath is valued on zillow at 20% less than my next door neighbour and the house across the street...
wheras it reckons one of my slightly ghetto duplexes up the street is worth 650k
(more like $140k)The house is being discounted heavily. The owner wants to sell it to us or to a fmily that will actually care for the place and live there rather than just flip it. He just lost out big time to a speculator that screwed him big time. Sold it for 500K to this guy that promised him he would live there and build up the place nicely. 3 months later the guy is trying to flip the place for 800k.. he must be laughing all the way to the bank. Anyway I have checked similar properties and since it is actually my neighbour that is selling I have a pretty good idea of the prices in the area. It's reasonably priced though definately at the upper limit of what I can afford. It is the worst house in the best location as it were which I believe is always the best place to by if possible.
So my plan is to find a real estate attorney for the contract stuff. Call up a home inspector, he already has an escrow company in place. The bank is sorted out and can handle their own inspections. I also need to get a home insurance quote or go with whatever the bank recomends (not sure if there is anything bad about using the banks recomendation). Is the escrow process part of the title company or do I need to find that as well.
I need the attorney to write up the offer, then get the title checked, the inspection done and if necessary renegotiate the offer. Finally hand over the cash and hope that I don't lose my job as I get the keys to my new house.
Would this be about right. Sorry for repeating myself but it really helps to get this stuff down in writing to sort it out.
My realtor friend would help but only for her company standard rate of 3% which is clearly ridiculous in this situation.
thanks again for all the advice
Jul 29th 2007, 6:29 am
#22
Account Closed
Joined: Sep 2005
Posts: 15,455
Re: Buying a home in LA without a realtor
thanks for all this super useful information, its really been a help.
The house is being discounted heavily. The owner wants to sell it to us or to a fmily that will actually care for the place and live there rather than just flip it. He just lost out big time to a speculator that screwed him big time. Sold it for 500K to this guy that promised him he would live there and build up the place nicely. 3 months later the guy is trying to flip the place for 800k.. he must be laughing all the way to the bank. Anyway I have checked similar properties and since it is actually my neighbour that is selling I have a pretty good idea of the prices in the area. It's reasonably priced though definately at the upper limit of what I can afford. It is the worst house in the best location as it were which I believe is always the best place to by if possible.
So my plan is to find a real estate attorney for the contract stuff. Call up a home inspector, he already has an escrow company in place. The bank is sorted out and can handle their own inspections. I also need to get a home insurance quote or go with whatever the bank recomends (not sure if there is anything bad about using the banks recomendation). Is the escrow process part of the title company or do I need to find that as well.
I need the attorney to write up the offer, then get the title checked, the inspection done and if necessary renegotiate the offer. Finally hand over the cash and hope that I don't lose my job as I get the keys to my new house.
Would this be about right. Sorry for repeating myself but it really helps to get this stuff down in writing to sort it out.
My realtor friend would help but only for her company standard rate of 3% which is clearly ridiculous in this situation.
thanks again for all the advice
The house is being discounted heavily. The owner wants to sell it to us or to a fmily that will actually care for the place and live there rather than just flip it. He just lost out big time to a speculator that screwed him big time. Sold it for 500K to this guy that promised him he would live there and build up the place nicely. 3 months later the guy is trying to flip the place for 800k.. he must be laughing all the way to the bank. Anyway I have checked similar properties and since it is actually my neighbour that is selling I have a pretty good idea of the prices in the area. It's reasonably priced though definately at the upper limit of what I can afford. It is the worst house in the best location as it were which I believe is always the best place to by if possible.
So my plan is to find a real estate attorney for the contract stuff. Call up a home inspector, he already has an escrow company in place. The bank is sorted out and can handle their own inspections. I also need to get a home insurance quote or go with whatever the bank recomends (not sure if there is anything bad about using the banks recomendation). Is the escrow process part of the title company or do I need to find that as well.
I need the attorney to write up the offer, then get the title checked, the inspection done and if necessary renegotiate the offer. Finally hand over the cash and hope that I don't lose my job as I get the keys to my new house.
Would this be about right. Sorry for repeating myself but it really helps to get this stuff down in writing to sort it out.
My realtor friend would help but only for her company standard rate of 3% which is clearly ridiculous in this situation.
thanks again for all the advice
Jul 29th 2007, 11:24 am
#23
Joined: Mar 2003
Posts: 68,280
Re: Buying a home in LA without a realtor
just speaking for my area, zillow is pants...
my house which is bigger (sq ft), on more land, with more bed/bath is valued on zillow at 20% less than my next door neighbour and the house across the street...
wheras it reckons one of my slightly ghetto duplexes up the street is worth 650k (more like $140k)
my house which is bigger (sq ft), on more land, with more bed/bath is valued on zillow at 20% less than my next door neighbour and the house across the street...
wheras it reckons one of my slightly ghetto duplexes up the street is worth 650k
(more like $140k)For over here ..its been incredibly accurate ....
Jul 29th 2007, 12:29 pm
#24
Ping-ponger
Joined: Jul 2002
Location: Dreich Alba
Posts: 12,006
Re: Buying a home in LA without a realtor
thanks for all this super useful information, its really been a help.
