Need Guidance, Sold Home as For Sale By Owner

[runco]

I need your advice. 

 

When it comes to guns, I know enough to hold my own, know how to sell cars, sell flea market items, and whatnot, but when it comes to real estate, I am as new or clumsy as they come.  I inherited a house and property 10 years ago, that we do not live in, and I have had it on/off for sale since then as a FSBO.  Its always been advertised needs work, as is where is, no guarantees, etc.  Well in the past 2 weeks with pressure from the wife, we changed the signage and posted for the first time to Craigslist.  Many calls, and today BINGO!  I have a someone who is making a cash offer and its precisely within the acceptance range, and we have agreed over the phone.  This is where I need help. 

 

What is the next step? 

 

I think I know the next steps are to get some money down to make sure he is serious, the next thing is have some type of agreement/contract, hire a attorney or hire a title company or both?  Do I need a simple agreement between now and when we can sign something more formal?  There are no liens, and title is clear.  We can close as soon as the lawyer/title co. can execute the sale.  I know there are some folks here full of wisdom and are just busting to share their experience or guidance.   Thank you in advance of your input! 

 

The home is in Sevier Co.

[gregintenn]

Your local title company "operated by a lawyer" should be able to walk you through the process. They'll print a standard contract, run a title search, and have a plethora of paperwork for both of you to sign. Other than that, deciding whether the buyer, seller, or both pays for this will likely be your biggest worry.

[Raoul]

^^ Good advice. A quick look resulted in this title company for example:

 

http://www.smokymtntitle.com/about/

[No_0ne]

Your local title company "operated by a lawyer" should be able to walk you through the process. They'll print a standard contract, run a title search, and have a plethora of paperwork for both of you to sign. Other than that, deciding whether the buyer, seller, or both pays for this will likely be your biggest worry.

 

This^.  Since there are no liens, any reputable local lawyer who handles real estate transactions can handle the details, usually for a nominal fee.  The most important item for the buyer is the title search, to make sure there are no hidden surprises accompanying the property.  For the seller, a good cashier's check is what you are after ...

[Raoul]

I went to a closing once where the buyers brought a brief case full of money. Back in the good old days.

[No_0ne]

I went to a closing once where the buyers brought a brief case full of money. Back in the good old days.

 

Try that now, and you will quickly learn all about the RICO laws ...

[dlm37015]

I went to a closing once where the buyers brought a brief case full of money. Back in the good old days.

that's how I bought my house lol

[runco]

Folks thanks!  Seriously thank you!   I will check out the firm you suggested! 

[wileecoyote]

You can also hire a realtor to guide you through the process and handle the paperwork, legal document review, and represent you at closing. Many realtors will do this for a flat fee of $250-$500 which is likely going to be much less than an attorney, and they know how to protect you from common mistakes, liabilities, or errors made by the title company. I have a good friend that may be able to do it for you, depending where you are located. Most of the work they can handle via phone or email, but at closing they need to be there in person.

[UncleJak]

I helped sell my wife's grandma house like this last year. We used a title company and they did the rest. It was not too much money and took all the worry away.they do everything! Sent barefoot from the hills of Tennessee

[Hershmeister]

Just be aware there is only one sales contract. Do it right the first time and using the lawyer as your go to guy is smart as you will want legal eyes on the contract and you will need one for closing anyway

[wileecoyote]

[quote name="Hershmeister" post="1180508" timestamp="1408288584"]Just be aware there is only one sales contract. Do it right the first time and using the lawyer as your go to guy is smart as you will want legal eyes on the contract and you will need one for closing anyway[/quote] if you can get a lawyer cheap then by all means take one, but they are not required at closing. A realtor is a good second choice because they are usually much cheaper and they have a lot of experience reviewing sales contracts and other legal documents. You should also insist on seeing the settlement statement and all paperwork prior to closing, so that you have time to review them and make any edits or show concern before you are pressured to sign and close the deal.

[seez52]

Use an attorney that does real estate transactions and can do the title work, closing statement etc. Should be less than $500. In this case a realtor serves no purpose.

[runco]

Update, I closed on this sell today, woohoooo!  Very simple and very easy, and honestly very cheap.  Thanks to Craigslist and folks here!  I don't know if I will ever use a realtor for future property sells.