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Need Someome to Hold Buyers Hand

Posted by equinecpa (My Page) on
Mon, Jun 1, 09 at 8:44

I have a first time home buyer type home for sale, priced at $54,000. We have not yet listed it. We had a short term lease with option to buy contract on it, but then the husband of that party was laid off...we let them out of the contract. Now I have someone who actually had the house inspected way back in March interested in the home again.

She lowballed me an offer on Thursday, I countered and she is still interested. The price is a little more than she wants to pay, but she will talk to her lender today. I believe if she gets a good faith estimate that shows her what she'll need to have at closing she may purchase the house.

My problem is she is really nervous...and so so cautious. This is the time you wish she had an agent!

My questions is: Once a buyer has found a house they like, is it not the lenders job to come up with a good faith estimate for them? She wanted to know what the next step was...I told her to get with her lender and if the numbers work, make an offer in writing. After that it would be a matter of getting an appraisal and hopefully scheduling a closing at the title company.

One other item I was wondering about. I purchased this home 3 years ago -would it be any cheaper for her to purchase through the same title company since they did the title work 3 years ago...or are title fees somewhat cast in stone?

Thanks, cross your fingers for me!

Carolyn


Follow-Up Postings:

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RE: Need Someome to Hold Buyers Hand

I purchased a house recently and received a good faith estimate of costs from my buyer's agent. I also received one from the mortgage company.

The title company offered a discount on the cost of the title insurance policy if there was a previous one issued in the last ten years. I don't recall exactly what proof the title company wanted, since the last sale was over 10 years ago.


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RE: Need Someome to Hold Buyers Hand

As a seller, you aren't really in a position to hold her hand through the process. However, you can make some things easier.

For instance, there is absolutely no requirement that the buyer draw up the paperwork for an offer and submit it to the seller. If your state has standard forms for offers, you can print them out and go through them together. We did that with a recent purchase of a FSBO. We talked about things in advance and then filled out the form together so we knew we were all on the same page.

As for the financing, the lender is required to provide an estimate. However, a first time home buyer may not realize how expensive closing costs are and how that may affect their offer. I'd get that conversation out of the way early so that you don't go down the road of a 50k offer only to find out she needs 5k in closing costs to get the deal done.


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RE: Need Someome to Hold Buyers Hand

No matter what you do, you should get an attorney, if you choose not to have a agent. Your buyers should be represented by an attorney also. Is she getting the house inspected? If not, legal problems might occur later. I would get an insurance policy that fixes major itmes, like heaters to protect yourself. Please, do not ""hold"" their hands. Protect yourself first. If she ask? refer her to her lawyer, do not make ANY commitments! If she refuses to have it inspected, get that in writing. Sold as is. She should know ( and you too) any and all closing costs are. Get everything in writing. May no verbal promises.
Hopefully agents here will have better advice than I offer, or correct my statements.


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