My relative is intending to sell his house. If we deal directly without involving any agent then what will be the process in this scenario?

Pl note that he has given me a POA for siging on his behalf as he is always on the road for his business.

Don't quite understand what you're trying to accomplish....
Are you selling from him, or buying from him?
Call a local agent in your area and work out some kind of a deal with them.

Hello
If you really want their house then get a real estate attroney involved with all teh paper works.

Good Luck
Ritu

If you are not the Buyer... you can not find buyers for a relatives property... that is illegal and is considered practicing real estate with out a license.

A POA makes no difference at all but could very well be used as evidence that your were in-fact attempting to practice with out a license.

Any at to sale in this situation will most-likely make that fact know to other agents and someone would / should report your activity. You have demonstrated a lack of knowledge of the process and will most probably do damage to both the seller and buyer....

While you can purchase with out an agent yourself... you May Not perform real estate activities for anyone else... it is illegal and will be prosecuted if reported and be sure it probably will be if your marketing is any good.

I am not trying to practice/play as realtor. Does this means that I can not sell on his behalf based on his instructions ?
He as asked me to place a Sign: Sell by the Owner and then accept the offer based on the price he wants. Definitely I can not disclose the price to any one, But if Offer him the same price he wants, can I still be a buyer and represent the owner based on POA.

"I am not trying to practice/play as realtor. Does this means that I can not sell on his behalf based on his instructions ? "

Yes that is exactly what it means... you would be practicing real estate with out a license.

"He as asked me to place a Sign: Sell by the Owner and then accept the offer based on the price he wants."

That would be illegal and you can not accept an offer on his behalf... even an agent can not and a POA will not be valid. In any real estate actions a Specific Power of Attorney is required not a normal POA and a POA can not be used to permit a person to perform a function that is illegal.... your acting as an agent would be illegal. Besides... no closing company would accept your actions and any documents you signed would be probably be considered Void, placing you at high risk of a lawsuit by the person considering buying.

"Definitely I can not disclose the price to any one"

You really don't have a functional understanding of the real estate laws and procedures. Simply stating an asking price in some circumstances would be premited... while in other illegal. You could never discuss term and conditions or counter offers or pricing variances.

"But if Offer him the same price he wants, can I still be a buyer and represent the owner based on POA."

NO... you can NOT represent the Owner... you can make an offer to purchase with you as the Buyer not representing any other Buyers and not the Seller.

BUT....

Do you know how to make an offer? Does the seller know how to process an offer? Do either of you know what disclosures are required by the local, State and federal government? Do you know how to specify Price Terms and Conditions? If you are the buyer... are you going to pay cash or have financing? Do you know how that must be reflected in the OTP? Do you know what the contractual requirements/ disclosures are for certain loan programs?

Doing real estate with out a license is illegal for a reason. To attempt to prevent or at least reduce the potential for everything to end up in court or having both buyer and seller injured by improper, unethical and illegal actions.

This might be a stupid question but is a real estate agent always needed in a transaction on the sellers side. But not on the buyers? and also what is a POA and a BPO?

Needed probably Yes... Required No...

POA is Power of Attorney

BPO is Broker Provided Opinion or Broker Price Opinion

Ok let me post a scenerio and let me know what you think Realty Check.

Seller is dissabled and has a relative handle his financials through a fully executed POA for all real estate and financial transactions including the language you state is needed.

He wants to FSBO the home for the dissabled relative.

He can or cannot? Do you think this could also be state specific? Or is it just mandated through federal real estate laws?

consult an attorney as to the proper way to do this.

Greg,
In Illinois a real estate license would be required as the person is not a licensed attorney and not a principle in the transaction.

GOOD LUCK

Ok Paul. That was what I was thinking from the information in the previous post.

An acquaintence of mine told me Realtors were not necessary to buy/purchase property. Three weeks later he called me asking for advice. He had entered into contract with a FSBO and a week before close of escrow the seller removed the built in surround speaker system. My friend threatened his deposit back and they went to court to battle it out.