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sicboy 
New Orleans Saints Fan
Because Awesome
Member since Nov 2010
24349 posts
| Selling a house to a friend; what to do. (Posted on 1/12/13 at 1:06 pm)
I'm getting married and moving in to my fiancee's house. My roommate wants to buy my house from me and we were told to go directly through the bank to make things easier. He's already been approved for a line of credit to buy it, so I'm guessing the next step is to get the house appraised for the bank to approve the loan. I know it's probably not that simple, so what other steps do I need to take? I live in Florida if that makes a difference.
This post was edited on 1/12 at 1:30 pm
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GeauxWrek 
USA Fan
Somewhere b/w Houston and BR
Member since Sep 2010
1678 posts
| re: Selling a house to a friend; what to do. (Posted on 1/12/13 at 1:08 pm to sicboy)
Whoa, you are moving into her house??
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shutterspeed 
Southern Miss Fan
So. Miss. by way of Baton Rouge
Member since May 2007
27243 posts
| re: Selling a house to a friend; what to do. (Posted on 1/12/13 at 1:08 pm to sicboy)
A simple handshake and your word should be plenty enough to close the deal.
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sicboy
New Orleans Saints Fan
Because Awesome
Member since Nov 2010
24349 posts
| re: Selling a house to a friend; what to do. (Posted on 1/12/13 at 1:09 pm to GeauxWrek)
Nicer home. Actually has a yard. Not important.
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Bestbank Tiger 
Tulane Fan
Landmass Gulf Coast
Member since Jan 2005
16041 posts
| re: Selling a house to a friend; what to do. (Posted on 1/12/13 at 1:11 pm to sicboy)
Might want to find an agent who will do the paperwork for a nominal flat fee (like $500 or so). That way, they can make sure everything is done right. They also don't have to do any of the advance legwork or marketing.
If you know anyone who's a realtor, they should be willing to do it for you. It's like free money for them, whereas it would be a lot of work for you and the buyer.
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HeadBusta4LSU 
LSU Fan
Baton Rouge
Member since Aug 2007
8998 posts
| re: Selling a house to a friend; what to do. (Posted on 1/12/13 at 1:11 pm to sicboy)
Google for sale by owner purchase agreements
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FalseProphet
LSU Fan
Funroe
Member since Dec 2011
3055 posts
| re: Selling a house to a friend; what to do. (Posted on 1/12/13 at 1:13 pm to HeadBusta4LSU)
Keep the extra house. You'll need it one day.
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LSUFAN2005
LSU Fan
Member since Aug 2004
1082 posts
| re: Selling a house to a friend; what to do. (Posted on 1/12/13 at 1:14 pm to FalseProphet)
quote:
Keep the extra house. You'll need it one day.
Ding ding.
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sicboy
New Orleans Saints Fan
Because Awesome
Member since Nov 2010
24349 posts
| re: Selling a house to a friend; what to do. (Posted on 1/12/13 at 1:15 pm to Bestbank Tiger)
quote:
Might want to find an agent who will do the paperwork for a nominal flat fee (like $500 or so). That way, they can make sure everything is done right.
Thanks. I was thinking the paperwork would be over my head and this is something you don't want to screw up.
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tiger91
LSU Fan
South of Lafayette
Member since Nov 2005
12090 posts
| re: Selling a house to a friend; what to do. (Posted on 1/12/13 at 1:20 pm to sicboy)
We did this years ago. Bought a purchase agreement from Office Depot maybe (this was 1997) and she brought it to her bank. She then set up an inspection and appraisal and picked a closing attorney. That was that.
This post was edited on 1/12 at 1:24 pm
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lsunurse
LSU Fan
Scottsdale, AZ
Member since Dec 2005
66471 posts
| re: Selling a house to a friend; what to do. (Posted on 1/12/13 at 1:21 pm to sicboy)
Fiancée....unless you are marrying a guy
Fiancé...male
Fiancée...female
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yellowfin 
Illinois Fan
Paige is Pretty
Member since May 2006
53122 posts
| re: Selling a house to a friend; what to do. (Posted on 1/12/13 at 1:25 pm to sicboy)
Attorney for the paperwork
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sicboy
New Orleans Saints Fan
Because Awesome
Member since Nov 2010
24349 posts
| re: Selling a house to a friend; what to do. (Posted on 1/12/13 at 1:29 pm to lsunurse)
Never knew that. Appreciated  
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Spankum
LSU Fan
Miss-sippi
Member since Jan 2007
26887 posts
| re: Selling a house to a friend; what to do. (Posted on 1/12/13 at 1:30 pm to yellowfin)
quote:
Attorney for the paperwork
agreed...gotta get a closing attorney or you could miss something important...
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lsunurse
LSU Fan
Scottsdale, AZ
Member since Dec 2005
66471 posts
| re: Selling a house to a friend; what to do. (Posted on 1/12/13 at 1:31 pm to sicboy)
Most guys don't, no worries
Now can you impress her with your knowledge
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LSUwag
LSU Fan
Orlandeaux
Member since Jan 2007
5162 posts
| re: Selling a house to a friend; what to do. (Posted on 1/12/13 at 1:31 pm to sicboy)
In Florida, I would use a real Estate attorney. They will do it for a lot less than a Realtor who will want their 6% commission.
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guttata
LSU Fan
prairieville
Member since Feb 2006
18349 posts
| re: Selling a house to a friend; what to do. (Posted on 1/12/13 at 1:36 pm to LSUwag)
Get a freakin purchase agreement. Agree to the price and find a mortgage company that your buddy want use. Show up wih keys and get your check.
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777Tiger
LSU Fan
Member since Mar 2011
6343 posts
| re: Selling a house to a friend; what to do. (Posted on 1/12/13 at 1:50 pm to guttata)
Lawyers and real estate agents try to make this transaction more complicated than it is, because they make $ doing it. Once you agree on terms, make up a contract and do it. Title search if one of you is queasy, but to me, that's another scam, unless you're into buy/flipping foreclosures. Property taxes must be pro-rated, and the bank, may or may not want a survey, another scam. If they do, you can probably find one on record without having to hire a surveyor. That's usually what the surveyor will do. That's about it. You can google or buy contracts from office depot, staples, places like that . Good luck.
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sicboy
New Orleans Saints Fan
Because Awesome
Member since Nov 2010
24349 posts
| re: Selling a house to a friend; what to do. (Posted on 1/12/13 at 1:52 pm to 777Tiger)
I actually am a surveyor and I did the survey myself. So I'm good there
Thanks for all the advice, everyone. Have a better understanding of where to go from here.
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777Tiger
LSU Fan
Member since Mar 2011
6343 posts
| re: Selling a house to a friend; what to do. (Posted on 1/12/13 at 1:55 pm to sicboy)
quote:
I did the survey myself.
Getting back at the man.
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