Teach me about real estate

[RockMonkey]

Here's the timeline:
Wednesday we put money down to hold a lot.
Thursday we put a For Sale By Owner sign in front of our house.
Friday we signed the contract on the new house.
It's now Saturday and we have a full price offer on our house already in front of us, and another offer coming in the morning.
So, if we sell this house to a buyer who does not have a realtor, what steps do we take to get the deal done? So far the two buyers we have offers from both have realtors, so I kind of assume their realtor will guide us through the rest of the process. We have another couple that are interested and do not have a realtor though. If we get an offer from them we don't know exactly what to do. Anyone done a for sale by owner before?

Also...

We were kinda planning on selling our home taking a while. It's going to be seven months before we can move in. Now we're going to be homeless... So what do we need to know about apartments? We've never lived in one. do they all require a long term lease? Can you usually lease for just six months?

 

[Greg]

Find someone that does escrow work, they can plug in the numbers & do the paperwork w/o a realtor.

If the buyer has a realtor, they'll do the paper work & get the buyers commision. You're just won't be paying a realtors comission on your end.

 

[Jeremy]

send ryan (POOR) a pm. i think in a previous thread he said he has info for people trying to sell a home by them selves. he is a lender and helped us a lot with our loan. he should at least be able to point you in the right direction.

 

[mbryson]

CONGRATS


What Greg said about the realtor. We sold our house in Roosevelt 'by owner'. Pretty damn easy. We just signed a very short, exactly worded sales agreement and turned everything over to the title company. They did the rest. Same fee I'd pay the title company if I was selling through a realtor, except I kept the 3% (6% in this case, but I shared it with the buyer as a down payment to help them get in---helped them stay motivated).

 

[JoeT]

Dang that was fast! Count yourself lucky! You shoud be able to rent a apartment for 6 months no problem. I'd offer my basemment to you for free if it weren't for the in-laws living there.

 

[pELYgroso]

I bought my house fsbo and it was a cinch!! you can print off some papers off the internet for free and just read through them with the buyers, fill them out according to your needs/agreements and let the title company do the rest. PRESTO, ya just saved a few G's of dumb realtor fees!! I also had my loan consultant help me out a TON and he got me a smokin' loan. I'll give you his info if you want. he helped me out the whole way through!

 

[toyotajunk2]

If you need a purchase contract I can send one to you. I am a commercial realtor but do have access to residential forms. Let me know if you would like one. I can email it to you. Any other help you need I would be glad to advise you in the right direction.

 

[Clutch]

Geeez Braden, sounds like you listed your property way too low for this market.

 

[RockMonkey]

Geeez Braden, sounds like you listed your property way too low for this market.

We listed and sold for more than the end units that have sold recently with uch larger yards. We did not list for too little, we just provided a better product than our competition.

 

[RockMonkey]

If you need a purchase contract I can send one to you. I am a commercial realtor but do have access to residential forms. Let me know if you would like one. I can email it to you. Any other help you need I would be glad to advise you in the right direction.

I really appreciate the offer, but the purchase contract is complete. Thanks!

 

[Clutch]

Nice

 

[chadr]

Sweet

I just got done selling our home by realtor, but we bought our home by owner. The people we bought our home from were friends of ours and all we did was get a buyers/sellers agreement (off of the internet and then modified to fit our situation) put together with input from the sellers. We then turned it over to a title company and they did most of the rest. It seems like they contacted us when they were ready for us to come sign our life away and that was it. Your lending institution will help out with telling you what you need to get for all of the paperwork. It really wasn't that big of a deal.
Apartments typically have a lease agreement, but sometimes you can find one for a shorter agreement length. It just takes some time. The hardest part is that you will usually have to come up with first and last months rent along with a cleaning fee that is sometimes reimbursable.

Good luck with your new home.:greg: