DIYbanter - View Single Post - For Sale By Owner

(brotherjohn) wrote in message . com...
After several months of not finding a house that I want, I find one
that is for sale by owner. I have never bought a house under these
circumstances and wondered what suggestions OP's on this list might
have on how to proceed here.

What is the first step?

I noted right off that the house is (IMO) $3,000 over what most houses
in the area are selling for plus the roof is in need of replacement.
The seller was open on the issue of the roof, so I feel they are
expecting the negotiation on that point, but should a roofer be
consulted on replacement cost?

Should I get an appraisal and/or home inspection and let that speak on
the matter of the roof and whatever else may be an issue in price or
should I go ahead and approach the seller on price.

What role does the bank play? Do they require an appraisal?

At what point should I get an attorney involved?

Thanks for any help.

Another issue to consider is insurability. A insurer will make a
cursory inspection of the house before writing a policy and make note
of any obvious deficiencies, such as a failing roof. More than likely
you would be required to repair the roof before a policy is issued. In
some parts of the country, homeowner insurance is harder to get than a
mortgage.