FSBO (Buyer) in NC

[BuffettFan]

What is the name of your state (only U.S. law)? North Carolina


New to the FSBO world, stumbled across an off market house in our target neighborhood, very interested in it but if we decide to move forward, what all should we direct to a real estate contract lawyer? The offer? The contract? The escrow?

What should I expect to pay in such a scenario?

 

[FlyingRon]

If you don't want to use an agent of your own, make your offer and take that contract IMMEDIATELY to an attorney for review before the due diligence period in the purchase contract expires. Do not sign a contract without one of these clauses without a lawyer reviewing it first. There is no statutory right of rescission on most real estate purchases in NC.

 

[BuffettFan]

If you don't want to use an agent of your own, make your offer and take that contract IMMEDIATELY to an attorney for review before the due diligence period in the purchase contract expires. Do not sign a contract without one of these clauses without a lawyer reviewing it first. There is no statutory right of rescission on most real estate purchases in NC.

Thanks, am fairly new to NC and haven't educated myself well on the intricacies here. It is an off market FSBO, meaning they approached us (a neighbor of another house we did make an offer on and it fell through (with a Realtor), and they have no desire to work with a Realtor/Buyers agent.... primarily because of cost.

 

[FlyingRon]

Thanks, am fairly new to NC and haven't educated myself well on the intricacies here. It is an off market FSBO, meaning they approached us (a neighbor of another house we did make an offer on and it fell through (with a Realtor), and they have no desire to work with a Realtor/Buyers agent.... primarily because of cost.

Then you would well be advised to have the purchase agreement drawn up by a lawyer.
Lawyers typically handle settlements in NC and given the fact that this seller is goofy, you want to make sure you have someone paid to follow your interests.

 

[BuffettFan]

Then you would well be advised to have the purchase agreement drawn up by a lawyer.
Lawyers typically handle settlements in NC and given the fact that this seller is goofy, you want to make sure you have someone paid to follow your interests.

Reread my buyers agreement I'd signed with an agent here in NC, covers any properties in the counties in the metro area, not just ones they've shown us. So at looks like I have an obligation to use them, but if the seller isn't willing to work with an agent, where does that leave us as far the 3% commission?

 

[FlyingRon]

Reread my buyers agreement I'd signed with an agent here in NC, covers any properties in the counties in the metro area, not just ones they've shown us. So at looks like I have an obligation to use them, but if the seller isn't willing to work with an agent, where does that leave us as far the 3% commission?

I can't read your agency agreement you signed. Usually the agreement has a clause for non-cooperating FSBO stuff that tacks their commission on to the sales price at closing and you pay for it out of your funds.

While you're dealing with the lawyer, you should bring him the agency agreement as well.

 

[BuffettFan]

I can't read your agency agreement you signed. Usually the agreement has a clause for non-cooperating FSBO stuff that tacks their commission on to the sales price at closing and you pay for it out of your funds.

While you're dealing with the lawyer, you should bring him the agency agreement as well.

If I'm obligatory (ethically and legally) to use the buyers agent anyways, I might as well just pony up the extra 3% and eat it on the house. Such is life!