I an intersted in selling a house as is for cash only. What do I need to do first.?

Question

I don"t have a,lot of money to pay closing costs etc. Has anyone done somthing like this. Where domyou start.

Answer 1

It would be difficult for buyer to pay you cash as most likely, it needs a bank loan

Answer 2

Most houses are sold for cash, because the new owners have to get a new loan to pay off the old owners

I would find out the price other houses have been going for where you live. If you see some real estate signs in your local area, call and find out what the sales price is. Make sure they have the same number of bedrooms and baths those are the most common ones. Now see if they have other things like a pool, jaccuzi or if you have one that will add additional valaue to your property. Now based on the information you have set your sales price.

Clean up the property as best as you can,get the grass cut by a pro. Wipe down all the walls or even better paint the house throughout, clean or get new carpet throughout.

I would go to Staples of Office Depot make me a couple of hundred posters to pass around the neighborhood. I would also place an ad in the local paper, hold an open house by the 2nd weekend.

Now about that all powerful contract. You can purchase a contract at Staples or Office Depot. If not a piece of paper will do.

Once you have found a buyer put on the piece of paper or contract the present date. A statement that you are the seller of the property known as (Street address)(city and state)and buyer's name. Put down the price you have agreed to sell the property for. They will need about 5-10% as a down payment. Put this down as the money amount like $15,000 down subtract from the sell price will be the loan amount the new owners will be trying to get so it would be buyers will be seeking a new 1st mortgage loan of approximately $250,000 dollars.

We expect to close this transaction on or about (4 weeks away from the date on this paper) It might happen or it might not happen, but you will have a target date.

If the buyers have a lender good, if not find one in the telephone book for them to use unless you know someone that can refer you to a mortgage broker.

Now you have a contract in your hand all parties involvevd in this transaction should sign this contract. If someone is on the deed with you as an owner they have to sign also. If the buyers are married they both have to sign.

Now look in the telephone book and find a title company. Tell them you are trying to sell your house. You also have a contract. The buyers are trying to get a loan. They will ask you to fax or bring the contract to them. Do so they will take care of all the legal things that are necessary in this transaction. We call this person an escrow officer. If your state use attorneys you need to contact one for closing.

Once your buyers have secured a loan, they will need to contact they closer also. By this time they should have received escrow or closing instructions from the closing agent by the time they finish the application and approval for their loan.

Please don't ask them to pay for your closing cost. Why would a buyer want to increase the price of a house they are buying? Closing cost is not a high paying item. You should not pay theirs either.

I hope this has been of some use to you, good luck.

"FIGHT ON"

Answer 3

It is one of the easiest processes in real estate. The only difficult part is finding someone to buy your property. For this you may need a realtor, but you may be able to do it just by spreading the word to your neigbors and family. Next acquire an "agreement to buy/sell a property." These are very common, but I will include a link to download a template. Next you need to acquire a sales contract. A template is available on my second link, although after looking at it it appears to be missing a place for a notary public to sign. Make sure that at closing there is a notary public availble to sign for both you and the buyer otherwise the court will not accept it. When everything is drafted up, make sure you recieve all of your money PRIOR to signing the sales contract, and after the buyer has already researched title. Most people have a preset meeting time where the money is exchanged and the sales agreement is signed. Once the agreement is signed, the buyer must take the documents down to the courthouse and have them filed-- the fee should be less than $20. Once it has been filed with the courthouse, the deal is done. Good luck!

Answer 4

Don't do anything until you contact a real estate attorney. There are many technical issues you will need to be aware of when you sell a house for cash. Especially - the IRS will be 'all up in your business'. Even selling a house "As Is" -there are requirements and qualifications that must be met. I bought a house 8 years ago - thought I had a good deal - and later discovered that when it rains, the basement of this house flooded. It ruined all my record albums, carpet, clothing, suitcases - anything I had in closets and on the floor. I was very, very upset. Previous owners did not reveal the problem and when I obtained insurance - didn't think about separate insurance for flood. So, it didn't cover the damages I had. Additionally, the mold and mildew which was left behind thoroughly got into my lungs and I developed asthma, and serious upper respiratory problems. I am having to go through a lot of issues to make 'someone' pay up. So - I am saying that before you sell - you will need a REAL ESTATE attorney, or someone familiar with selling homes 'as is' to make sure you cover all your bases. Good luck

Answer 5

almost all houses are sold for cash. The buyer arranges his own financing. Closing costs are not an immediate cash problem. Closing costs and commission if any are paid out of proceeds of sale.

Selling a house "as is" depends on the state law applicable in your state.Some jurisdictions protect buyers against purchasing homes with unknown faults, requiring the seller to correct faults. Generally you need to include a clear statement in the selling document that the sale is "as is".

The real estate market is reasonably efficient. You may save a commission by selling on your own [you will still pay other closing costs]. For most sellers use of a real estate broker is the better approach. Professionals give you access to the whole buying market and knowledge of current market pricing. Since the seller pays the broker fee the buyer has no incentive to make a private purchase. Buyers prefer the market knowledge of the professionals which they get for free. They buy privately only if their knowledge of the market leads them to believe your price is lower than the market. i.e. a bargain.[not in your best interest].

As it appears you are new to house selling I would advise using the professioanl marketing channels. No upfront cash required, broader market available, less chance to unwittingly sell below market to a shrewd buyer. Advice on real estate laws of your state re "as is" etc.

I am not a real estate agent. I have sold a number of personal homes in a wide variety of markets.

Answer 6

First get it broom clean, clear the grounds of trash. Determine your as is price. Closing costs would be deducted from proceeds at closing, but you also can make it part of your deal that the purchaser pay closing costs. There are a lot of sophisticated investors that surely know how to chop your price to rock bottom when they know you want out. You might benefit from hiring an agent who specializes in your area. They know how to put these deals together and can offer greater exposure.

Answer 7

Like one of the answerers said; get a Realtor and get professional help in making your decision it doesn't cost anything to get a local professional to help you. Specially in view of your spelling capabilities.

Answer 8

I would contact a realtor. It won't cost you anything to talk to them. If sold privately, there might be a lot of legallities that you are not aware of.

Answer 9

try calling webuyhouses people. ug likes ugly houses. they pay less, but they pay cash quickly and sometimes they will pay your closing costs.