Anyone buy their home through a private sale?

[Anonymous]

We are in the very earlier stages of contemplating buying a house privately (without a Realtor). We weren't planning to go this way, but a friend of a friend is getting ready to put their house on the market, but has yet to sign with a Realtor. The house is exactly what we are looking for, but we haven’t been looking that long, either, so I can’t say with a little more time a similar home won’t be available via an MLS listing. Anyone have some BTDT advice?

[Anonymous]

We did this years ago, it's much easier that real estate agents would like to think.

Two pieces of crucial advice: first, find someone (probably a lawyer) who will give you a blank form real estate contract. Or a friend who has recently bought or sold. It's a good form, and you NEED to have a contract. Alternatively, you can hire a lawyer and do a different contract, but for most people the form is fine. The seller needs to provide whatever disclosure forms are required in their area.

Second piece of advice: choose a good title company. Many people who buy don't realize that they control who to use for title and closing - the fixed costs of title insurance are always the same, but some companies do charge different rates for other items. We used Federal Title in Friendship Heights, they were great.

Other items, like home inspection, termite inspection (if needed), financing, etc. you can all procure yourself easily at the same cost as going through a broker.

Overall, if you're up for the additional legwork, this is a great way for everyone to save money. We split the 6% savings between buyer and seller.

[Anonymous]

Yes, I've done it a number of times, buying and selling. It's really not a big deal, and a huge waste of $30k or whatever to use a realtor if you and the seller both agree on price.
PP gave good advice. The contract is standard, you just need to get one.
The mortgage people and title company will help you with everything you need to do.