Bought a House - need advice - next steps?

LexiSophie55

I need some advice.  I've asked around and I seem to get a different answer.

We heard that a neighbor wanted to sell his house and 48 acres.  We looked at it and he accepted our verbal offer.  Now what?

My co-worker is a realator and says she will only take 3% and do all the paperwork.  Is that the route I should go?

Attorney?

Do I need to contact the bank?

Sharon&Paul

My DH is a realtor. In our area the standard commission is 5% split between the buyer and seller's agent, so 3% sounds high for around here. Also it is typical for the seller to pay the realtors commission at closing. If your agent is asking for 3% and the standard in your area is 2.5% you may be responsible for the difference. i would call around to find out the standard.

Personally I like to get a real estate attorney involved. If you are getting a mortgage they have their own attorney look over all the paperwork.

A verbally accepted offer means nothing. technically either party can walk away at this point. I would get a realtor and they can help you with the next steps. Good Luck.

Mrs_Lady

No contract not really binding in real estate. Contact a realtor familiar with this
Congrats

stephcarter

48 acres?! That's freaking awesome!!

Definitely definitely definitely get a real estate attorney. We didn't until things got bad and I regretted it big time. This time the first thing we did was contact the attorney. So do that, and get an offer written up.

Good luck

LexiSophie55

Thanks everyone.

I had an attorney draw up a quick commitment letter or whatever.  

We are pretty excited!  I love decluttering