Buying a house privately

[i_forget]

I thought so.

Thanks Ash.

[saveadollardiva]

I agree with everyone here. I think the best thing is to ask all your questions to your lawyer.

[Insane]

Well, I think you've got some very good advice from your fellow Scer's which always makes me proud. I love that this group is so generous with their time and advice . . .so kudos to all of you above!!
I think you can probably avoid a realtor but definitely should have a reputable real estate lawyer to guide you through this. if you have to pay a few extra bucks more then the next guy, that's not the baddest thing because you are saving the realtor fees don't forget.
Title insurance - a must! but any lawyer knows that.
INspection- preferrable . . . but you can do that on your own. Owner won't pay for it anyway, so why bother bringing it up?
When negotiating, keep in mind you will be SAVING owner considerable cash by no hassle of advertising and extra fees for HIM (i.e. realtor) so you have some room to negotiate there.
My biggest concern thus far is your financing. . . Since you said you have crappy credit, how is your hubby's??? Also,a lender WILL require an appraisal (most likely) Have you made any enquiries yet? Be careful about Lenders pulling your bureau!! Once it's been done a few times, the rest will back off.

Hubby's credit is fine. Has few liabilities. With met with the bank and it looks like it is doable. But we've decided to get a mortgage broker involved.

I didn't think the home inspection was necessary (it's a condo) but everyone else thinks we should so we will. We had a friend come through the house and pointed out a few things. We've decided to get an appraisal done. That will help us decide the true value of the place plus as was mentioned, I highly suspect the bank will want one. Plus they'll point out major things wrong with the house. Got referrals from friends for the lawyer and appraiser and home inspector.

This is such an overwhelming process. Thanks for the advice.

[ashedfc]

Your lender will do an appraisal in anyways.. this is a standard process before funding a mortgage..

[blueeyetea]

I didn't think the home inspection was necessary (it's a condo) but everyone else thinks we should so we will. Thanks for the advice.

It's always a good idea to have an inspection done because you never know what the quality of work down previously was. Actually, it should be included as a condition that the property passes inspection for the sale to go through. If the house inspector finds something that could cost $$$ in repairs, you can then have the option of negotiating the price down to take into account the repairs, or walk away from the deal.

The alternative is to be stuck with a big bill if anything happens, and depending on where you live, it's buyer beware so the former isn't responsible.