For sale by owner

[Infidel!]

The land next to Kathryn's 11 acres is up for sale by owner and we want to buy it. It's an odd shaped 27 acres but it should be a good investment, and most importantly allow us to choose who our neighbors would be should we decide to sell it. We should make an offer this weekend.

Has anyone bought real estate for sale by owner? I never have, and I'm looking for advice on what and what not to do. I'm assuming I'll need a lawyer of some sort, so I'll break out the shark suit, but what other pitfalls should I look out for? Anything I need to do to cover myself? I've always used an agent in the past, and they always handle all the details.

[Xkvator]

i have years ago...got a real estate attorney and he checks for any leins on the property...
you can actually go to Office Max and get real estate forms and do it yourself...
the girl that bought my Mothers house did it that way, and her bank did the rest...

My Daughter bought some property and went to a local real estate and made a deal with them up front to handle the paperwork and stuff...

[Slick]

A title company should be able to handle most facets of the deal. They may even have a simple contract form that you could use.

Always, always, always get title insurance. Carefully review all the details of the title commitment for unusual items (like tax liens or other voluntary liens). There may or may not be any other more common burdens on title like easements and the like. Since the land is in Texas you also will want to make sure you get all mineral rights in your deed. If the mineral rights have been reserved by a prior owner in some past deed things get complicated and you will need a lawyer to figure out what you have in the way of rights.

[d j]

I sold a house by owner. I already had a real estate atty on retainer. He provided me with the form I needed to fill out with the buyer upon agreement to purchase. Then we both went to my atty office to draw up the formal paperwork and sign.
The buyer hired his home insp and atty to look over the paperwork.. His mortgage co did the due diligence.
Everything lined up and we closed at his mortgage co office. At closing was me, the buyer, and our attys.
Any issues that came up were handled between us, man to man, or between attys.
I would do it again w/o hesitation.

[Fe Butte]

If everything is in the clear, buy it if you can swing it.


They ain't makin' any more land...

[Infidel!]

Thanks. Title insurance is a must, I agree. Mineral rights in this part of Texas are impossible to get. Some guy named Neal owns all of them, and he won't sell at any price. Besides, there is already a pipeline running through part of the land.

I'll look into a real estate attorney and a title company. I planned to pay cash, so no bank involved at all. Maybe I should look into financing just to get bank involvement, then pay it off.

I'm excited about owning 38 contiguous acres

[Half Pint]

I'm assuming this is vacant land. You mentioned "investment". If you intend to be able to sell off parcels eventually, be sure you know what the zoning and land use restrictions are. Also, a comprehensive survey (not just a boundary survey) will show you what easements affect the property and exactly where they lie. Easements will affect where you can build improvements. You mentioned a pipeline. Hopefully, the easement is not blanket in nature.

But, if you just want to property to have it or to hunt on it or to use as a buffer, then easements and land use restrictions may not be much of an issue. You just want to make sure the property is useable for your intended purposes before you buy.

As far as mineral rights, I wouldn't worry too much about that. Especially if it's only subsurface rights. If that's the case, usually only directional drilling would be permitted so as to not interfere with the property owner's use of the property.

Sounds like you have a good opportunity. Like someone else said, land is generally a good investment since "they're" not making any more of it. And you can't destroy the asset itself, only the value.

[Infidel!]

Offer accepted!



We have to work out some details like closing date and such.

[y2kflhr]

Congrats


Sent from my phone

[MrSurly]

Party at Dan's!!!!



Rifle range can't be far behind now!!

[noodles]

Originally Posted by Infidel!

Offer accepted!



We have to work out some details like closing date and such.

Great!!..!.!!.!.!.!.!!.

[Ken R]

Originally Posted by Infidel!

Offer accepted!



We have to work out some details like closing date and such.

Cool beans, Dan.

I sold my rent house several years ago without an attorney. The buyer didn't want the expense on their end, either. The Title Company took care of all the legal stuff, survey, filing fees, etc. It went smoothly enough.

Unfortunately (or fortunately as it may be), the house came back. I held the note and the buyer missed payments about 2 years in. I had to foreclose and got the house back (with a fresh new bunch of problems and damage). I did enlist the aid of a real estate attorney to advise me and provide the forms for foreclosure.

Ken

[Fe Butte]

Great News!




I hope the range is far behind, might make the neighbors a tad nervous if it's out in front...

[Infidel!]

Originally Posted by MrSurly

Party at Dan's!!!!



Rifle range can't be far behind now!!

It's actually a great piece of land for that

Originally Posted by Ken R

Cool beans, Dan.

I sold my rent house several years ago without an attorney. The buyer didn't want the expense on their end, either. The Title Company took care of all the legal stuff, survey, filing fees, etc. It went smoothly enough.

Unfortunately (or fortunately as it may be), the house came back. I held the note and the buyer missed payments about 2 years in. I had to foreclose and got the house back (with a fresh new bunch of problems and damage). I did enlist the aid of a real estate attorney to advise me and provide the forms for foreclosure.

Ken

I think we agree enough that the title company can handle the rest

Originally Posted by Fe Butte

Great News!




I hope the range is far behind, might make the neighbors a tad nervous if it's out in front...

Out there the sound of gunfire is very common. It wouldn't raise an eyebrow

[pa-glazier]

Congrats!