Yes, have done this in CA, NC and SC! I have used forms for CA and SC direct from the RE sites that provided them for free. Also have more comprehensive form from one of the FSBO sites which is several more pages long and covers anything anywhere…but is usually too long for the agents to understand. So they transfer this to their forms. I typically go back and add my lines and concerns to their contracts afterwords anyways. My track record in the last purchase transaction is that I had 2 of 3 offers initially rejected and one accepted without any changes and one came back afterwards and wanted to accept, but too late (these were new home builders!). My other transactions in CA (sell) and NC (sell/buy)were accepted without any changes. In every transaction, I turned in the contract to the lawyer or escrow company (depending on the state) and closed normally like everyone else, even faster because I arrange my insurance, loan and closed the deal, even had to goose the attorney in SC myself when i felt he was falling behind. They could not believe my great 5.5% rate I got last month! (by the way call around on insurance, difference was half the price)
You should have seen the look on the brokers face when I said that I would turn in the contract and paperwork to the attorney myself! And the look on the attorney’s face when I brought in the contract and got such a low interest rate.
Agents always try to justify their existence by making the transaction sound complicated, etc. but they don’t do any of the complicated work, which is performed by the escrow and title folks for flat rates. Only thing agents have is the MLS and computers WILL change this industry forever. Some brokers have realized this and others will go the way of the DoDo with their heads in the sand. It is only a matter of time. why do you think the RE industry is one of the highest election donors?
The question to me was on contracts and I repeat: a napkin will suffice! You are free to write and cross out anything on the contract you wish and word it however you want. if you don;t like it, cross it out and write it in a way that makes sense to you, they can question you about it later, but they probably won’t, even if they do they will make it a little clearer for them or provide the wording they have seen someone else use. There is nothing special or required here, make it simple!
If you have the time and are able to show the house on your own, or know the area from living there for a while, DO NOT use an agent for anything! they are not needed and only get in the way and slow things up in 99% of the cases. You do not need a license to buy and sell real estate. I have done it in 3 states and my cousin has done it in 20! If any one tells you different, you can have their licenses revoked. every state has a RE commissioner who you can call and talk to for free. They can answer your questions, or try the FSBO sites, they have plenty of information as it pertains to each state.
Make your house the best looking for the best price, bring them in with signs, balloons and cookies. Take care of the legwork yourself when you are selling, computers make it too easy today. When you are buying, don’t trust anyone when you are bringing the cash, they are all out to get your money! That’s the facts! if you dislike anything, mention it and see how fast they take care of it. i went into closing and didn;t like one line, they changed it in 15 minutes and had new contracts ready to sign! When buying, do the same legwork based on cost per sq ft. Take a tape measure and measure the house to get the square footage before you make an offer. compare it to everything around. Do some homework, you are about to make the biggest purchase of your life. Don’t leave this to anyone else.
There is no service that an agent can perform or justify that is worth paying an extra 2 years mortgage for! Spread the word and get these middle people out of our hair, the RE industry needs an overhaul and people need to realize that the service is not worth the cost, time and headache that it causes. They have also caused part of the bubble , by talking people into higher prices or bad loans they could not afford.
This bubble should get rid of at least a half million RE agents. I believe that if We the PEOPLE take responsibility, do this small amount of legwork, sell and buy our own homes and tell everyone how easy it is, then we can work this stupidity out of the system.
Final note: The homes I sold and bought are in the 300-600K range, the NC home was purchased for my in-laws and I was out of the state and coaching them over the phone. We also helped them sell their property FSBO on the phone! I am an engineer with an MBA and BSME. They did not have a computer and are not computer literate, I wrote all of the contracts and offers myself, I also found and co-signed their loan to get them a better fixed rate (<6% even with bad credit). For financing I used Etrade and Wells Fargo, although quote all the others when looking.