The house is being discounted heavily. The owner wants to sell it to us or to a fmily that will actually care for the place and live there rather than just flip it. He just lost out big time to a speculator that screwed him big time. Sold it for 500K to this guy that promised him he would live there and build up the place nicely. 3 months later the guy is trying to flip the place for 800k.. he must be laughing all the way to the bank. Anyway I have checked similar properties and since it is actually my neighbour that is selling I have a pretty good idea of the prices in the area. It's reasonably priced though definately at the upper limit of what I can afford. It is the worst house in the best location as it were which I believe is always the best place to by if possible.
So my plan is to find a real estate attorney for the contract stuff. Call up a home inspector, he already has an escrow company in place. The bank is sorted out and can handle their own inspections. I also need to get a home insurance quote or go with whatever the bank recomends (not sure if there is anything bad about using the banks recomendation). Is the escrow process part of the title company or do I need to find that as well.
I need the attorney to write up the offer, then get the title checked, the inspection done and if necessary renegotiate the offer. Finally hand over the cash and hope that I don't lose my job as I get the keys to my new house.
Would this be about right. Sorry for repeating myself but it really helps to get this stuff down in writing to sort it out.
My realtor friend would help but only for her company standard rate of 3% which is clearly ridiculous in this situation.
thanks again for all the advice
The house is being discounted heavily. The owner wants to sell it to us or to a fmily that will actually care for the place and live there rather than just flip it. He just lost out big time to a speculator that screwed him big time. Sold it for 500K to this guy that promised him he would live there and build up the place nicely. 3 months later the guy is trying to flip the place for 800k.. he must be laughing all the way to the bank. Anyway I have checked similar properties and since it is actually my neighbour that is selling I have a pretty good idea of the prices in the area. It's reasonably priced though definately at the upper limit of what I can afford. It is the worst house in the best location as it were which I believe is always the best place to by if possible.
So my plan is to find a real estate attorney for the contract stuff. Call up a home inspector, he already has an escrow company in place. The bank is sorted out and can handle their own inspections. I also need to get a home insurance quote or go with whatever the bank recomends (not sure if there is anything bad about using the banks recomendation). Is the escrow process part of the title company or do I need to find that as well.
I need the attorney to write up the offer, then get the title checked, the inspection done and if necessary renegotiate the offer. Finally hand over the cash and hope that I don't lose my job as I get the keys to my new house.
Would this be about right. Sorry for repeating myself but it really helps to get this stuff down in writing to sort it out.
My realtor friend would help but only for her company standard rate of 3% which is clearly ridiculous in this situation.
thanks again for all the advice
Jul 30th 2007, 1:40 am
#25
Account Closed
Joined: Mar 2004
Posts: 2
Re: Buying a home in LA without a realtor
I don't think you really need to get an inspection before you put in an offer. See an attorney first, get him/her to write up the offer with appropriate contingencies (subject to satisfactory inspection, buyer has right to withdraw if repairs come to more than $ X,000, subject to buyer obtaining financing, etc. - ask your attorney). Then, once your offer is accepted, get the inspection done. ANYTHING can happen in house-buying, so don't spend money on an inspection only to find that your neighbor accepts an offer from elsewhere ...
Jul 30th 2007, 2:33 am
#26
Account Closed
Joined: Sep 2005
Posts: 15,455
Re: Buying a home in LA without a realtor
That's a really good point - there should be plenty of contingencies that let you out.
Aug 3rd 2007, 8:50 pm
#27
Forum Regular
Joined: Oct 2006
Location: Atlanta, GA
Posts: 175
Re: Buying a home in LA without a realtor
[QUOTE=angelman;5115500]I am very keen to buy my neighbour's house. He wants to sell but would rather not use a realtor. Cut out the middleman. I have no problem with this but don't really know what's involved with buying a house over here. It seems rather more complex than the uk. In UK I just found the house, found a mortgage online, got a lawyer who did every thing I needed including deal with the money side and that was it. Simple
Here there are the seller's realtor, the buyer's realtor, real estate attorneys, escrow companies. Seems to be a lot more people looking for a piece of the pie
Hi. I read this post with interest. I'm a Realtor In Ga. The RE laws will vary from state to state. Here in GA the laws are now weighted in favor of the seller making the buyer responsible for far more. In a contract here the buyer warrants that he/she will have the money, will not make a big purchase prior to the close that might affect their ability to buy the property and is responsible for understanding the vagaries of the neighborhood incl. sex offender registry etc etc. In short, the laws leave an unrepresented buyer at some risk if an unscrupulous seller appears. I wouldn't recommend buying in GA without an agent at all. You also say you know the prices in your area - you know the asking prices.....how about the actual selling prices? How much did the seller contribute to closing costs? That info can be important. Here an agent can sign a deal with a seller as a 'transaction agent' just to facilitate the deal for a specific client. The seller only grants the right to a commission on that specific case and that amount would be negotiable.That might be the way to go for you. Call a Realtor and ask his/her advice on CA RE law. He/she might help you avoid an expensive mistake. Believe me, RE is more complex than you might think.
