First time buyer without agent (family purchase)

I am about to be a first time home buyer and I am a lawyer (just passed the bar…haven’t started work yet). I have just decided to buy my father’s old home which has been on the market for a couple of months…hence, no surprises… I know the home, history, and its a good price.
Now, what are the steps that I need to take to make this purchase. When I go for a loan, what will the bank be looking for in terms of the house (I would guess appraisal, clean title, ect.). I imagine as an attorney I can close on the house myself…however, this is all new and before I go trying to figure this out I wanted to see if there was any good advice/recommendations from this forum.

My advice: Pay the $250 for the title comapny to close the first one. It’s not rocket science but having them do the first one for you will definately be a learining experience. If you make just a single mistake, it could cost you thousands.

“A man who represents himself has a fool for a client!”

My two cents…


You will need to provide income and asset information just like any other loan. Your Father can gift you equity that can be used in the LTV calculation as well. As for you closing the loan yourself some lenders may find that to be a conflict of interest. Hope this helps.


I’m a Real Estate agent and have been since 1986 in 3 states, 4 if you count the state of confusion…I couldn’t agree more with kdhastedt. Not sure if he called you a fool or not (LOL), but just out of school, first house, hell, $250 is pocket change in today’s world. Pay it and rest easy. It will be some of the best money you’ve ever spent. By the way, you didn’t say, are you a real estate attorney? LOL…You’ll do fine, but pay the bucks…

Good Luck,
Ken Tate (a.k.a. Mr. Real Estate)