Gerritt Posted April 22, 2008 Report Share Posted April 22, 2008 Getting tired of the constant noise and nosey neighbours (Kidding I have great neighbours) ..... but I need a change.. An Opportunity has fallen into my lap on a house that is not on the market... but the occupants need to relocate... I knew the current owners parents they have since past.... It is a gorgeous house with a detached 2 bay garage and an acre of land.... Backs onto a wood lot and behind that is a sod farm. It brings me back where I grew up In the country... although it is becoming less and less country.... but it is certainly not the city.. I wont mention the price, but it is what I consider a steal. It would be sold privately to us, and they personally came over and let us know that they are looking to relocate, They also know that we wanted back where we both grew up (Wife and I met in HighSchool) and we know this house having grew up there and being over for BBQ's etc... But... I have never bought a home privately... Heck I bought my first house only 6 years ago..... (I am 32) While we would both like to keep the expenses down to complete a deal meaning no real estate agent.... is this wise to do as a buyer? How do you go about it? I have already talked to my Mortgage Broker there is no issue in me getting the funds needed... I am kinda lost though as to this whole private sale thing though..They would like to sell privately... I will still have my lawyer involved though to protect me legally... has anyone sold or bought a house privately before? what was your experience? We are seriously mulling this over, Now time to decide what to do here (in our current house) to make it sell..... G Link to comment Share on other sites More sharing options...
workwear Posted April 22, 2008 Report Share Posted April 22, 2008 (edited) hey g having bought a few homes privately......its very easy.....just go to a good real estate lawyer and he will walk you thru it your mortgage company will not deal with anyone but a solicitor anyway.....all a listing agents does is advertise it on mls and charge a 6% fee.....(no disrespect to any agents) and then its all lawyers that do all the ground work....if your comfertable withthe price...then go for it......you said you have the financing in place....easy as pie.... congrads and good luck peter Edited April 22, 2008 by workwear Link to comment Share on other sites More sharing options...
danc Posted April 22, 2008 Report Share Posted April 22, 2008 It happens every day Gerritt. Link to comment Share on other sites More sharing options...
irishfield Posted April 22, 2008 Report Share Posted April 22, 2008 Agree on a price in writting.. what's included..closing date etc and both sign and witness it....and go to the lawyer next to draw up proper papers. You'll both need a seperate lawyer. Link to comment Share on other sites More sharing options...
Rattletrap2 Posted April 22, 2008 Report Share Posted April 22, 2008 By al means Gerritt, go for it! I bought one house this way, and also sold one this way to friends of the Family. As you already know, get a Real Estate Lawyer involved and save yourself the Real Estate fees on both ends. Best way to do it. No offense to anyone in the business, but our last transaction was with the an Agent and she did absolutely nothing to earn her fees! Still disgusts me how much She made off the deals. Link to comment Share on other sites More sharing options...
solopaddler Posted April 22, 2008 Report Share Posted April 22, 2008 As mentioned it's easy, but you do need a lawyer. Being friends or at least friendly aquaintances it might be a bit dicey, but I wouldn't make any decision on the property unless it was thoroughly inspected. Link to comment Share on other sites More sharing options...
pigeonfisher Posted April 22, 2008 Report Share Posted April 22, 2008 Gerrit, Selling our house in the Valley to friends, we decided to use an agent. Agreed on 3% as the commission that was reasonable. Good thing is she dealt with all the uncomfortable businsess assocatiated with selling the house to a friend. Nobody is ever trying to rip someone off, however, fair is in the eye of the beholder sometimes. Seller and Buyer can sometimes use a mediator to help determine what fair is. I found it to be indespensible. Link to comment Share on other sites More sharing options...
Gerritt Posted April 22, 2008 Author Report Share Posted April 22, 2008 Thanks for all the replies guys! and please keep them coming.. A lawyer will definetly be involved Steve... these are not friends of ours... just people we know of and make nice too... I knew their parents more then I know them unfortunately... Thanks again guys! G Link to comment Share on other sites More sharing options...
Sandbag Posted April 22, 2008 Report Share Posted April 22, 2008 Some good advice above Gerritt. As you are obviously aware, you will need a lawyer to protect your interests throughout. The other family involved will no doubt do the same. I would also suggest a home inspection prior to buying. No need to feel like you are offending the sellers as they would most likely do the same thing before making such a big purchase. Good luck to you and I hope it works out for you. Heading back to Mount hope are ya???? Cheers Craig Link to comment Share on other sites More sharing options...
ketchenany Posted April 22, 2008 Report Share Posted April 22, 2008 Gerritt, I've never bought or sold privately, but has other have stated (again no offense to any agents) the last house I sold the sign went up Sunday evening the first showing was at 1pm the next day, two showing after 6 pm and it was sold at 10 pm, a total of 9 hours on the market; agents took 6% and I got just under the asking price. Not a lot of work for what they made in lets say 20 hours of work. I may be wrong as I only saw what my agent had to prepare. I may consider my next sale private so let us know the ins and outs after it's all over. Sounds like a great place gook luck with it. On an acre I see a pond . . . Link to comment Share on other sites More sharing options...
Gerritt Posted April 22, 2008 Author Report Share Posted April 22, 2008 Some good advice above Gerritt. As you are obviously aware, you will need a lawyer to protect your interests throughout. The other family involved will no doubt do the same. I would also suggest a home inspection prior to buying. No need to feel like you are offending the sellers as they would most likely do the same thing before making such a big purchase. Good luck to you and I hope it works out for you. Heading back to Mount hope are ya???? Cheers Craig Certainly entertaining the thought! G Link to comment Share on other sites More sharing options...
