What’s your experiences of buying land without a realtor?
That doesn’t even begin to address everything else that can and will go wrong as it relates to legal issues with the property, regarding access, easements, encroachments, utilities, rights-of-way, you name it. There is one born every day, so if you think its a good idea to buy real estate without legal representation and title insurance, have at it. I know I own several million dollars worth of real estate and none of it was bought via a quitclaim deed without title insurance and/or legal representation.
QCDs are/can be used when parties are related or know each other. The property value in this situation is only what the buyer is willing to spend on this sort of transaction.
The OP wanted ways to buy land without a realtor. It can be done.
Yes, I am an attorney.
Doing something on the cheap enough times will bite you in the rear eventually. The reason real estate attorneys exist is because someone smart and wise still got bit in the rear on a prior deal.
If that chunk of land is more than $10,000 then I am not doing QCD. I know how hard I worked as a kid to put $10,000 in my pocket and am not about to roll the dice on much more than that. Well, I might if my long-term plan is to donate both land chunks to charity.
Hec I'll sell it to you with a quit claim deed, how much are you offering?
My buddies who are realtors service charge is 6% as well.
I've sold several of my own houses, and we used a buy/sell agreement from staples or some such place and paid a couple hundred bucks to the title company. Done deal.
I've had realtors offer to finish the deal once we had a buy/sell for 1%, all they would have done was take the buy/sell to the title company. Around here that's where you go to complete your transaction anyway.
No need for a lawyer, no need for a realtor. Just talk to the title company. They will tell you things straight. And FYI usually the seller is the one who needs to set things up with them.
(Realtors have a place, but they generally serve as a marketing device/locator and aren’t legal.)
The market largely sets the price and the seller pays any commission (typically 5-6%). Against all odds you are better at peddling coolers than real estate.
Busta has it right.
If you have a cash buyer, yes. If they need a loan, it gets harder.
Where at in Idaho? I'm always looking...
Tops would be title company. After that would be approved state forms, RE attorney, licensed RE agent, appraiser (If borrowing) and mostly armed with the knowledge that EVERYTHING IS NEGOTIABLE... even if they won't negotiate the next one will...
Every transaction is unique when you get out of controlled environments such as condos and such. Easements, sub surface rights, deed restrictions, the more crap comes up the more those convenient people turn into NEEDED people.
However, what you should want is a certain level of knowledge on your side. Whether that knowledge comes from a friend that can advise you or a realtor or an attorney.
Attorneys and realtors are the simple way of getting that help on your side.
I have been in the real estate business for a long time and there are markets and hurdles that I am perfectly competent of navigating myself. But there are markets and obstacles where i am going to hire a local broker and/or a local attorney. They both can more than earn their fee. There are a lot of clowns in both businesses that can cost you a lot of unnecessary profit. There are experts in both that can both save you a lot or make you a bunch. Don't be penny wise and pound foolish.
As mentioned before use a GOOD title company, they will help a lot and can check things for you. My contract is literally 1 page long, realtors, title companies always scoff at it but no one has ever been able to name anything I needed to add........... Used ot probably a dozen times or more.
Anyone who wants my one page contract please email me [email protected]
When I performed a survey I always researched the chain of title myself, it's not that difficult. Some Surveyors will ask you for your Title insurance policy and then perform the survey based on the description in the policy rather than performing their own research. In my opinion that's a very poor practice because the policy excludes anything that will be discovered by an accurate survey. So how can a surveyor base a survey on something that is already stating that it's not survey "worthy".
Title insurance is intended to protect lenders and buyers to a certain extent. They're not intended to protect or be the basis of a survey. Title insurance companies, like any insurance company make business decisions based on accepting a certain amount of risk. The staff who are performing the research may not be very experienced and do not have boundaries or surveyors in mind when they are performing their research so they may overlook things in the chain of title that affect boundaries. In my career as a Land Surveyor I've looked at hundreds of title insurance policies and on multiple occasions I've seen where important details in the chain of title were overlooked. So just be aware. Okay, I'll get off of my soapbox...