@ broadbill could you tell me what I could screw up, just off the top of your head. an example that could cost me 2000 thousand dollars lets just say because I didn't get a real estate broker/agent?
House buying tips
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broadbill
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Say for example you get a house inspection and you find the septic system needs replacing (15-20K job, easy). Are you willing to negotiate with your friend to get that fixed? Agent could do that for you.
Do you know how to see if there are any liens on the property or any issues with the title? An agent does.
Do you know if the house is priced fairly, according to comparable properties in the neighborhood? Do you know how to do that analysis? An agent does.
Do you know how to determine if the property zoning allows further development (say an addition of an extra room or deck), or if the building of the original structure was done correctly? Were building permits pulled for it?
An agent could do that for you.
As OrdinaryAveGuy points out, you could do this all yourself....the questions are: Do you have time? Are you sure you could do it correctly and in a comprehensive manner (given the seller is your friend?). Are you willing to drive a hard bargain with your friend?
Frankly, I'm sure your friend is a nice person, but when you are talking about many thousands of dollars at stake, I would not trust them as far as I could throw them. An agent can act as your intermediately and be the "bad guy" if need be.
BBL_Brewer
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I can't believe no one has mentioned the obvious.......make sure it has a suitable place for a brewery 
OrdinaryAvgGuy
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If i'm not mistaken, title issues are ultimately handled by the closing attorney, typically a requirement for funding a loan.
Also, if the house is priced way over market value, it will be picked up by the bank hired appraiser and no loan will be issued.
You could have 3 different agents give you 3 different opinions on comps that vary several thousand from one another. It's just a matter of their opinion based on criteria such as square footage, age, location, and features. Not an exact science. This is all public information and at your fingertips.
Banks have been burned before and make the buying process fairly idiot proof. If its a bad deal the financing usually doesn't go through. The last thing the bank wants is a foreclosure with a bad title and an outstanding balance far above market value.
Boardbill makes 1 good point - an agent can be a mediator between you and your friend. If you are not comfortable discussing the deal with your friend then this may be a good enough reason alone.
Or you can hire me. For a couple thousand dollars I will tell your friend that hes giving you a raw deal.
broadbill
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Woohoo! Ahead of the game!
Or you can hire me. For a couple thousand dollars I will tell your friend that hes giving you a raw deal.
Yeah, this is all the OP would need at the end of the day.
Personally, I'd be leary of buying a rental as my primary residence. I know how people treat rentals.
FTFY
All good points!
I will say this about NC you get left alone a lot more here than other states you don't worry about permits less you live in some city limits some where, still haven't decided what to do but all ideas are helpful. Im going to find out about a mortgage soon. Thanks so much for the tips keep them coimng
Say for example you get a house inspection and you find the septic system needs replacing (15-20K job, easy). Are you willing to negotiate with your friend to get that fixed? Agent could do that for you.
I may have used the term friend a little to loosely
Do you know how to see if there are any liens on the property or any issues with the title? An agent does. isn't that an attorneys job?
Do you know if the house is priced fairly, according to comparable properties in the neighborhood? Do you know how to do that analysis? An agent does. yes
Do you know how to determine if the property zoning allows further development (say an addition of an extra room or deck), or if the building of the original structure was done correctly? Were building permits pulled for it?
An agent could do that for you. good point, but nothing has been added to the house since it was built I have lived next it my whole life, the deck that's on it is the same deck that was on it when the lady's boyfriend I'm purchasing the house from, blew his head off with a shot gun, back in 89 so yea that gonna get replaced definitely also going to be my brew deck. might name a brew after him
As OrdinaryAveGuy points out, you could do this all yourself....the questions are: Do you have time?yes Are you sure you could do it correctly and in a comprehensive manner (given the seller is your friend?)yes im a dick. Are you willing to drive a hard bargain with your friend?
Frankly, I'm sure your friend is a nice personnot really
All good points!
I will say this about NC you get left alone a lot more here than other states you don't worry about permits less you live in some city limits some where, still haven't decided what to do but all ideas are helpful. Im going to find out about a mortgage soon. Thanks so much for the tips keep them coimng
![Craft A Brew - Safale BE-256 Yeast - Fermentis - Belgian Ale Dry Yeast - For Belgian & Strong Ales - Ingredients for Home Brewing - Beer Making Supplies - [3 Pack]](https://m.media-amazon.com/images/I/51bcKEwQmWL._SL500_.jpg)
They have only been in it a year and it was rent to own
If i'm not mistaken, title issues are ultimately handled by the closing attorney, typically a requirement for funding a loan.
Also, if the house is priced way over market value, it will be picked up by the bank hired appraiser and no loan will be issued.
You could have 3 different agents give you 3 different opinions on comps that vary several thousand from one another. It's just a matter of their opinion based on criteria such as square footage, age, location, and features. Not an exact science. This is all public information and at your fingertips.
Banks have been burned before and make the buying process fairly idiot proof. If its a bad deal the financing usually doesn't go through. The last thing the bank wants is a foreclosure with a bad title and an outstanding balance far above market value.
Boardbill makes 1 good point - an agent can be a mediator between you and your friend. If you are not comfortable discussing the deal with your friend then this may be a good enough reason alone.
Or you can hire me. For a couple thousand dollars I will tell your friend that hes giving you a raw deal.
