Handling private home sales (Belgrade: for sale by owner, real estate, insurance)

[tcrackly]

Has anyone out there arranged the sale of their own home? I was wondering about the minimal costs, legal support, etc, needed. I know there are a couple online set ups like sellmyhouse.com. I'd like to know what types of advantages/pitfalls i could anticipate.

[corgis]

The house across the street from me is listed on "forsalebyowner.com" Apparently the web site, once you join and sell your house provides the boiler plate documents for the actual sale.

[msina]

From what I understand, if you have an agreement between the seller and the buyer, you engage an attorney for the legal work. I have a good friend that sold a house and bought another in this fashion. These were not "for sale by owner" situations per say, but private agreements. One was a family situation.

[Casper1212]

We sold our house in Texas ourselves. We couldn't afford the commission for a realtor. Everything was handled by an abstract company. Once you have a buyer, I really don't see what purpose a realtor serves. The buyer acquired his own financing and we came to an agreement on terms, which you would do even with a realtor in the game. We went to the abstract office and took care of the contract, etc. They deal with everything from that point until the deal closes. The closing costs, which include attorney's fees, etc. are about the same. Our bank referred to the abstract company as "doing the heavy lifiting."

[forest beekeeper]

Realtors do provide a service. A function which many, most, find valuable.

If you can connect the buyer and the seller; then a property transaction lawyer can handle the paperwork for you. The contract, the new deed, the title search, the title insurance, blah, blah, blah.

In buying and selling homes, we have always used realtors and paid their fees. Sometimes it was okay. Other times it was among the most painful, difficult and frustrating experiences I have ever faced. I would rather have a root canal then deal with some realtors.

This last purchase I made was bare land, no house. I contacted the seller on the phone, I was sent a four page list of properties to look at, I veiwed and hiked on a few dozen properties that he had for sale, I made him an offer, we stuck a deal. All without he and I ever having actually met face to face, we did it all over the phone. I hired a transaction lawyer [again on the phone], I mailed him my check, he mailed me the new deed and title insurance, and we were done. I have still never met face to face with the lawyer. But it was the easiest, smoothest, transaction I have ever gone through.

If you can get a buyer and a seller together than I suggest calling a lawyer.

But if you cant. sigh. Then you may need a realtor.

I have found one realtor here in Maine that I would trust. I will gladly recommend him to anyone who DM's me for his name. [see, I am not violating the TOS by advertising anyone's service]

realtors do provide a service and many seem to think that they are needed.

[corgis]

I agree with Forest that realtors can provide a lot of service and I also agree that you have to be really careful to pick a good agent. My son closed on his house in late Feb. after almost 2 months of the banking institution wanting more and more paperwork. The real estate agent kept the sellers and their agent up to date with everything and the sellers waited the extra time instead of just pulling out of the sale because it took so long.

[tcrackly]

I would prefer to do without realtor/realty co. fees. We want to get the max out of our equity and turn that into home ownership without a mortgage. The more fingers in the pie the less, for us. We ain't getting any younger. With no pensions, no 401ks our best bet for retirement is a home with no liens.

[JC3]

Sold my camp in Belgrade area a few years ago and did it private sale. All I did was get a purchase and sale agreement done up, which I can't remember where I got the form, just basically saying what didn't stay (which wasn't much) and then the buyer did the rest. He had to obtain financing and we closed at the lawyer's office that the bank he used did business with. Only thing I had to do was name the price, go sign the papers and collect my money. My part was very easy and simple, then again this was a camp, not a year round home so I don't know if there would be a big difference.

I then bought land, no house on it, again through a private sale, no realtor. All I had to do was once again, just go sign papers. Difference this time was, I HAD TO PAY!!!..lol

[Northern Maine Land Man]

Sales among family members are easily done through your local lawyer. The problem with selling your home in today's financial environment is that an honest buyer with the best of intentions may not be able to finance the deal. It could take months to find that out. Is the seller able, willing and experienced enough to take back a second mortgage on the property? Is it worth the risk?

[bignhfamily]

I just bought a house in a private sale. It was really easy and I was able to negotiate a far better deal than any real estate agent could.
There are many, many free down loadable purchase and sales agreements available online. I printed one up, filled in the necessary information and handed it off to the sellers.
The bank we are working with is handling everything else and my closing cost are coming in at less than $2k. I was happy with the arrangement.
The sellers are happy too. They saved $7000 in commissions that would have gone to the real estate company that attempted unsuccessfully to sell the home.