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DIY Homebuyer Academy

187 members • Free

3 contributions to DIY Homebuyer Academy
Buying a home "as-is" from our landlord
Hi everyone! Nice to be a part of this community! My husband and I are first-time home buyers currently renting a home we enjoy in a neighborhood we like. Our landlord is looking to sell and has offered to sell to us with no seller's or buyer's agent. He shared with us a CMA he did and priced our home at $345K based on that CMA (this is actually a bit lower than we were expecting). He is offering to sell to us at $335K "as-is," given that they would save $17K with not using a seller's agent. He shared that the slate roof was replaced in the last 10-20y, we know that the HVAC and water heater are new because they were replaced during our rental tenure, and we know the major issues with the house. Question: We think it is still a good idea to get a home inspection before making an offer. Does this seem like a good idea? We trust him and have a good relationship, but there are issues he (and we) may not be aware of that an inspection would uncover that might affect whether we counter with a lower offer on an "as-is" sale, or decide not to purchase the home. Anything else you would recommend? (We are currently getting pre-qualified with lenders before selecting one - we were preapproved a couple of years ago for a loan that was more than the price he is asking, and our financial situation has remained stable since then). Thank you!!! Sarah
1 like • 22d
I can't think of one good reason NOT to get the inspection. You don't say what state you live in, but I assume you do not need the owner's permission for you to have an inspector come into the premises where you are currently living. In most markets you could get an inspector to come on relatively short order--during the time you are getting pre-qualified for the loan, so it should not take more time for you to get back to the seller. If you're willing to spend $335K why wouldn't you want to spend $336K for the additional information, particularly about structural things that you may not have seen, even while living there.
How to "Sell" myself as unrepresented buyer
I saw a potential property today that has already been reduced from $439k to $429k. Hypothetically, let's say $429k is the accurate market value. 3% of that is about $12.8k. Thus, if I make an offer at $419k, and explain that they don't need to pay the buyers agent, would that be more attractive than the person who is offering $429k with a buyers agent? What is the proper way to word it, so that the seller understands that it is more advantageous to them? Should I always specify that in the offer letter? Also, is there a way of knowing how the commission is laid out in the contact between the seller and seller's agent? Is there a chance that the seller would get all 6% if the buyer is unrepresented? If that is the case, being unrepresented doesn't really have advantages does it?
2 likes • Mar '25
I represented myself when I bought my condo. I called the agent and told her I wanted to make an offer and since I didn't have an agent representing me, what was the best they could do? (This was after a 10% price reduction the week earlier.) After speaking to her client, the agent came back with asking price minus the typical buyers' agent fee for our area. I was happy with that and the sellers' agent took it from there. The market conditions and recent price drop were important context.
Introduce Yourself Here
This is the place to introduce yourself and connect with fellow DIY homebuyers. When posting, please: - Share your name, location, and what stage you're at in your home-buying journey - Mention your goals or what type of property you're looking for - Ask questions or offer support to others - Be respectful and welcoming to all members
2 likes • Mar '25
Hi everyone! I'm Roz from Boston. I'm an urban planner and regional economist by training and a licensed real estate agent. Looking to work with anyone (buyers, sellers, agents) in developing an alternative business model along the lines of "coaching."
1-3 of 3
Roz Greensein
2
15points to level up
@roz-greensein-8208
Boston kid

Active 22d ago
Joined Mar 16, 2025
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