I am selling my home by owner because the 30k that I will be saving from NOT using the realtor will go towards my down payment on the other one, which I am buying. Someone is interested in buying my home. However, I do not have the forms to do this. I know there is a title search, inspection, disclosures, appraisal and what else am I missing? What are all the forms needed? Where can I get them? Could you email them to me? Need help on this one. Thank you!
2006-11-22 10:02:27 · 5 answers · asked by Hun 2 in Business & Finance ➔ Renting & Real Estate
Good luck, unlike the others here, I am not oppose to owners selling their own property.
As far as the documents you will need, you may draw up a contract on anypaper you have available. The important items you need to have on this document is a date, the total sell price of the property, how much if anything the buyers are putting down on the property. After you do this the remaining amount left now is the amount of money they will be required to borrow to complete the process. You need to put a date down in which you would like to close this transaction. Allow enough time for the buyers to qualify and get a loan. You might or might not close on this date. Not to worry very seldom do real estate transactions close on the date we would like.
You should also put in this contract who will pay closing cost, which is normally divided between the seller and buyer, though there are times when the seller might pay this. This is a not a huge amount of cash, check with the closing agent when you secure one about the closing cost and how much they are.
Now you should call an escrow closing agent, some states use lawyers. Take your contract, that is signed by all parties to the transaction both husbands and wifes and anyone else involved in the transaction., to this excrow closing agent. If you are in an escrow state, call a title company, they will do all the legal work that needs to be done. You will find a title company in your local telephone book. All do the same work and are about equal so just select one.
The buyers or yourself should now contact a "Mortgage Broker" to secure a loan to pay for the portion that left after the down payment. Their mortgage broker will set up an appraisal of the property with an appraisal that they are accustom to using.
There will be other things required of you as well as the buyer so be prepared for the long haul, just keep in mind you are now dealing with the experts of the business when you get a title company,mortgage broker,closing agent. They are not gonna do anything to lose their license.
If the buyer want to hire a house inspector let them do so. Make sure that you tell them of any items you know that need repairing,make a deal with them to get this done, sometimes this will require you to accept a lower sales price in ordere to accomudate the buyer, do so and move on.
I admire you for doing this transaction on your own there are no deep dark secrets to selling your home. The only ones that holla about people selling their homes themselves are the ones that are losing the sale commission.
If you have any questions ask them of the mortgage broker, escrow closing agent or the title company, they will assist you in the closing and insure that things are done according to federal state laws.
I hope this has been of some use to you, good luck.
"FIGHT ON"
2006-11-30 05:50:10 · answer #1 · answered by Skip 6 · 2⤊ 0⤋
Forms For Selling A House
2016-12-28 12:22:43 · answer #2 · answered by greenwich 4 · 0⤊ 0⤋
If you're not going to use a realtor, which I would advise you do, at least consider using a lawyer. He can draft the purchase agreement for you and help you see it through to closing. That's about all he will be able to do.
Did you know that a realtor can probably net you at least 20% more than if you sell it on your own? That's a stat from the National Association of Realtors. That 20% more than covers the commission you would pay a realtor.
Unless you're in a hot market, you'll find the FSBO process frustrating. Do you have access to MLS? How about worldwide marketing? Are you available to answer your phone at least 12 hours a day in case a buyer calls? (hint: answering machines do NOT sell homes). Can you screen a qualified buyer on the phone vs. someone just showing up at your door and looking for a deal?
If you can't answer 'yes' to all of these, then you need a realtor. Two other statistics show that less than 20% of FSBO's actually wind up selling on there own and that after about two weeks of trying to FSBO, you'll call a realtor anyway.
My advice? Save yourself the headaches and call a realtor. I'd be happy to help you find one.
2006-11-22 11:09:13 · answer #3 · answered by Realtor Jim 2 · 0⤊ 2⤋
If you already have a buyer for the house, find a Realtor who will put it all together for you and take it to closing. I do this for FSBOs for 2-3% depending on the price of the house, and if I can represent them in the purchase of their next home.
You say you're saving $30k by doing it yourself? You can probably find a Realtor to take it to closing for you for about $5k.
2006-11-22 10:12:42 · answer #4 · answered by teran_realtor 7 · 0⤊ 1⤋
Use a title company. They have FSBO packages available and they will do the closing usually for the cost of titlework. You will need that anyway. Good luck!
2006-11-22 12:21:22 · answer #5 · answered by hirebookkeeper 6 · 3⤊ 0⤋
Go to title company because you will have to buy the insurance from them & you will need them for closing & I'm sure they will have the forms for you to start with. Allso try tis site www.forsalebyowner.com & good luck to you.
2006-11-22 10:07:31 · answer #6 · answered by Boris Y 1 · 2⤊ 1⤋
PLEASE dont sell your home FSBO. My wife and I did this and ended up with a big lawsuit. ASK A REAL ESTATE agent. Their commision is worth not worrying about that trouble. Trust me. Good luck!
2006-11-22 10:04:27 · answer #7 · answered by dumpsterdd90 5 · 1⤊ 1⤋