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Old 11-15-2012, 12:06 PM
 
603 posts, read 653,419 times
Reputation: 740

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I am sure this topic must have been covered but I have searched the real estate forum and honestly can't find much information on what I'm looking for since most of the threads I found are about how to market a FSBO (but feel free to post a link to another thread if you think there's a good one!).

We were about to list our house for sale but haven't yet done so and some friends just indicated they would like to buy it and we're agreed on price. The sale price will cover our costs (purchase price + improvements) but any other fees (e.g. agent, title insurance, recording fees etc.) will be a net loss to us so we'd like to keep them to a minimum.

The potential buyer still needs to do inspections and obviously that could end up in some additional discussions around concessions or repairs but assuming we are able to get through that, what are the next steps? Can we just hire a real estate attorney to draw up paperwork?

Can anyone recommend good resources (e.g. books) on how to proceed. It wasn't our plan to sell by owner but since we have a buyer and agree on price it may be worth a try to minimize our losses.

Thanks for any advice!
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Old 11-15-2012, 02:44 PM
 
Location: Columbia, SC
8,766 posts, read 17,141,008 times
Reputation: 6068
Yes, hire an attorney to draw up paperwork and close/transfer deed for you guys. Or if you're in a title state contact a title company.
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Old 11-15-2012, 02:53 PM
 
Location: Salem, OR
13,652 posts, read 30,944,356 times
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Quote:
Originally Posted by Brandon Hoffman View Post
Yes, hire an attorney to draw up paperwork and close/transfer deed for you guys. Or if you're in a title state contact a title company.
Even in a title state you need to have a real estate attorney do the contract. The escrow/title people won't do it for you.
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Old 11-15-2012, 03:26 PM
 
Location: Lexington, SC
4,281 posts, read 10,082,662 times
Reputation: 3696
JTC

This is a basic, simple legal issue for an attorney to handle. I suggest you each get your own attorney so both are comfortable.

Now come the tough parts.

The buyers financing. If they are needing to borrow to finance then their lender will want an appraisal that must come in at close to or under the price you all have agreed on and they must be credit worthy. If not, then there will be issues.

The 2nd will be the home inspection (they pay for such) and what happens after, as what was found and who wants what.

The above pitfalls can and do happen, real estate agents or not.

Hope this helps.
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