SIGforum
Selling home on your own?
October 11, 2017, 10:22 PM
adobesigSelling home on your own?
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.
October 11, 2017, 10:24 PM
JALLENDoes 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 October 11, 2017, 11:37 PM
AZSigsListen to JALLEN.
Getting shot is no achievement. Hitting your enemy is. NRA Endowment Member . NRA instructor October 11, 2017, 11:49 PM
AKSuperDuallyI 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.
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"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 Reagan, 1964
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"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
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www.rikrlandvs.com October 12, 2017, 12:01 AM
sjtillA real estate attorney is MUCH cheaper than an agent; as long as you have a solid buyer at an acceptable price.
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“ What all the wise men promised has not happened, and what all the damned fools said would happen has come to pass.”— Lord Melbourne
October 12, 2017, 06:30 AM
220-9erIf 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.
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Avoid buying ChiCom/CCP products whenever possible.
October 12, 2017, 10:58 AM
jhe888quote:
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. October 12, 2017, 11:07 AM
JALLENquote:
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 October 12, 2017, 11:15 AM
HRKquote:
do you know a fee tail from an incorporeal hereditament
no but if you hum a few bars I can fake it....
October 12, 2017, 11:20 AM
a1abdjquote:
fee tail
Pretty sure that's only legal in Nevada.
October 12, 2017, 12:45 PM
PASigWe 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.
October 12, 2017, 01:05 PM
BamaJeepsterNot 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 October 12, 2017, 02:31 PM
GaryBFSome 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.
October 12, 2017, 02:33 PM
bendablea 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
October 12, 2017, 08:34 PM
adobesigThank you everyone. I will get an attorney. Much appreciated.
October 13, 2017, 09:23 AM
PASigquote:
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
October 13, 2017, 10:20 AM
holdemMy 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.
October 13, 2017, 05:03 PM
AKSuperDuallyquote:
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 Reagan, 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
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www.rikrlandvs.com