Home Buying in 19126>Question Details

Chauncey  May, Other/Just Looking in Cheltenham, PA

trying to buy home from landlord without sellers agent or buyers agent, will real estate attorney be enough?

Asked by Chauncey May, Cheltenham, PA Wed Feb 8, 2012

I have discussed with the landlord purshasing the property,he has had it appraised and i,m waiting for the results,he told me i would get a copy and that there would be room for negotiations when my lender does their appraisal,i'm a first time home buyer,any suggestions would be helpful

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The problem is the landlord is paying for an appraisal therefore it will come out where the landlord wants it to be instead of a real and indepentand value. The seller looks out for the seller, a buyer agent looks out for the buyer, A lawyer intreprets the law. A buyer broker can built their fee in and have the seller pay it. If you already started negotiations it may be too late, but the money you could save by getting a true value instead of a value that is in teh landlords favor could have easily paid a buyer brokers fee as well. You have to assess value, get prequailified, make an offer that benefits you, you have to have inspections, review disclsoures, have an appraisal and close the sale.
Web Reference: http://www.ScottSellsNH.com
0 votes Comment Flag Fri Feb 10, 2012
If you and your landlord come to an agreement regarding a selling price, based on the appraisals, hire an attorney who specializes in real estate for all the necessary paperwork.
0 votes Comment Flag Thu Feb 9, 2012
Hi, An attorney should be sufficient, just be sure they specialize in real estate. Typically an agent is used to help locate, negotiate, and follow the deal through to closing. If your attorney can guide you through all the paperwork and laws then that should be fine. In the meantime you should review the appraisal and see what other homes in the immediate area have sold for in the past six months. The appraisal report should include those comps.

Chris
0 votes Comment Flag Thu Feb 9, 2012
It's always best to have professional representation. A Buyer's agent will make sure or atleast make you aware of what the actual values of the property is in today's market. Very important, especially if you want to negotiate. Also, make sure you have proeprty inspections....
0 votes Comment Flag Thu Feb 9, 2012
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