Here there are the seller's realtor, the buyer's realtor, real estate attorneys, escrow companies. Seems to be a lot more people looking for a piece of the pie
Hi. I read this post with interest. I'm a Realtor In Ga. The RE laws will vary from state to state. Here in GA the laws are now weighted in favor of the seller making the buyer responsible for far more. In a contract here the buyer warrants that he/she will have the money, will not make a big purchase prior to the close that might affect their ability to buy the property and is responsible for understanding the vagaries of the neighborhood incl. sex offender registry etc etc. In short, the laws leave an unrepresented buyer at some risk if an unscrupulous seller appears. I wouldn't recommend buying in GA without an agent at all. You also say you know the prices in your area - you know the asking prices.....how about the actual selling prices? How much did the seller contribute to closing costs? That info can be important. Here an agent can sign a deal with a seller as a 'transaction agent' just to facilitate the deal for a specific client. The seller only grants the right to a commission on that specific case and that amount would be negotiable.That might be the way to go for you. Call a Realtor and ask his/her advice on CA RE law. He/she might help you avoid an expensive mistake. Believe me, RE is more complex than you might think.
Aug 3rd 2007, 11:07 pm
#29
Account Closed
Joined: Mar 2004
Posts: 2
Re: Buying a home in LA without a realtor
[QUOTE=David Richardson;5145446]
Speaking for Colorado:
Sex offendors etc I have no issue with, you should certainly know the area and if the area is for you.
We had our house pre-inspected before we marketed, with the certain knowledge that no matter how thorough something would still be raised, just wanted to have a heads up on anything of consequence.
Selling prices are online, through County web site.
Closing Costs I would have to check, we cetainly did when we sold, but it was in percentage terms nominal.
Trasaction Agents here as well.
I do not think anyone is suggestion he does not need legal advice, just not the 2.8% worth, or whatever it is on CA.
I am very keen to buy my neighbour's house. He wants to sell but would rather not use a realtor. Cut out the middleman. I have no problem with this but don't really know what's involved with buying a house over here. It seems rather more complex than the uk. In UK I just found the house, found a mortgage online, got a lawyer who did every thing I needed including deal with the money side and that was it. Simple
Here there are the seller's realtor, the buyer's realtor, real estate attorneys, escrow companies. Seems to be a lot more people looking for a piece of the pie
Hi. I read this post with interest. I'm a Realtor In Ga. The RE laws will vary from state to state. Here in GA the laws are now weighted in favor of the seller making the buyer responsible for far more. In a contract here the buyer warrants that he/she will have the money, will not make a big purchase prior to the close that might affect their ability to buy the property and is responsible for understanding the vagaries of the neighborhood incl. sex offender registry etc etc. In short, the laws leave an unrepresented buyer at some risk if an unscrupulous seller appears. I wouldn't recommend buying in GA without an agent at all. You also say you know the prices in your area - you know the asking prices.....how about the actual selling prices? How much did the seller contribute to closing costs? That info can be important. Here an agent can sign a deal with a seller as a 'transaction agent' just to facilitate the deal for a specific client. The seller only grants the right to a commission on that specific case and that amount would be negotiable.That might be the way to go for you. Call a Realtor and ask his/her advice on CA RE law. He/she might help you avoid an expensive mistake. Believe me, RE is more complex than you might think.
Here there are the seller's realtor, the buyer's realtor, real estate attorneys, escrow companies. Seems to be a lot more people looking for a piece of the pie
Hi. I read this post with interest. I'm a Realtor In Ga. The RE laws will vary from state to state. Here in GA the laws are now weighted in favor of the seller making the buyer responsible for far more. In a contract here the buyer warrants that he/she will have the money, will not make a big purchase prior to the close that might affect their ability to buy the property and is responsible for understanding the vagaries of the neighborhood incl. sex offender registry etc etc. In short, the laws leave an unrepresented buyer at some risk if an unscrupulous seller appears. I wouldn't recommend buying in GA without an agent at all. You also say you know the prices in your area - you know the asking prices.....how about the actual selling prices? How much did the seller contribute to closing costs? That info can be important. Here an agent can sign a deal with a seller as a 'transaction agent' just to facilitate the deal for a specific client. The seller only grants the right to a commission on that specific case and that amount would be negotiable.That might be the way to go for you. Call a Realtor and ask his/her advice on CA RE law. He/she might help you avoid an expensive mistake. Believe me, RE is more complex than you might think.
Sex offendors etc I have no issue with, you should certainly know the area and if the area is for you.
We had our house pre-inspected before we marketed, with the certain knowledge that no matter how thorough something would still be raised, just wanted to have a heads up on anything of consequence.
Selling prices are online, through County web site.
Closing Costs I would have to check, we cetainly did when we sold, but it was in percentage terms nominal.
Trasaction Agents here as well.
I do not think anyone is suggestion he does not need legal advice, just not the 2.8% worth, or whatever it is on CA.
Aug 4th 2007, 4:00 pm
#30
Forum Regular
Joined: Oct 2006
Location: Atlanta, GA
Posts: 175
Re: Buying a home in LA without a realtor