buying a house for sale by owner.

How do you put in a bid? How does this work. Im new to the house hunting game and so confused,

Re: buying a house for sale by owner.

we sold ours fsbo. you would make a bid to the seller and negotiate with them directly. usually they have an offer form of some sort to make it more "official" and to get necessary contact info. once the offer is accepted you would arrange the inspection and go through your attorney as you would with any deal. any issues you call the people directly or your lawyer. final walk through is with the owners too!

Re: buying a house for sale by owner.

You just make the offer verbally directly to the seller. He either says "no thanks"... or he counters... or he will say "ok... i accept the offer... i need your lawyer's info to go ahead with the contracts".

Its pretty simple.

Re: buying a house for sale by owner.

we bought our house FSBO - we left a binder when they accepted our offer and they wrote out we soandso agree to sell our home for x amount of money. We got the inspection and then our attorney called theirs within the same week. From that point on the attys handled everything.

Re: buying a house for sale by owner.

Ok thanks Everyone.

Re: buying a house for sale by owner.

The first offer we put on a house was FSBO. I thought it was weird too, so I had my dad do it. LOL. He was with us to see the house and is much more experienced at these things. They countered, we countered and then walked away. Funny when we started looking we weren't willing to come up on price, by the time we bought our house we went $20k over that! LOL.

Re: buying a house for sale by owner.

Re: buying a house for sale by owner.

The first house we put in an offer on was also a FSBO. We offered an amount that was $24,000 lower then their asking price and they counter bid and said a price $10,000 lower than their offering price, well then I bid $7500 higher and they wouldnt budge...So I told them to think about it and get back to me and he said the same to me. The house has been for sale since Jan 04, and this was just a few months ago. You would think they would take what ever offer I gave them....Well I called them 2 days later to tell them we were going to pass on the house. I spoke to the wife, and I wished her luck on the sale...The husband called me back and said I heard you called and spoke to my wife, I said yes and he said we will take $392,500 if you are still interested. I told him that I would have to talk it over with my wife and get back to him....The house was totally renovated...Move in condition, in Bellmore with South Bellmore schools, there was 2.5 bathrooms, and the taxes were low. Those were the pros. The cons were that it was a 3 bedroom but one bedroom we would have to convert to a dining room, and the other 2 bedrooms were small, smaller than the one we have now. And the oil tank was still under ground in the foundation. I called him back on sunday and said we would pass....

After that he listed the house with a realtor and was trying to get $19,000 more than what he was asking when he was selling it by owner. I dont know if he sold it yet though.....
Scott