HTHM Posted April 23, 2008 Report Share Posted April 23, 2008 If your comin back 'ome, I say welcome. And Jimmy at the Flag will be happy too. (Sorry guys, inside joke) Which sod farm, Vandewoude, Linde or Schidel's? All of em make great neighbours Good luck and remember the country is a GREAT place to gow up! Link to comment Share on other sites More sharing options...
steve barrett Posted April 23, 2008 Report Share Posted April 23, 2008 Hi Gerret. Go for it Sold my last two places without an agent. No problem. Need a good realestate lawyer a home inspection and if built in the 70s watch for aluminium wiring. This is the biggie .Had lots of problems with this item. Check for sump pumps that run a lot .Big problem when the hydro goes out. Pond in the basement real fast.There are toys out there that will phone you if the hydro goes out or the water pump fails.Sorry to throw a a few cautions around . Best of luck on your decision. Steve. ps No boat yet but the 9.9 goes on my old tinny this weekend. Link to comment Share on other sites More sharing options...
forrest Posted April 23, 2008 Report Share Posted April 23, 2008 There are a lot of hack lawyers out there (ours was scary...thank goodness it was a simple simple deal). Get recommendations just like anyone looking for contractors to do work should. forrest Link to comment Share on other sites More sharing options...
Daplumma Posted April 23, 2008 Report Share Posted April 23, 2008 No biggie,real estate lawyer should be able to get you thru it.If the price is right you know enough about the inspection process to know if the house is right.Best of luck bud. Joe Link to comment Share on other sites More sharing options...
nofish4me Posted April 23, 2008 Report Share Posted April 23, 2008 It's a simple process. No deal is ever done unless, both parties are happy. Let's not hear any whinning and moanning, 6 months from now. Link to comment Share on other sites More sharing options...
Gerritt Posted April 23, 2008 Author Report Share Posted April 23, 2008 Thanks for all the advice guys, it will certainly come in handy as we progress. I will save this link for future reference. Albert, when/if this goes through, Jimmy will be able to buy the new sports car he always wanted as I will be there! LOL.. Hamilton Sod I think the real estate lawyer I have used the past two times is the most expensive in the area Charles Macaluso (sp?) I would certainly entertain the thought of using another lawyer if anyone has one they can suggest in the Hamilton area G Link to comment Share on other sites More sharing options...
irishfield Posted April 23, 2008 Report Share Posted April 23, 2008 G my lawyers flat fee is $600. Everything else is land transfer tax and deed registry.. title search fees from the town involved etc. Link to comment Share on other sites More sharing options...
KyleM Posted April 23, 2008 Report Share Posted April 23, 2008 Thats pretty good price Wayne, we just paid 1800 bucks. Mind you, I like taking it from behind when it comes to paying for things LOL Link to comment Share on other sites More sharing options...
Blake Posted April 23, 2008 Report Share Posted April 23, 2008 If you can find a good lawyer look around for a flat fee and ask what paperwork goes where as they do charge you for alot of incidentals that could be done by you. Anywhere in the $600 - $900 flat fees for a straight buy and possible sale is a good price. Link to comment Share on other sites More sharing options...
bigbuck Posted April 23, 2008 Report Share Posted April 23, 2008 Look around but in total, you should expect to pay about 1200-1400 bucks for the lawyer and related fees. Things to remember, is there a recent survey of the property?? If not, maybe try to work that into the deal. Also, a home inspection with you hovering over the inspector asking lots of questions should be a must. Depending on how old the house is, aluminum wiring, knob in tube, sump pumps, age of roofing, windows, plumbing, kitchen, washrooms etc... etc.... etc..... Lots of factors involved. Having been in sales for 11 years, I believe that the past few years, real estate agents have had it easy. Listings that sell in hours don't justify the fees that are charged, but, in sales, take it whenever you can get it. Link to comment Share on other sites More sharing options...
Gerritt Posted April 24, 2008 Author Report Share Posted April 24, 2008 Well things have hit a stumbling block.... After talking with my current mortgage company they are going to assess me an 8400.00 or 6mths @ 1400.00 early break penalty.... OUCH!!!!! I dont understand it... so I cannot sell my house until my mortgage come up for renewal? I feel like this is extortion and my house is being held hostage...... and makes little sense to me. I put in a call to my lawyer... nothing is easy I suppose.... G Link to comment Share on other sites More sharing options...
workwear Posted April 24, 2008 Report Share Posted April 24, 2008 hey g isnt your mortgage transferable??.....doesnt the mortgage company realise that you will be getting a new mortgage with them??....althought this is very legal what they are doin.....becuase afterall you did agree to pay those fee's......but maybe you could try to talk to them....and they can wave those fee's if you still deal with em.... keep us posted cheers Link to comment Share on other sites More sharing options...
Maverick Posted April 24, 2008 Report Share Posted April 24, 2008 I have never bought a house but if you can't do what workwear said couldn't you just sell your house, pay it off with the money you get for selling it, then get a new mortgage on the new house? Like I said, I have no clue on what the rules are but it just seems logical. Link to comment Share on other sites More sharing options...
irishfield Posted April 24, 2008 Report Share Posted April 24, 2008 Well things have hit a stumbling block.... After talking with my current mortgage company they are going to assess me an 8400.00 or 6mths @ 1400.00 early break penalty.... OUCH!!!!! I dont understand it... so I cannot sell my house until my mortgage come up for renewal? I feel like this is extortion and my house is being held hostage...... and makes little sense to me. I put in a call to my lawyer... nothing is easy I suppose.... G Man... I didn't think the Permanant was still in business. Remember it costing me a 3 month = $3100 penalty back in '85 when I sold my place in Milton...and why I never used a financial institute again. Link to comment Share on other sites More sharing options...
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