Comments on: How do you sell a house without a realtor?

By: Traverse City Agent

Traverse City Agent — Mon, 01 Mar 2010 12:59:59 +0000

Congratulations! The first thing you’ll need are some forms. A contract for sale, sellers disclosure, and lead based paint disclosure. You can get them at your local office supply or title company. You’ll have to fill out the disclosures and provide them to your buyer BEFORE you write up the sales contract. In every state all real estate sales must be in writting. The contract states not only the $ amount of the sale but also the terms and conditions. How long the buyers get to do their inspections, what happens if a major repair is discovered, etc. It also specifies the property by legal description so the buyers know what they are buying. Before signing the contract make sure your sales price covers the cost of selling including title insuance, property taxes, sales taxes, any prepayment penalty for your mortgage etc. Your real estate agent would normally give you an estimate of net proceeds. I would recommend having the contract reviewed by an attorney so they can explain what you’re committing to before you sign it. *****If your sales price does not net what you though it would you are still obligated to sell under the sales contract, even if you’re selling at a loss.

Get out your calander and write down the dates that are spelled out in the sales contract. These are your obligations as well as the buyers. Typically the buyer provides the seller with proof that they can obtain a mortgage within 5 days of signing the contract (both seller and buyer). The buyer then has typically 14 days to do any and all inspections. Then the closing date is typically 30 days from the date the contract was signed. It can be shorter if the buyer does not need a mortgage. Otherwise the bank needs that long to process the paperwork.

Next you will need to utilize a company to do the closing. The buyer should write a check to this company when they sign the sales contract. That’s the earnest money (The amount is up to the buyer and you agree to it or ask for more). Pick a local title company. You’ll need to provide your buyer with a deed as well as title insurance and the title company will make those arrangements for you. They will also typically file the new deed with the local register. The title company will also need to be informed of the buyers mortgage company so they can arrange for the buyers money to be wired in.

If the process seems too intimidting, you can always hire a realtor to be a Transaction Coordinator for a fee. They take care of all the details and ensure they buyers meet their obligations.

Felicia Randall
http://www.cherrycapitalhomes.com
References :

By: newmexicorealestateforms

newmexicorealestateforms — Mon, 01 Mar 2010 12:21:59 +0000

HUD 100 questions and answers on buying a home
http://www.hud.gov/offices/hsg/sfh/buying/buyhm.cfm
HUD Real Estate Settlement Procedures Act: RESPA the entire statute
http://www.hud.gov/offices/hsg/sfh/res/respa_st.cfm
HUD Tips on selling your home
(With a realtor, without one)
http://www.hud.gov/selling/index.cfm
I recommend a realtor but in the worst scenario get a lawyer
References :
http://www.realestateformnm.com/ResearchLink.aspx

By: sweetsum691

sweetsum691 — Mon, 01 Mar 2010 12:15:59 +0000

If you already have a buyer, I would contact a local real estate attorney to help with the documents the the process from now until closing. This will protect you and the buyer. Good luck!
References :

By: Catwoman

Catwoman — Mon, 01 Mar 2010 11:34:59 +0000

Hire a lawyer to write up a contract and represent you in the closing. There are many laws involved in selling and buying real estate and you don’t want the buyer to be able to come after you if you accidentally make a mistake. For instance, you should have completed a property disclosures form, which should be made known to the buyer before a contract-else that is an automatic $500 to the buyer at closing by law. A lawyer’s fee for a closing is about $400-$500 so it is well worth your cash to avoid potential headaches down the road.
References :
I have my home advertised in Owners.com and plan to use a lawyer to draw up the contract.

By: scott.braden

scott.braden — Mon, 01 Mar 2010 10:57:59 +0000

This is easier than it was years ago, especially if you’re in one of the states where the realtors no longer have a legal monopoly on the MLS systems.

My brother used "buy owner" I think, in San Jose, a few years back and was happy. The basic deal is they charge some kind of flat fee and give you signs, a workbook / how to guide, and depending on the service may even come out, take pics, post on various sites etc.

There’s a ton of these services out there, if it was me I’d google – here’s a sample – and start reading and comparing.

Be sure to understand the specific pro and con’s for your state, and check references.

http://www.google.com/search?hl=en&q=by+owner
References :