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Old 06-03-2010, 01:10 PM
 
Location: McAllen, TX
10 posts, read 16,723 times
Reputation: 24

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Here is our situation...we haven't listed our house yet. Met with 3 realtors, really liked one of them but before we have had the opportunity to get back with her, a new co-worker of my husband's came to look at our house and wants to buy it.

What would be the best course of action?
1. Still retain a Realtor and ask to put in the contract that the Realtor will be paid a set amount for preparing paperwork and getting us to closing?
2. Just use an attorney and/or title company.

Any other suggestions?

Thanks!
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Old 06-03-2010, 01:25 PM
 
Location: Austin
7,238 posts, read 19,979,958 times
Reputation: 9967
Texas does not utilize real estate attorneys for contract writing and review like other states do, so you're going to have a hard time finding one in your area that knows how to actually write a contract. (Most real estate attorneys in Texas are for litigation purposes when something goes wrong).

A title company can't provide you with a contract nor can they help you fill it out, so I'm not sure why they would be an option to help you.

You can go to Office Max and pick up a generic contract and try to fill it out and hope you're protected... or you can just go to one of the agents you liked and offer them a percentage to write it up on the promulgated forms, but the agent, if smart, will also have you sign something that says if this buyer doesn't buy the house, they retain the listing at such and such listing fee.
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Old 06-03-2010, 01:33 PM
 
Location: Boise, ID
8,047 posts, read 26,581,238 times
Reputation: 9406
If your state is an attorney state, where attorneys usually are involved in the home selling process, I would go with option #2. If not, I would go with option #1.

In my office, agents will provide this service for $500. They meet with both the buyer and seller together, write up the contract under the agreed upon terms, and then help both parties on the journey to closing. There is still a lot of work involved, so I think $500 is a very fair price.

One thing to be aware of is that the agent will either be representing both of you as a dual agent, or possibly will represent neither of you. That means they can't really help either side in any way that will be a detriment to the other side and you shouldn't tell them anything you don't want the other party to know, as they may have an obligation to tell. The agent should explain how it works to you, if they don't, you should ask them to.
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Old 06-03-2010, 01:44 PM
 
Location: Beautiful Rhode Island
8,138 posts, read 12,844,110 times
Reputation: 8253
Why on earth would you want to pay 6% of your sale price to a realtor when you've got the buyer??? That's insanity. An RE lawyer will do all the work for much much less and represent your interests as well.
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Old 06-03-2010, 01:56 PM
 
Location: NJ
17,579 posts, read 43,309,297 times
Reputation: 16210
Quote:
Originally Posted by Hollytree View Post
Why on earth would you want to pay 6% of your sale price to a realtor when you've got the buyer??? That's insanity. An RE lawyer will do all the work for much much less and represent your interests as well.
That was not one of the options the OP listed.
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Old 06-03-2010, 03:52 PM
 
Location: Columbia, SC
10,218 posts, read 19,965,888 times
Reputation: 9025
Quote:
Originally Posted by FalconheadWest View Post
Texas does not utilize real estate attorneys for contract writing and review like other states do, so you're going to have a hard time finding one in your area that knows how to actually write a contract. (Most real estate attorneys in Texas are for litigation purposes when something goes wrong).

A title company can't provide you with a contract nor can they help you fill it out, so I'm not sure why they would be an option to help you.

You can go to Office Max and pick up a generic contract and try to fill it out and hope you're protected... or you can just go to one of the agents you liked and offer them a percentage to write it up on the promulgated forms, but the agent, if smart, will also have you sign something that says if this buyer doesn't buy the house, they retain the listing at such and such listing fee.
Sounds like good advice to me.
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Old 06-03-2010, 04:50 PM
 
Location: Austin
7,238 posts, read 19,979,958 times
Reputation: 9967
Quote:
Originally Posted by Brandon Hoffman View Post
Sounds like good advice to me.
Thanks, I try...
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Old 06-03-2010, 06:12 PM
 
Location: Manzanita, Oregon
15 posts, read 28,575 times
Reputation: 19
Default how to skip a realtor

We are currently marketing our home here in a little beach village on the north coast of Oregon.

I went to the tittle company that is here in town and asked them if they could do the paper work for me if a buyer did not have an agent.

Yes.

I did have to order and pay for legal forms: the sales contract and the disclosure forms. But the tittle company will fill out the contract if I sell to someone with out an agent. We will have to agree price and contingencies but the title company does the rest as well as handle the escrow. I have to fill out the disclosure papers.

It may be different in your state but you could start by going to a local title company to see if they will assist you in the same way.

Good luck and don't spend all that commission you won't have to pay in one go.

redcap
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Old 06-03-2010, 07:37 PM
 
Location: Simmering in DFW
6,952 posts, read 21,278,604 times
Reputation: 7238
Gee, I have done FSBO's here in Texas and I was provided a sales contract by the title company. Or just go to the Texas Real Estate Commission's (TREC) website to get forms. Talk to a title company and ask them this same question. Website for TREC:

TREC - Contract Forms, Addenda, Notices
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Old 06-03-2010, 07:44 PM
 
Location: Cary, NC
39,048 posts, read 67,632,059 times
Reputation: 39936
"Notice Regarding Contract Forms

As public records, the contract forms adopted by the Texas Real Estate Commission are available to any person.
However, TREC contract forms are intended for use only by licensed real estate brokers or salespersons who are trained in their correct use. Mistakes in the use of a form may result in financial loss or a contract which is unenforceable. If you are obtaining the forms for possible use in a real estate transaction, you should contact a real estate licensee or an attorney for assistance. "
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