Selling a house to a friend; what to do. | TigerDroppings.com

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sicboy
Michigan State Fan
Because Pip-Boy
Member since Nov 2010
33196 posts

Selling a house to a friend; what to do.


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
2623 posts

re: Selling a house to a friend; what to do.


Whoa, you are moving into her house??





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shutterspeed
Southern Miss Fan
Da Sipp
Member since May 2007
33731 posts

re: Selling a house to a friend; what to do.


A simple handshake and your word should be plenty enough to close the deal.





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sicboy
Michigan State Fan
Because Pip-Boy
Member since Nov 2010
33196 posts

re: Selling a house to a friend; what to do.


Nicer home. Actually has a yard. Not important.





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Bestbank Tiger
Tulane Fan
Landmass
Member since Jan 2005
19188 posts

re: Selling a house to a friend; what to do.


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
10186 posts

re: Selling a house to a friend; what to do.


Google for sale by owner purchase agreements





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FalseProphet
LSU Fan
Funroe
Member since Dec 2011
5574 posts

re: Selling a house to a friend; what to do.


Keep the extra house. You'll need it one day.





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LSUFAN2005
LSU Fan
Member since Aug 2004
1185 posts

re: Selling a house to a friend; what to do.


quote:

Keep the extra house. You'll need it one day.



Ding ding.






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sicboy
Michigan State Fan
Because Pip-Boy
Member since Nov 2010
33196 posts

re: Selling a house to a friend; what to do.


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
12981 posts

re: Selling a house to a friend; what to do.


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
87503 posts

re: Selling a house to a friend; what to do.


Fiancée....unless you are marrying a guy


Fiancé...male
Fiancée...female






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yellowfin
Illinois Fan
Coastal Bar
Member since May 2006
67495 posts
 Online 

re: Selling a house to a friend; what to do.


Attorney for the paperwork





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sicboy
Michigan State Fan
Because Pip-Boy
Member since Nov 2010
33196 posts

re: Selling a house to a friend; what to do.


Never knew that. Appreciated





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Spankum
LSU Fan
Miss-sippi
Member since Jan 2007
31411 posts

re: Selling a house to a friend; what to do.


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
87503 posts

re: Selling a house to a friend; what to do.


Most guys don't, no worries


Now can you impress her with your knowledge






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LSUwag
LSU Fan
St Augustine Beach
Member since Jan 2007
6381 posts

re: Selling a house to a friend; what to do.


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
20007 posts

re: Selling a house to a friend; what to do.


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
10301 posts
 Online 

re: Selling a house to a friend; what to do.


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
Michigan State Fan
Because Pip-Boy
Member since Nov 2010
33196 posts

re: Selling a house to a friend; what to do.


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
10301 posts
 Online 

re: Selling a house to a friend; what to do.


quote:

I did the survey myself.

Getting back at the man.






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