cash sale of house (commission, mortgage, condo, price)

[littlelou]

As I've posted elsewhere, I am the executor of my parents estates and preparing to sell their home. Currently, my nephew is living there and he has stated he will not allow a realtor to show "his" house, or let them in the door. He is unwilling to move out... I've given him verbal and written notice and he's signed for the eviction notice. In otherwords, he's on his way out.

All of a sudden last evening he phoned me, he has a friend who is moving back to Atlanta and "has" to have a home, can't do apartment/condo. I didn't ask any questions on that, just yet. This friend's father has told him he will give him $XX cash to purchase a home. He has seen the house and is interested. the friend is to call me Saturday or Sunday.

I am probably getting my hopes up, but after all I've been through with this estate, I am truly ready for the house to see and let me get on with my life.


How does a cash purchase of a home work? I've never even bought a home with a mortgage, so I am in the dark. What steps are involved in this transaction. Should I get a realtor to assist me for a set fee?

The price is exactly what I would be getting if I'd listed it with an agent, and paid his commission.

Wise C-D folks, I need some advice......

[DowntownVentura]

I don't think you need a real estate agent. I don't know about Georgia, in California, it is typically done in an escrow account. Their job is to deliver a clean title to the buyer and guaranteed funds to you. It is amazing how simple these transactions are without a mortgage.

I don't know what is typically done in Georgia. Many states have real estate lawyers that specialize in these things.

[lifelongMOgal]

I'd suggest placing the property on the market with a Realtor. However, if you choose not to use a Realtor please, for your own sake as executor of the estate, hire a Real Estate Attorney to draw up the contract. This way everything with the estate is above board and no one can reasonably contest your actions.

As a retired realtor I question the timing and please do not get your hopes up on this. If this person really wants to make the purchase there is no reason he should be the only one to have a shot at making an offer.

I'd suggest placing the home on the market first and then contacting this individual to let him know what day it is available for viewing/offers. As executor, you, your Realtor, or attorney need to control the situation, not your nephew.

Cash offers sound appealing; however, not all actually have the funds to close cash even when they claim they do. You'll need a statement from a lender stating the potential buyer has funds available to close.

You'll want, on a cash purchase, to make the downpayment larger than what is traditional and non-refundable. A serious buyer will not have a problem with this. Someone blowing smoke will walk.

Good luck.

[manderly6]

Could this just be a stalling tactic by your nephew?

[BCG8]

Originally Posted by manderly6

Could this just be a stalling tactic by your nephew?

that's what i was thinking, too.

[middle-aged mom]

Originally Posted by stoymonkey

that's what i was thinking, too.

Me too.

In the off chance, this is the real deal, a competent real estate attorney should be called to represent your best interest. Do not sign anything until your attorney reviews it and you have proof of funding.

[littlelou]

thanks guys, keep the information coming....I hadn't thought of getting a Real Estate Attorney....that's why I asked here. I knew I'd get the information.

I wondered myself on the timing of the "offer" but I'm holding off to hear from the guy personally. I have a realtor, who went through the house in February just to give me a baseline to fully understand what I should ask for the house. He is the one I had planned on listing the house with....

keep giving me suggestions.