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Picture of adobesig
posted
My Mom passed away in May and as we have been getting her home ready for sale, the contractor doing repairs has offered to buy. We have had an appraisal and home inspection done. We have been in contact with a realtor but have not yet met or have a contract. Does the Sig family have guidance on how to proceed? Thanks in advance.
 
Posts: 625 | Location: New Mexico | Registered: November 04, 2003Reply With QuoteReport This Post
I believe in the
principle of
Due Process
Picture of JALLEN
posted Hide Post
Does anyone of you know what you are doing?

Since the marketing has already been done, maybe a lawyer to prepare documents, etc. would be wise.

Has there been a probate, or is one needed? Is there a loan to deal with?




Luckily, I have enough willpower to control the driving ambition that rages within me.

When you had the votes, we did things your way. Now, we have the votes and you will be doing things our way. This lesson in political reality from Lyndon B. Johnson

"Some things are apparent. Where government moves in, community retreats, civil society disintegrates and our ability to control our own destiny atrophies. The result is: families under siege; war in the streets; unapologetic expropriation of property; the precipitous decline of the rule of law; the rapid rise of corruption; the loss of civility and the triumph of deceit. The result is a debased, debauched culture which finds moral depravity entertaining and virtue contemptible." - Justice Janice Rogers Brown
 
Posts: 43141 | Location: Texas hill country | Registered: July 04, 2005Reply With QuoteReport This Post
Hoping for better pharmaceuticals
Picture of AZSigs
posted Hide Post
Listen to JALLEN.




Getting shot is no achievement. Hitting your enemy is.
 
Posts: 8019 | Location: Phoenix, Arizona | Registered: April 02, 2007Reply With QuoteReport This Post
blame canada
Picture of AKSuperDually
posted Hide Post
I think the advice to use a lawyer is smart. If the value is small enough, and buyer doesn't have a bank gumming up the works...you could potentially just use a title/escrow company to do the paperwork. Many of them will do all the required paperwork and filing for you without a real estate broker/agent.