Its only a 2.5 to 3 hour drive,well have some home brews, talk sh!t with seller and figure how to stop people turning around your drive way win win man
So... If you don't have a contract, that agent is de facto representing the seller. They can and will be grilled for everything they know about you as a buyer, and they are legally obligated to tell the sellers agent. You shouldn't really be looking with an agent if they haven't impressed you enough to be exclusive.
Also, your batch of beer isn't a six digit transaction.
OP, I wish I was in your area. There are a lot of idiots who treat the job like they're selling cars, and it makes it suck for everyone.
OrdinaryAvgGuy
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I was referring to a home purchase contract, not exclusive agent contract.
Thunder_Chicken
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Whatever. The agent wants a deal done ASAP, whether it screws you or not. They don't get paid until the deal goes down. Yeah, they signed an agreement to be your representative - that's nice...they still don't get paid until a contract gets signed. And guess what, if you lose $100,000 on your sale, they lose only 6$k..and then get to move on to the next sucker.
Get a real estate attorney.
OrdinaryAvgGuy
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Hiring an agent is a bit of a double edged sword. While you would like to think they have you best interest in mind, their ultimate goal is to make a living. Their main intentions are to get you to pay the highest price possible and spend as least time as possible with you, freeing up more time for the next sap. All this while trying to convince you how important their services are and how they are on your side.
Sorry if I sound cynical but agents rank up there with lawyers and used car salesmen in my book.
Firstly. I am not a Lawyer, Real Estate anything, and stayed in my own darn bed last night so forget about the Holiday Inn Express bit. This means I am unreliable so ignore me as you will. If you do not personally know the current 'rent to own'ers contact their neighbors and request information on how their houses are holding up. Build quality of the neighborhood and if corners were cut, things just done inproperly if this is a housing development. I hate to say it, but big builders often cut corners. Especially with a construction background look for them.
Leins on the property. This will be found by the closing attourney, but good to know about. Special case things like drainage (does water flow away from the house?), Septic and well, water softeners or other specialty equipment, and do take the above advice about the land type for what you can do with it. Also consider if it is part of a HOA or if there are any other things that may obstruct your from being able to brew outdoors, or do with you house what you want (this is personal preference, but I am not a HOA fan).
Put as much down as you can and pay off more per month if possible, especially at the beginning. This will save you much money in the long run as most loans you spend more on interest and less on principal. Keep a couple months worth of payment in the bank just in case excrement hits the air dispursal device. Banks tend to frown on non-payment. Home inspectors are not a bad idea, if you hire one, follow them through the inspection and ask intelligent questions. Use buzz words even if you do not understand. Express concerns with things like the foundation, cracks, etc. Look for water damage, especially in bathrooms and below them as well as in the attic. Also look for signs of recent renovation work and ask about it. This can tip you off to inate problems with the house and attempts to cover them up. Be suspicious.
I am not going to touch the debate about real estate agents. They can be either an asset or a detriment.
Just re-read the thread. So you know the current owner. Do you trust her? Think of her personality and if she is the type to fix things promptly and maintain.
Leins on the property. This will be found by the closing attourney, but good to know about. Special case things like drainage (does water flow away from the house?), Septic and well, water softeners or other specialty equipment, and do take the above advice about the land type for what you can do with it. Also consider if it is part of a HOA or if there are any other things that may obstruct your from being able to brew outdoors, or do with you house what you want (this is personal preference, but I am not a HOA fan).
Put as much down as you can and pay off more per month if possible, especially at the beginning. This will save you much money in the long run as most loans you spend more on interest and less on principal. Keep a couple months worth of payment in the bank just in case excrement hits the air dispursal device. Banks tend to frown on non-payment. Home inspectors are not a bad idea, if you hire one, follow them through the inspection and ask intelligent questions. Use buzz words even if you do not understand. Express concerns with things like the foundation, cracks, etc. Look for water damage, especially in bathrooms and below them as well as in the attic. Also look for signs of recent renovation work and ask about it. This can tip you off to inate problems with the house and attempts to cover them up. Be suspicious.
I am not going to touch the debate about real estate agents. They can be either an asset or a detriment.
Just re-read the thread. So you know the current owner. Do you trust her? Think of her personality and if she is the type to fix things promptly and maintain.
Ha answers in order Yes, NO and, NO ha! No Hoa I'd, live in a tent in a national forest somewhere before some micro government told me what to do. Good idea about asking the neighbors about construction. Its not a neighborhood don't do those well either. I know who sold the land for the houses to be built but I don't know who built them I can tell cheap construction I will follow the inspector around and make sure he dose it right. thanks DrunkleJon
Ha answers in order Yes, NO and, NO ha! No Hoa I'd, live in a tent in a national forest somewhere before some micro government told me what to do. Good idea about asking the neighbors about construction. Its not a neighborhood don't do those well either. I know who sold the land for the houses to be built but I don't know who built them I can tell cheap construction I will follow the inspector around and make sure he dose it right. thanks DrunkleJon
Happy to share what I know. If you do not trust her maintenance or upkeep be extra retentitive and suspicious of everything. Look for the good old duct tape, cardboard and chewing gum repairs. Also, depending on the age of the house take a look at anything that can be a big cost like the heat/AC.
Best of luck.
TyTanium
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Whatever. Get a good agent.
Depends on the agent. There are some real slimeballs out there, but most understand how important referrals & reputation are and thus many work very very hard on your behalf. The incentives aren't perfectly aligned, but, at least in my experience, they work pretty well. Then again, I also like lawyers and used car salesmen. So maybe I'm biased.
