Selling your own home? Helpfull info needed

Discussion in 'After Hours Lounge (Off Topic)' started by todbnla, Aug 23, 2005.

  1. todbnla

    todbnla Screenwriter

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    We live in a great upscale (>$200k avg) neighborhood with very little turn over of homes. However, We always have traffic coming thru looking for homes to buy. To date I have always went thru a real estate company to buy or sell but due to our pending divorce we would like to keep as much of the equity as possible. For those that have sold their own homes would you recommend this? I have no problem with listing and showing the home and as I understand it, once the contract is approved and the price is agreed upon, the buyer is responsible for the majority of the work from that point?
    My main concern is the legal aspects of the transaction, etc.

    Please advise, thanks.

    BTW-I have already done the market research in my area and have the average sq ft price of homes in my market as well as comparable sales in our "zone". Our home is in excellent condition with great curb appeal plus it has a dedicated 500 sq ft home theater.

    Any other tips?
     
  2. Robbie R

    Robbie R Stunt Coordinator

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    There were some good points in this Thread started buy Buzz, who sold his house privately.

    My advice would be to get a good lawyer to handle the legal aspects of the sale.

    Good Luck.
     
  3. Colton

    Colton Supporting Actor

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    My brother is in the same situation. He and his wife are divorcing and have a $250,000+ home which they decided to sell themselves to save money without paying realtor commission. Just keep it clean and have open-house to get the attention of home-seekers. You'll save a ton of money if you sell it on your own. You may sell your home "AS IS" to eliminate many responsibilities. As you said, the home is in excellent condition, so you shouldn't have any problems with home inspection.

    Good luck!

    - Colton
     
  4. Mark Sherman

    Mark Sherman Supporting Actor

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    This is great I'm looking to do the same.
     
  5. Bill Cowmeadow

    Bill Cowmeadow Second Unit

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    I don't think there is such a thing as 'As Is' in real-estate in the US.
     
  6. Philip Hamm

    Philip Hamm Lead Actor

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    Consult a real estate lawyer for your contract paperwork and advice. They're a tiny fraction of what you'd pay a realtor, and necessary.
     
  7. Brandon_T

    Brandon_T Screenwriter

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    Absolutely there is As IS in real estate. I do real estate investing, and most of the contracts state "as is". If you can do it and aren't scared of going it alone, there is a great savings to be had.
     
  8. Trey Fletcher

    Trey Fletcher Second Unit

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    "As is" is a very tricky and potentially dangerous term in real estate. Certainly, if the use of the term is intended to mean that you won't replace carpet, paint a room, etc., then you're fine.

    However, if you are aware of faults with the property (roof leaks, cracked foundation, in an airport flight path, etc.) you must disclose them. "But your honor, I sold the property AS IS" will not cover your ass in court. Hiding known faults under the catch-all "AS IS" is playing with fire.

    The first rule of real estate is not location, location, location. It's disclose, disclose, disclose.

    Be careful, and get an attorney. I can't imagine the turmoil caused by a divorce. You don't want to end up in court over this too.

    T
     
  9. todbnla

    todbnla Screenwriter

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    We have nothing to disclose, we spent $50k in improvements to a new home, since we moved in....the divorce thing you got me on though[​IMG] But I would do it again, it was the best 22 years of my life, if you ask my ex well thats a different story. But it seems to be a amicable split to it looks ok as of now. I called a real estate lawyer and they will proof the contract for a fee, no problem. If they handle the entire transaction, well of course, no charge to me as the buyer pays.
     
  10. Jim Sentry

    Jim Sentry Stunt Coordinator

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    Make sure any offer is accompanied by a pre-APPROVAL mortgage loan letter from a reputable lender/broker.

    You don't want to tie up your sale while your potential buyer is trying to find financing.

    You could also hire a real estate agent as a Transaction Agent and perhaps offer them 1k to handle all the paperwork.
     
  11. todbnla

    todbnla Screenwriter

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    I already asked an agent and she said she could not as it was in violation of her license...? So I will just pay the lawyer do it.
     
  12. Brandon_T

    Brandon_T Screenwriter

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    My agent will handle the paperwork side only for between 1-2% depending on the cost of the home. Also, you should be able to find an agent that will put the home on the MLS for a flat fee of about $100. That will get you good advertising, without having a realtor to pay 3-6% Good luck to you and sorry to hear about the divorce.
     
  13. todbnla

    todbnla Screenwriter

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    Thank You Brandon.
     
  14. Steve Ridges

    Steve Ridges Stunt Coordinator

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    I'm in the process of selling my home right now. I just broke off a deal with me selling it myself. The problem was the buyers (friends of ours) did there best to figure out the market value of the home so we'd have a place to start when splitting the realitor fees. The problem is, they are comparing to past sales. They figured our house would sell for around $370k. We were going to sell to them for $360 and then pay for new decks, roof, etc. We decided to talk to an agent who after checking out the only 2 homes in our area that we would be competing with thinks she can get $400k...without having to replace the roof. We decided we couldn't pass up the opportunity to try and get more so we used the buyers inspection as a way to get out of the deal and list with an Agent. Wish me luck[​IMG] .
     
  15. Colton

    Colton Supporting Actor

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    Gosh, Steve, your friends will be thrilled to learn that they now will have to pay $400k instead of $360k. [​IMG]

    - Colton
     
  16. Jim Sentry

    Jim Sentry Stunt Coordinator

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    An agent is an independent contractor and can offer you any deal he/she wishes as long as pre-approved by the Broker.

    Re/Max agents typically have the most flexibility.

    The last 2 rental properties I sold I pais the agent $500
     
  17. Dennis Nicholls

    Dennis Nicholls Lead Actor

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    [​IMG] [​IMG] [​IMG] [​IMG]


    Around here the very cheapest condo sells for around $450k. You want a real house - be prepared to shell out $600k + ......

    An upscale neighborhood around here starts at about $1.5 MILLION and quickly goes up to around $3 MILLION.
     
  18. todbnla

    todbnla Screenwriter

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    Sorry, we don't all live in Ca..
    [​IMG]

    $279,900 3 beds, 2 bath 2000 sq, 500 sq separate dedicated home theater, 1/2 acre lot [​IMG]
     
  19. Dennis Nicholls

    Dennis Nicholls Lead Actor

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    Yep. That's well over $1 Million here.
     
  20. Jim Sentry

    Jim Sentry Stunt Coordinator

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    Thank God we don't live in California
     

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