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Old 04-03-2008, 12:53 PM
 
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This is a FSBO related question. I figured since house flippers sell homes often you all would be some good people to ask.

Anyway, I was just wondering when you sell your houses what's the main paperwork involved?

Me my brother and a cousin are planning on selling our grandmother's home that we inherited through her will. I was appointed the administrator so I'am the main one in charge of selling. Neither of us have sold a home before. We're selling the house as is. I know that a sales contract will be needed so I bought some real estate contracts at Staples. What other paperwork will I need? When will I need a lawyer to get involved? We already have two people interested in buying the house. The house is paid off. I had the home appraised by an appraiser yesterday and I'am waiting on his appraisal soon.
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Old 04-03-2008, 12:58 PM
 
56 posts, read 148,558 times
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Quote:
Originally Posted by Motion View Post
This is a FSBO related question. I figured since house flippers sell homes often you all would be some good people to ask.

Anyway, I was just wondering when you sell your houses what's the main paperwork involved?

Me my brother and a cousin are planning on selling our grandmother's home that we inherited through her will. I was appointed the administrator so I'am the main one in charge of selling. Neither of us have sold a home before. We're selling the house as is. I know that a sales contract will be needed so I bought some real estate contracts at Staples. What other paperwork will I need? When will I need a lawyer to get involved? We already have two people interested in buying the house. I had the home appraised by an appraiser yesterday and I'am waiting on his appraisal soon.
A relatively small investment on your part will make the home more appealing for buyers, and will probably pay for itself 3 times over. Granted - don't go overboard.

Little things - paint, cleaning, new plantings, staging.

Then you won't have to list it "as is".

If it's paid for, just keep paying the taxes and wait for the right buyer.

Good LUCK!
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Old 04-03-2008, 01:07 PM
 
3,553 posts, read 7,339,493 times
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Were you appointed the administrator via her will, or by a judge if she died intestate? Either way part of your responsibility to make sure that all her bills are paid out of the estate before any heirs get anything.

For this reason it's important that you can justify to any third party why you sold for the price you sold for.

Painting and other fix up stuff doesn't change the "as is" status. As is means different things in different states and to different people. Regardless you are obligated to get top dollar for the house.

Take a little time and do not be pressured by someone approaching you soon after the death offering to "solve your probate problems" or "take a problem property off your hands".

golfgod
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Old 04-03-2008, 01:17 PM
 
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Originally Posted by golfgod View Post
Were you appointed the administrator via her will, or by a judge if she died intestate? Either way part of your responsibility to make sure that all her bills are paid out of the estate before any heirs get anything.
My grandmother passed in 02. Actually my father was appointed the executor of the will but he never got it probated for whatever reason. He's since passed. So I got a 'Letters Of Administration with will Annexed'. We've been covering all utility bills and property taxes. She didn't seem to owe anyone beyond those bills. No one ever repsonded to our 'Debtors and Creditors' notice in the newspaper classifieds.
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Old 04-03-2008, 01:25 PM
 
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One reason we decided to sell as is was because the house is old(built in the early 60's) and is in pretty bad shape. It has chipping paint on the inside and outside. We figured that it's probably lead paint so we didn't want to fool with it ourselves. Wouldn't lead paint removal require professionals? Anyway, I'll wait to see what the apprasier says on the value and what needs to be done to increase the value.
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Old 04-04-2008, 07:17 AM
 
Location: Southwest Missouri
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Quote:
Originally Posted by Motion View Post
We figured that it's probably lead paint so we didn't want to fool with it ourselves. Wouldn't lead paint removal require professionals? Anyway, I'll wait to see what the apprasier says on the value and what needs to be done to increase the value.
I would be very, very cautious about trying to sell "as is" if the house contains lead paint. Laws might even prevent you from selling the house without resolving any lead paint issues.
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Old 04-04-2008, 08:05 AM
 
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My advice? If you are going to sell FSBO, get a good real estate attorney.

You'll get varying advice, both good and bad, from a message board. But since no one knows your exact situation and laws vary by state, I can't stress enough how imperiative it is to contact an attorney.
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Old 04-04-2008, 10:58 AM
 
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Casey Serin Flips houses. Have you contacted him?
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Old 04-04-2008, 11:52 AM
 
10,292 posts, read 10,355,055 times
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Quote:
Originally Posted by Beena View Post
Casey Serin Flips houses. Have you contacted him?
ROFL

I just spit out my coffee.
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Old 04-04-2008, 12:03 PM
 
Location: Long Island
286 posts, read 1,252,038 times
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Since real estate laws do vary so much by state (have bought and sold in several states), you really should talk to a real estate attorney first. They will help you identify what you need to do before you sell. If the house was built before 1978, then you need to provide a Lead Paint Disclosure on the house. Many states require other types of Seller's Disclosures, so best to get the facts. They can also offer a variety of services, including preparing a sales contract or assisting with Title search on the property. It's money well spent.
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