Jallen's question about probate or other potential complications is a very good question which IMO would necessitate finding a lawyer to handle the transaction for you.


~~~~~~~~~~~~~~~~~~~~~~~~~
"The trouble with our Liberal friends...is not that they're ignorant, it's just that they know so much that isn't so." Ronald Reagon, 1964
~~~~~~~~~~~~~~~~~~~~~~~~~~
"Arguing with some people is like playing chess with a pigeon. It doesn't matter how good I am at chess, the pigeon will just take a shit on the board, strut around knocking over all the pieces and act like it won.. and in some cases it will insult you at the same time." DevlDogs55, 2014 Big Grin
~~~~~~~~~~~~~~~~~~~~~~~~~~

www.GreatLandMissions.org
www.GLVS.org
 
Posts: 12616 | Location: On the Kenai River | Registered: June 24, 2007Reply With QuoteReport This Post
goodheart
Picture of sjtill
posted Hide Post
A real estate attorney is MUCH cheaper than an agent; as long as you have a solid buyer at an acceptable price.


_________________________
"the difficulty of making new laws isn't some bug ... it's the point of the design, the better to preserve liberty"--Justice Neil Gorsuch, in his first "dissent"
 
Posts: 13045 | Location: One hop from Paradise | Registered: July 27, 2004Reply With QuoteReport This Post
Just because you can,
doesn't mean you should
posted Hide Post
If the price offered by the contractor seems fair compared to an appraisal from a licensed appraiser, then that would be my first choice.
I’m assuming you have already worked out probate or title issues and have the legal ability to sell.
Does your potential buyer actually have the cash or financing to buy without you being the bank?
Next is to visit a recommended real estate attorney to work out the contract.
 
Posts: 3485 | Location: North GA | Registered: August 22, 2002Reply With QuoteReport This Post
Little ray
of sunshine
Picture of jhe888
posted Hide Post
quote:
Originally posted by AKSuperDually:
I think the advice to use a lawyer is smart. If the value is small enough, and buyer doesn't have a bank gumming up the works...you could potentially just use a title/escrow company to do the paperwork. Many of them will do all the required paperwork and filing for you without a real estate broker/agent.

Jallen's question about probate or other potential complications is a very good question which IMO would necessitate finding a lawyer to handle the transaction for you.


I wouldn't trust a title insurance company to do the documents. And more importantly, they don't owe you a duty to do it right like a lawyer does. For that matter, most real estate agents think they know a lot more about the law than they actually do, and sometimes their contracts try do things that curl lawyers' hair.

A set of documents for a simple real property transfer won't cost much from a lawyer. Don't try to do it yourself - you could easily cause a problem that won't blow up for years. Do you know a fee tail from an incorporeal hereditament?




The fish is mute, expressionless. The fish doesn't think because the fish knows everything.
 
Posts: 44454 | Location: Texas | Registered: February 10, 2004Reply With QuoteReport This Post
I believe in the
principle of
Due Process
Picture of JALLEN
posted Hide Post
quote:
Originally posted by jhe888:
Do you know a fee tail from an incorporeal hereditament?


Hey, hey! We don't allow that kind of language around here!

If you ever stepped in some, you'd sure find out!




Luckily, I have enough willpower to control the driving ambition that rages within me.

When you had the votes, we did things your way. Now, we have the votes and you will be doing things our way. This lesson in political reality from Lyndon B. Johnson

"Some things are apparent. Where government moves in, community retreats, civil society disintegrates and our ability to control our own destiny atrophies. The result is: families under siege; war in the streets; unapologetic expropriation of property; the precipitous decline of the rule of law; the rapid rise of corruption; the loss of civility and the triumph of deceit. The result is a debased, debauched culture which finds moral depravity entertaining and virtue contemptible." - Justice Janice Rogers Brown
 
Posts: 43141 | Location: Texas hill country | Registered: July 04, 2005Reply With QuoteReport This Post
Thank you
Very little
Picture of HRK
posted Hide Post
quote:
do you know a fee tail from an incorporeal hereditament


no but if you hum a few bars I can fake it....



"My rule of life prescribed as an absolutely sacred rite smoking cigars and also the drinking of alcohol before, after and if need be during all meals and in the intervals between them." Winston Churchill
 
Posts: 11062 | Location: Mouseville, FL | Registered: November 07, 2008Reply With QuoteReport This Post
safe & sound
Picture of a1abdj
posted Hide Post
quote:
fee tail


Pretty sure that's only legal in Nevada.


________________________



www.zykansafe.com
 
Posts: 12299 | Location: St. Charles, MO, USA | Registered: September 22, 2003Reply With QuoteReport This Post
Get my pies
outta the oven!

Picture of PASig
posted Hide Post
We are in the process of buying a house from 3 co executors that are in a similar situation as you. There is no realtor involved and no need, they have an attorney as do we and everything is done via them.

Why lose 4%-6% of the sale proceeds of this house if you already have a buyer? That's how much a realtor will take from you.


 
Posts: 22209 | Location: Pennsylvania | Registered: November 12, 2007Reply With QuoteReport This Post
Info Guru
Picture of BamaJeepster
posted Hide Post
Not to beat a dead horse, but when moving from our home in Alabama in 2002 we had a buyer lined up for our house, so we just engaged a real estate attorney to handle the process for us.

That's the key - get an attorney to make sure all the i's are dotted and t's crossed. Was not expensive at all - way, way less than giving a percentage to a real estate agent (not that I have anything against agents, just didn't need one in this case).



“Facts are stubborn things; and whatever may be our wishes, our inclinations, or the dictates of our passions, they cannot alter the state of facts and evidence.”
- John Adams
 
Posts: 26285 | Location: TN/KY | Registered: June 29, 2001Reply With QuoteReport This Post
That's just the
Flomax talking
Picture of GaryBF
posted Hide Post
Some years ago I sold my father's house "as is" without using a realtor. I hired a lawyer to draw up a contract. Once signed, the buyer picked a title company that handled everthing else. It seemed pretty easy and inexpensive.
 
Posts: 10877 | Location: St. Louis, Missouri | Registered: February 04, 2008Reply With QuoteReport This Post
Member
Picture of bendable
posted Hide Post
a third of the homes in tiny town get sold "by owner"

a fella calls you and your lawyers call each other and yadda yadda yadda

one middle man instead of three.

sometimes the seller pays for a half dozen tests, some times the buyer, sometimes both





Safety, Situational Awareness and proficiency.



Neck Ties, Hats and ammo brass, Never ,ever touch'em w/o asking first
 
Posts: 44987 | Location: Henry County , Il | Registered: February 10, 2004Reply With QuoteReport This Post
Member
Picture of adobesig
posted Hide Post
Thank you everyone. I will get an attorney. Much appreciated.
 
Posts: 625 | Location: New Mexico | Registered: November 04, 2003Reply With QuoteReport This Post
Get my pies
outta the oven!

Picture of PASig
posted Hide Post
quote:
Originally posted by adobesig:
Thank you everyone. I will get an attorney. Much appreciated.


Do you feel like he's offering you a fair price? Remember that if you had to use a realtor, you'd lose money due to their commission.

Example: You list house using realtor for $200,000 and someone comes along and buys it for that. At 5%, you would be looking at them taking $10,000 of that even before all the other things you would pay like transfer tax, etc


 
Posts: 22209 | Location: Pennsylvania | Registered: November 12, 2007Reply With QuoteReport This Post
Member
Picture of holdem
posted Hide Post
My mother in law passed away a few months ago. A co-worker of hers wanted to buy her condo. I hired an appraiser so I would know what to sell it for. That was $250. I offered it to her co-worker for below market value. I had an attorney friend send me a standard real estate contract, which we drew up. The condo is currently under contract with her co-worker. No agent involved, just an attorney. Commission on the property would have been $8,000, which would have eaten all the profit.
 
Posts: 1367 | Location: Orlando | Registered: April 22, 2007Reply With QuoteReport This Post
blame canada
Picture of AKSuperDually
posted Hide Post
quote:
Originally posted by holdem:
My mother in law passed away a few months ago. A co-worker of hers wanted to buy her condo. I hired an appraiser so I would know what to sell it for. That was $250. I offered it to her co-worker for below market value. I had an attorney friend send me a standard real estate contract, which we drew up. The condo is currently under contract with her co-worker. No agent involved, just an attorney. Commission on the property would have been $8,000, which would have eaten all the profit.

Wait a second....you got an "Appraisal" from a certified real estate appraiser, for $250?

That doesn't sound correct....are you sure it wasn't a real estate agent's opinion of value?


~~~~~~~~~~~~~~~~~~~~~~~~~
"The trouble with our Liberal friends...is not that they're ignorant, it's just that they know so much that isn't so." Ronald Reagon, 1964
~~~~~~~~~~~~~~~~~~~~~~~~~~
"Arguing with some people is like playing chess with a pigeon. It doesn't matter how good I am at chess, the pigeon will just take a shit on the board, strut around knocking over all the pieces and act like it won.. and in some cases it will insult you at the same time." DevlDogs55, 2014 Big Grin
~~~~~~~~~~~~~~~~~~~~~~~~~~

www.GreatLandMissions.org
www.GLVS.org
 
Posts: 12616 | Location: On the Kenai River | Registered: June 24, 2007Reply With QuoteReport This Post
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