WatchHi all. To begin, I want to thank Patrick and the forum community for all of the great information I have been able to gather about real estate. I believe that reading several conflicting viewpoints on multiple threads has allowed me to acquire a better than average knowledge about real estate in general.
I am looking to purchase a FSBO house, in Indianapolis, as-is, with cash. I've already had the home inspected, and except for some electrical wiring that needs to be replaced (main wiring off by 20 amps), the house is in good structural standing. I have scoured the internet for an Indiana housing purchase agreement, and have been unable to find anything (I've been told there should be some sort of official purchase agreement that is specific to Indiana, and I should be able to find it online). Do any of you know of where I would be able to find this information? I have already searched IN.gov and googled a bunch of search strings without any results.
I think it's fair to say that I am pretty pissed off with the whole situation right now, I feel like it should be relatively easy for me to search the internet and find everything that I need to do, especially with the simplest real estate transaction I can think of(buying a house, as-is, with cash). However, I have had little to no look finding a source that explains the whole process in a clear and methodical manner.
Here are the closing costs I have accounted for:
1. Conveyance fee/recording fee: getting the deed switched over to my name and recorded with the state
2. Title search/policy: searching for any liens against the property, insuring against anything that could come back to bite me in the ass in the future
3. Wiring fee: I've been told that any wire transaction over $10,000 requires a transaction fee
Other than the closings costs above, and the purchase agreement, is there anything major I am not accounting for?
Thanks for your time.
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San Leandro, CA
RobertCarney10 says
Yippee Kiyah Robert !
H.T.F. did we evolve to a system where the buyer, the agent the lender, the neighbor, church, barber etc.. know that you spent everything you earn, plus an added premium because you might get a raise in the future ? Example: I qualify for a maximum loan of $100k. "agents" are gonna show you in the $110k/ 115 range..... If buyer(s) told the merchant(s) F.OFF you do not need to know my maximum amount of spendable income, we would have a normal free enterprise system. Tell your damn employee to show you properties in the $80k range.
Agents, Banks & Brokers are like ravenous wild dogs ready to fight over that last little scrap of profit. MIND YOUR FINGERS !
Patrick's advice above is as solid as it gets. A lawyer can't tell you how much water is in the well, but he can make sure who's name is on the title. RIGHT ?
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Menlo Park, CA
You probably want to hire a real estate lawyer briefly, by the hour. Not only will a lawyer have the right forms, he may save you from making errors.
I'd avoid any realtors though, since they might try to get in the way, or to give away your purchase plans to some other potential bidder, etc.
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Los Angeles, CA
try staples if you got one - they have legal and RE forms in CA.
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Indianapolis, IN
Thanks for the feedback. This FSBO is not technically on the market, the owner happens to live two doors down from my uncle and I got wind and made a prospective offer before he put anything out there. Also, I basically called out a realtor I had been working with after wising up and reading info on this site, he was trying to make me to look at listings that were way above my price range, even after I had given him a lower ballpark range. I also made it clear to him that I wanted to save costs through sweat equity, of course he continued to send me more expensive homes with little to nothing wrong with them. Also got the first home owner's tax rebate BS from him. Anyway, if this deal goes through, I should be able to see a ROI in ~4 years of rent. I've found the info on this site extremely valuable so I am going to donate. Thanks for the help.