Doing it yourself can be satisfying and cost-effective. When I went to get some screens repaired last spring and was told it would take about 5 weeks, so I bought screening, spline, and an inexpensive tool.
After watching a YouTube “how to” video I put screening in three window frames. Sure it took time but it will take less time next time.
It is possible to buy and sell residential real estate without a Realtor or an attorney. It isn’t as easy as booking a vacation but it is doable. People ask me for advice on how to do this.
My best advice for DIY real estate purchases and sales is to visit the Minnesota Attorney General’s website. There is a lot of information about how to buy and sell real estate in Minnesota, including buyer and seller handbooks. The site is a wonderful resource for anyone who wants to learn more.
Free legal forms for real estate can be found on several websites. The forms Realtors use are proprietary and are not available for public use but there are standard legal forms for real estate.
It is important to remember that real estate is local. Forms and advice from other states are useless.
Your city or municipality website may also be useful. It will have information about inspection requirements. In St. Paul, a Truth in Housing Inspection may be required or a valid certificate of occupancy or in some cases a code compliance report.
What could possibly go wrong with a DIY purchase or sale of residential real estate?
There are a few areas that can be contentious. Disclosures are very important as is spelling out who will pay assessments, taxes, and or fines if there are any. Who will be responsible for repairs if they are required by the city?
I like to verify that the person selling the property actually owns it. Surprisingly that isn’t always the case.
Both parties need to get everything in writing. Contracts need to have numbered pages and they need to be dated and signed. An attorney or title company will need to close the sale.
There is something unexpected in almost every real estate transaction, mainly because people are unpredictable and no two properties are the same. Here in St. Paul, the houses are old and there are often surprises. Condos require a little extra work and knowledge.
An experienced real estate agent understands what can go wrong and is a good problem solver. She can anticipate, based on experience, and come up with a plan or solution. Chances are she won’t work for free. Would you work for free?
There is also an emotional component to residential real estate, which can make negotiations difficult. There are times when home buyers and sellers just need a little help from an objective professional.
