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Has anyone ever sold a house for sale by owner??Need help.
Posted on 12/23/11 at 10:03 am
Posted on 12/23/11 at 10:03 am
A lady wants to buy it cash straight up and my bank is closed so is the title company.How does closing work when you do it for sale by owner?
6
Posted on 12/23/11 at 10:07 am to GeauxFurniss
You can't wait till the bank opens to ask them?
Posted on 12/23/11 at 10:14 am to GeauxFurniss
Buyer/seller decide on a place to close and call and schedule it. They will take care of the rest. You'll need to do inspection/appraisal separately.
Posted on 12/23/11 at 10:23 am to LSUGUMBO
Will I need to pay for that or can nego on it?
Posted on 12/23/11 at 10:28 am to GeauxFurniss
quote:
Will I need to pay for that or can nego on it?
everything is negotiable in the sale of a home. Just come to terms. Make sure you get a earnest money.
Posted on 12/23/11 at 10:31 am to C
what is earnest money?New to all this.
Posted on 12/23/11 at 10:34 am to GeauxFurniss
Posted on 12/23/11 at 10:43 am to GeauxFurniss
quote:
A lady wants to buy it cash straight up and my bank is closed so is the title company.How does closing work when you do it for sale by owner?
The closing works exactly the same except no fees are paid to an agent.
Make sure you get a signed purchase agreement. Below is the standard LA form:
LINK
Posted on 12/23/11 at 6:42 pm to GeauxFurniss
I bought one once and wrote the deal on a back of an envelope.
Basically I just wrote that I was buying the home for X and would close within X days subject to home inspection and the seller would provide clear title to be verified by my closing attorney and would reveal any known defects.
If I was selling I would just write a contract that the buyer was buying for X and would close within X days.
Basically I just wrote that I was buying the home for X and would close within X days subject to home inspection and the seller would provide clear title to be verified by my closing attorney and would reveal any known defects.
If I was selling I would just write a contract that the buyer was buying for X and would close within X days.
Posted on 12/24/11 at 6:30 pm to GeauxFurniss
Cash from buyer. No need for inspection or appraisal, those would be buyers concern.
Select a title co. I like Title2Land in baton rouge, let them handle everything.
Select a title co. I like Title2Land in baton rouge, let them handle everything.
Posted on 12/24/11 at 9:05 pm to novabill
quote:
Select a title co.
Best advice in the thread. It might be a good idea to hire an attorney to represent you in the transaction as well.
Posted on 12/25/11 at 12:21 am to GeauxFurniss
The person buying the house still has to pay for a lawyer or title company to handle the legal paperwork. The check can be given to you at that time when everything is complete not before. It doesn't matter if it is personal check or from a lender.
Posted on 12/25/11 at 5:59 am to LSUGUMBO
quote:
You'll need to do inspection/appraisal separately.
no need in a cash sale, those are bank requirements
Posted on 12/25/11 at 9:01 am to C
quote:
Make sure you get a earnest money.
Why earnest money? Wouldn't a deposit on the sale price be better for the seller?
Posted on 12/25/11 at 12:14 pm to peopleschamp
quote:
The person buying the house still has to pay for a lawyer or title company to handle the legal paperwork. The check can be given to you at that time when everything is complete not before. It doesn't matter if it is personal check or from a lender.
Make sure it's a cashier's check. You want certified funds at closing.
Posted on 12/25/11 at 1:04 pm to VABuckeye
quote:
Make sure it's a cashier's check. You want certified funds at closing.
The title company may require an incoming wire depending on the size of the transaction. Either way, this should make no difference other than to the title company.
Posted on 12/25/11 at 1:51 pm to LSU1018
quote:
Best advice in the thread. It might be a good idea to hire an attorney to represent you in the transaction as well.
All of this. I bought my house from a FSBO seller. Wrote the final offer and sent via e-mail. Both parties signed off (put stipulations based on appraisal and inspections (home and plumbing). Called my attorney who specializes in real estate and they set it all up and had their title firm take care of the rest.
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