How best to go about a private house sale?

UPDATED: Mar 26, 2012

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How best to go about a private house sale?

My family is renting a house for over a year. We are looking to buy and are prequalified and have money saved for a hefty down payment. We love the house we’re renting and have asked the owner if he’s interested in selling. He is and has supplied us with an asking price. What would our next step be to determine what our offer will be and who should we bring onboard to help? We’ve gotten comparables and adjusted them for square footage, etc.

Asked on March 26, 2012 under Real Estate Law, Florida


M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 10 years ago | Contributor

Then I would go and consult with an attorney experienced in real estate law as soon as you can to ee if there are any ways your state allows you to bind the owner.  Then you can try and negotiate the price yourselves if you have a good relationship with the owner. It is not unheard of to bring on the lawyers after the terms have unofficially been agreed upon.  You then both hire lawyers to formalize a contract. Good luck.

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