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One of our agents had a client who she had sold th to and at one point they called her to list their house. All of sudden before the papers were signed they told her they had a neighbor who wanted to buy their home and they were handling it themselves with a contract they found online.
The seller told the title company she wanted to hold the escrow herself and seller thought it was a walk in the park. Until the inspections showed something that buyer didn't like and buyer backed out and escrow was already used by seller and seller refused to give it back.
Seller and buyer both got a crash course related to arguments and legal issues and it was interesting to hear the mess they got themselves into after both parties he said that this was such an ideal situation to sell to neighbor who was a tenant living next door.
One of our agents had a client who she had sold th to and at one point they called her to list their house. All of sudden before the papers were signed they told her they had a neighbor who wanted to buy their home and they were handling it themselves with a contract they found online.
The seller told the title company she wanted to hold the escrow herself and seller thought it was a walk in the park. Until the inspections showed something that buyer didn't like and buyer backed out and escrow was already used by seller and seller refused to give it back.
Seller and buyer both got a crash course related to arguments and legal issues and it was interesting to hear the mess they got themselves into after both parties he said that this was such an ideal situation to sell to neighbor who was a tenant living next door.
We later sold the house for the seller.
I have no problems paying a Realtor or Lawyer.. I just think 4% is way to much to pay for us handing him a buyer.. He would not even have to list it.. Just do the paperwork... we are selling it AS IS..
Long story short, we have a house to sell..The neighbor expressed an interest to buy it for his family.. We want to sell it AS IS as it needs about 50K to fix up .. he knows that.. ( we inherited it ) We have not signed with an agent yet, but spoke to a Realtor friend who we were going to have list it later.. Waiting for tenant to move out next month.
We asked him since we found a buyer, how much would his fees be to help do all tthhee paperwork and cost? He said 4% since he has to represent us both..
So I am kinda confused.. Would it be cheaper to just hire a real estate lawyer and draw up papers selling it AS IS to the neighbor .. assuming it was a all cash sale right..
This is our retirement so we need to get the most we can get.
Since you already have the buyer defending on your state laws you may only need
A RE lawyer
Or
A escrow and title company
The buyer has to get his own lender. You would simply write up the sales contract as in what you agree to as far as sale price, concessions, etc.
Agents aren't needed to sell a house but most use them simply due to different reasons. Some are intimidated by the process, some don't want to deal with it, or don't have the time for it, etc.
Long story short, we have a house to sell..The neighbor expressed an interest to buy it for his family.. We want to sell it AS IS as it needs about 50K to fix up .. he knows that.. ( we inherited it ) We have not signed with an agent yet, but spoke to a Realtor friend who we were going to have list it later.. Waiting for tenant to move out next month.
We asked him since we found a buyer, how much would his fees be to help do all tthhee paperwork and cost? He said 4% since he has to represent us both..
So I am kinda confused.. Would it be cheaper to just hire a real estate lawyer and draw up papers selling it AS IS to the neighbor .. assuming it was a all cash sale right..
This is our retirement so we need to get the most we can get.
Just out of curiosity, what was your retirement going to be BEFORE you inherited the house? Just wondering . . .
As an agent, I would not want to handle both sides of a deal -- too many opportunities for misunderstandings, and too many opportunities for both sides to feel that you are double-dealing behind their back. As an agent, you don't have anyone's trust in a situation like this.
Better to get an attorney to draw up the papers for you and be done with it.
Long story short, we have a house to sell..The neighbor expressed an interest to buy it for his family.. We want to sell it AS IS as it needs about 50K to fix up .. he knows that.. ( we inherited it ) We have not signed with an agent yet, but spoke to a Realtor friend who we were going to have list it later.. Waiting for tenant to move out next month.
We asked him since we found a buyer, how much would his fees be to help do all tthhee paperwork and cost? He said 4% since he has to represent us both..
So I am kinda confused.. Would it be cheaper to just hire a real estate lawyer and draw up papers selling it AS IS to the neighbor .. assuming it was a all cash sale right..
This is our retirement so we need to get the most we can get.
The last time I sold a house I was in a situation similar yours. I had found a buyer and we had agreed to a price. I then hired a real estate lawyer and I had him do all the contracts and tell me and the buyer where to sign.
We just spoke to the neighbor and he is going to have to do a loan..
We want to just sell it as is..
Are we going to need a Realtor now for this transaction?
Does 3% sound fair?
We just spoke to the neighbor and he is going to have to do a loan..
We want to just sell it as is..
Are we going to need a Realtor now for this transaction?
Does 3% sound fair?
The neighbor's loan is none of your business, and you should have no involvement in it.
However, if his lender does not approve the house for the asking price, the deal will not go through.
You need legal advice for writing the contract of sale; it should include the price, a statement of "No warranties expressed or implied, sold as is where is."
A real estate lawyer can also set up closing at the office of a Title Company.
after closing, the buyer walks away with 5 pounds of paper and the keys to the house.
the seller walks away with 5 pounds of paper, including a check or deposit slip.
Talk to a lawyer. You need guidance.
We just spoke to the neighbor and he is going to have to do a loan..
We want to just sell it as is..Are we going to need a Realtor now for this transaction?
That depends on your neigbors ability to get a loan on his own.
One of the things that a BUYER's agent will do is assist the clueless through that process.
A loan also raises the specter of lender inspections and appraisals.
Quote:
Does 3% sound fair?
Paid to the BUYER's agent. Could happen.
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