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Missy | Selling my house "by owner" and not through a realtor: how does closing work? |
I have never been in this situation before.
I was going to go through a realtor but then I located a highly interested private buyer. He wants to buy my property contingent on the sale of his own property.
He anticipates being ready to buy my house in the next 30-60 days.
We are both new to this... should we contact a real estate attorney?
Additional Details
I do not have a realtor. I did not sign a contract with a realtor or anything. I just spoke with several of them and was turned off by the 6% commission fee, and decided to do some legwork of my own. I found a private buyer in no time. |
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Robby TT
|
The realtors responding here clearly want to protect their own.
You need to look at your listing agreement with your realtor and determine if it is an open agreement or not. In many cases, even if you find your own buyer, you owe your agent a fee when the house sells. Some states, however, and some regions within some other states (this is really a local brokers issue so you have to look at YOUR agreement) commonly allow sellers to 'sell the house out from under their realtor' through an 'open listing agreement'. If this is the case, take a deposit from this guy, in an escrow account under your lawyer's office, and notify your lawyer immediately. You need a lawyer in either case. You do NOT need a realtor if you have an open listing agreement. This should be CLEARLY stated in your listing agreement with your current broker.
EDIT: Since you did not sign a listing agreement with a realtor AND you have a buyer, you do not need a realtor for ANYTHING. They will add no value to the process and WILL take your money. You need a lawyer. This should not cost you more than $600-$800 all-in. The lawyer works for you and only you. They look out for your interests and ONLY your interests. Hire a lawyer, have him/her draft a binder and get a sizable deposit to hold in escrow for closing from your buyer. Congratulations on selling your home. |
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Real Estate Guy
 |
Talk with a real estate lawyer/settlement company, they can tell you about settlement, etc. |
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Jeff
|
If you don't know what you're doing, hire professional help.
In this case, a realtor.
Did he do a title search on your property?
If you don't know what I'm talking about, you definately need a realtor. |
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frankie77
 |
I would hate to see you wait 30-60 days and then have him NOT buy your house! Hire a realtor and then in 30-60 days if your home is still available and he still wants it, he can make an offer. In the meantime, take other offers, if you can. It is hard enough to sell a house right now. |
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starshyne59
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Don't sign anything with this guy until you have talked with a Realtor or a real estate attorney!!!!!!!!
There are some shady characters out there who take advantage of people like you who don't know how these transactions work.
When I saw the first part of the question, I was just going to tell you to call a title company for assistance with closing. However, title companies cannot advise you on contracts and what needs to be in them to protect you from having your property tied up indefinitely and being unable to sell it.
You can have a Realtor represent you as the seller, and just negotiate a lower commission for this particular transaction. Realtors typically split the commission with the Realtor that represents the buyer, but in this case they wouldn't have to unless he is represented by a Realtor as well. If the typical commission in your area is 6%, you could probably get this transaction reduced to a 3.5% or 4% commission if there is no buyer's agent. |
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Hopeful Home Solutions
|
I would definitely contact a real estate attorney. Don't contact a realtor. You would be paying 6% commission for absolutely nothing in this case, but you should get the attorney so they would make sure your interests are protected and can guide you through the process. They will charge thousands of dollars less than a realtor.
Good luck! |
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Patriotic Mom
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But see, this just shows that a good, experienced Realtor does not just show homes and make lots of money that is the perception among many people. You NEED a Realtor or real estate attorney. If you make this offer contingent on the sale of his property, how could he possibly know that his home will be sold in 30-60 days? And what happens to the next potential buyer that may be interested in your home? Is he putting an earnest money deposit? Is it interest earning or non-interest earning? What happens to that money if the deal falls apart? Etc, etc, etc. Make a phone call and good luck. |
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Ruben M
 |
Great post! I completely understand your question. Money is hard for a lot of people right now since the enconomy is going down. My friend told me about this website of an organization that gives people up to $1500 towards their rent or mortgage. It's available in most areas, so I think you should check it out.
http://www.house-rent-mortgage-help.org
Hope this helps! |
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Jerome W
|
Great post! I completely understand your question. Money is hard for a lot of people right now since the enconomy is going down. My friend told me about this website of an organization that gives people up to $1500 towards their rent or mortgage. It's available in most areas, so I think you should check it out.
http://www.rent-mortgage-assist-you.org
Hope this helps! |
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