Buying a Home Privately is Easy – Here’s how.
- Make your interest known to the homeowner.
- Make an offer. Choose the option below that you feel most comfortable with.
- Call the home sellers and discuss the details of your offer. I.e. - purchase price, closing date, chattels included. If you can come to a verbal agreement proceed to the lawyer in order to draw up a written offer. Note: A verbal agreement is NOT legally binding. Get to the lawyer ASAP. If another offer comes in while you are drawing up your offer the homeowners are open to accept another offer without ramification. Once the written offer is complete, drop off to the homeowner for consideration.
- Go directly to your lawyer to draw up the offer without discussing the details with homeowner and drop off the offer to the homeowners for consideration.
- Draw up the documents on your own and drop them off for consideration by the homeowner. NOTE: It is highly unadvisable to make an offer without a condition of financing. Even if you are preapproved the bank still has to approve the home.
- Go to privateexchange.com search for the home and click on make an offer to fill out an online offer form. Print off the offer and drop it off for consideration by the homeowner. We advise you to seek legal advice prior to signing any offer to purchase.
- If the offer is returned to you with a counter offer you need to decide whether to accept, reject or counter the offer. Call a lawyer if you are in question. If you wish to accept the offer, sign and return it to the homeowners within the time frame specified on the offer. Be sure to make a copy for yourself. If you wish to counter - scratch out what you want to change and make the changes and modify the time and date they have to accept it by. Initial the changes and return to the homeowner. If you wish to reject the offer you could call and let the homeowners know you are not willing to negotiate any further.
- Once the offer is agreed upon by both parties the condition must be met. Start arranging a home inspection, mortgage approval etc. If you need a hand call us for advice. 519-966-5566.
- Once you have met each condition submit the removal to the lawyer before the time allotted for that condition runs out. You lawyer can also draw up removals and submit to the homeowners lawyer.
- Once all of the conditions are removed the home is officially yours! Congratulations!
- Now for the least fun part of the entire process - PACKING and MOVING!
ANY FURTHER QUESTIONS? THE PRIVATE EXCHANGE IS HERE TO HELP YOU. CALL US ANYTIME 519-966-5565