Seling home to neighbor, do I need prof RE help? (Austin: real estate, lease)

[nina_online]

Hi folks,

I think I'll be selling my central Austin home to my neighbor, who I had not met before (he's relatively new, LOL, 2 years, for this street). I am waiting for his offer today. We are not using sellers or buyers agents.

I am considering paying a flat-free realtor for their service of assisting "from offer to closing" for which they charge $1500.

However, the neighbor and I are in agreement on many issues: he wants it as-is (he owns his own construction company), we agree on the closing date and on having a lease back option. So if the price and lease-back rate are good, there's a decent chance I wouldn't even need to counter-offer. Neither of us want to niggle. My neighbor had a real estate license so he is comfortable with provisions, forms, etc., on his end.

I am seeking opinions on whether the $1500 would be worth it. (He did say he thinks he could get $300 of the closing costs waived.) I am not sure how tricky/risky it would be for me to proceed on my own.

Any thoughts?

Thanks!
Nina

[atxcio]

To me, $1500 would be worth it. I'd think you want to be sure all disclosures, etc. that are legally necessary are taken care of by a professional. Sure, this guy says he is ok with it as-is, but who knows if he'd try to scam you with some disclosure suit later.

We've done a similar transaction where the Realtor just basically manages the process when we've already found a buyer and agreed on a price, except we paid 2% for that service! Of course, it was years ago, before the fixed price agencies popped up.

I think any lawyer in Texas is also a licensed broker -- but they would probably charge as much, and the Realtor probably does the paperwork so many times they'd actually be better at it.

[nina_online]

Thanks, atxcio, for your helpful reply.

Anyone else concur or have a different opinion?

[Joy333]

Yes, pay it. That's cheap and he will handle everything for you!!!!!!!

[Hollytree]

I'd just get a real estate attorney- can't you get one for less than 1500? They can do it all. You already have a buyer and have agreed on terms. All you need are proper forms and legal advice and assistance.

[ROY DUBOSE]

i personally would want to fully understand all the document had to say even though this is a neighbor -- if he's bringing the document i'd want to know what it does and doesn't do for me -- a r/e attorney might be in order at the very least

[hound 109]

(He did say he thinks he could get $300 of the closing costs waived.)

I'm not sure what this means. The closing costs are typically costs that the buyer incurrs....how does this benefit you?

Who chooses Title?

If the home is "central austin" (300K +??)...then i agree with those above who suggest it might be worth $1500 to have an educated third party look over all the docs & look out for your interests.

[LittleCityATX]

If you don't know what you're doing, don't be penny-wise pound-foolish. $1,500 to not make a mistake in a $300K deal is the smart choice. If something goes wrong, things can get real ugly and your only protection will come from what is written in those signed documents.

[greatblueheron]

Absolutely get help from an attorney!

[TexasHorseLady]

You need a professional. If not an agent, then definitely an attorney, representing you, to look over the paperwork and make sure everything is okay, and to make sure that you are making all of the disclosures you are legally required to make so you don't get sued down the road by this "neighbor you've never met before".

I'm also a bit puzzled at him saying he can get some of the closing costs waived. How does this benefit you? Is he asking that you pay some or all of his closing costs?