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#461101 - 04/03/18 10:39 AM Help!!! I am purchasing a home For Sale by Owner in Michigan.
JennyStallings Offline
Junior Member

Registered: 04/03/18
Posts: 2
Loc: Michigan
I am buying a single family home in Oakland County Michigan as a FSBO. I donít have a buyerís agent representing me. The owner is presented by a family-member that is a broker.

I did my own comparable market analysis and feel comfortable with the price and the terms. It is a cash deal but only 1% EMD (name on check to the sellerís broker) and they are allowing an inspection period

However, someone mentioned that I should not use a title company that the owner selected; that didnít make any sense to me.

Please advise if there are any potentials scams or anything else that I should lookout for. Again, the purchase price is not above market and we like the home.

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#461102 - 04/03/18 10:39 AM Help!!! I am purchasing a home For Sale by Owner in Michigan.
JennyStallings Offline
Junior Member

Registered: 04/03/18
Posts: 2
Loc: Michigan
I am buying a single family home in Oakland County Michigan as a FSBO. I donít have a buyerís agent representing me. The owner is presented by a family-member that is a broker.

I did my own comparable market analysis and feel comfortable with the price and the terms. It is a cash deal but only 1% EMD (name on check to the sellerís broker) and they are allowing an inspection period

However, someone mentioned that I should not use a title company that the owner selected; that didnít make any sense to me.

Please advise if there are any potentials scams or anything else that I should lookout for. Again, the purchase price is not above market and we like the home.

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#461103 - 04/03/18 11:01 AM Re: Help!!! I am purchasing a home For Sale by Owner in Michigan. [Re: JennyStallings]
Long Walk Offline
Member

Registered: 06/27/08
Posts: 305
Loc: New Hampshire
Hi Jenny --

If you aren't comfortable with the seller's title agent, have an attorney look over the title search and title insurance binder. S/he will want to be particularly cautious about easements, rights-of-way, unsatisfied prior mortgages/liens, unpaid property tax, unpaid HOA dues, and mechanics liens.

You will want an owner's title insurance policy equal to the purchase price.

Have the attorney deal with the title agent. The attorney will make sure you don't close with problems in your title.

Also, have the attorney make sure the deed is drawn correctly. If the contract calls for a particular type of deed, make sure that is what you receive and record. If you are married, you will want to take title as joint tenants with right of survivorship, or as tenants by the entireties, whichever is usual in Michigan.

Treat the attorney fee as a low-cost insurance policy.

Let us know how it goes.

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#461177 - 04/14/18 06:57 AM Re: Help!!! I am purchasing a home For Sale by Owner in Michigan. [Re: JennyStallings]
Vermont Offline
Major Contributor

Registered: 04/12/08
Posts: 7828
Loc: Vermont's North-East Kingdom
Originally Posted By: JennyStallings
". . . It is a cash deal but only 1% EMD (name on check to the sellerís broker) and they are allowing an inspection period . . ."

That's a mite confusing . . . . because if it's a FSBO, then why is there a Seller's Broker involved at all ?

Originally Posted By: JennyStallings
". . . someone mentioned that I should not use a title company that the owner selected; that didnít make any sense to me . . ."

Well, it should . . . . Would you use an Attorney or a Home Inspector who was recommended by the Owner ? The same logic applies !
_________________________
Dale C. Hittle of GOLDEN RULE PROPERTIES in Glover, Vermont
Where We're Always Striving To Put Together "THE FAIR DEAL"

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#461183 - 04/15/18 12:21 PM Re: Help!!! I am purchasing a home For Sale by Owner in Michigan. [Re: Long Walk]
STEW Offline
Veteran Member

Registered: 08/27/07
Posts: 554
Loc: FLORIDA
You need to be represented. This is only going to end up badly on your side. You will likely never know the extent to which you have been taken advantage of

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#461201 - 04/16/18 02:51 PM Re: Help!!! I am purchasing a home For Sale by Owner in Michigan. [Re: JennyStallings]
VABroker Offline
Veteran Member

Registered: 11/02/10
Posts: 1071
Loc: Virginia
I see nothing wrong with using the same title company as the seller as long as you're familiar with the area and familiar with title companies. If it's some company you've never heard of and their office is 100 miles or so away, I'd get a bit suspicious otherwise. You could always check your state's law on whether you have a right to choose your own (VA has that right). But I do have to admit, if it's an FSBO, why the heck IS a real estate broker involved? Had you posted this scenario before even contacting the seller, we all would have told you to get a real estate agent and have the agent approach the seller with a form that states they have a potential buyer but they'd like "x%" commission if the deal closes and get that seller's signature on it. I always have one on hand. But, you could have also hired your own agent (paying them instead of the 'seller' paying them).

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