General Discussion
Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsWe have decided to sell our house...
1) as is
2) to friends (20+ yrs)
3) they are approved for a loan
4) by owner (no realtor
hopefully)
5) i dont even know where to START to get this process going
any help/suggestions?
h2ebits
(646 posts)The contract is too important for you to NOT have an attorney to dot the i's and cross the t's.
ret5hd
(20,523 posts)didnt immediately come to mind. As it happens, we have another friend even within walking distance that fits this description!
Bobstandard
(1,328 posts)There are lots of subtitles to real estate contract law. Not just any lawyer will do.
Happy Hoosier
(7,395 posts)Did this on our last sale. Find a lawyer that does property sales and get a flat rate. Should be a lot cheaper than a realtor.
blm
(113,097 posts)ret5hd
(20,523 posts)fierywoman
(7,694 posts)the cheap kind is worthless. Consider also using cheap plastic cord for the heavy boxes (wrapped on four sides like ribbon on a gift ) -- makes it easier to grab and lift.
Phoenix61
(17,019 posts)Crown Royal ones are the best. Im sure my neighbors thought I was a serious party girl when I moved in.😂 Walmart liquor stores usually have a ton of boxes.
fierywoman
(7,694 posts)more than one or two liquor boxes. I learned that (if you have a Trader Joe's nearby), you can go to TJ's during the 1/2 hour before closing and pick up all sorts of boxes (some of which are stronger than wine boxes!) and they're already broken down (easier to transport, easy to make into boxes again. ) The TJ people even talked about giving me the entire night's boxes as the store closed (at 9 pm) (They're into recycling. )
If you order new boxes online, last I looked ( +/- six years ago) they were cheaper than the ones at either Home Depot or Lowe's -- and they deliver to your house.
Good luck! (I hate moving more than most anything.)
PJMcK
(22,050 posts)Ask around for recommendations. Interview a few till you find someone you feel a rapport with. They'll help you make things go smoothly.
Seriously, don't mess around since there's a good deal of money involved. As I told my nephew when he inherited my brother's estate, with substantial wealth comes great responsibility, (apologies to Spiderman).
ret5hd
(20,523 posts)PJMcK
(22,050 posts)Hassin Bin Sober
(26,343 posts)They charge less as they work on volume. They are usually out all day bouncing around the title companies while the assistant is in the office.
I was doing a mortgage closing (Im in the business ) for a client friend of mine and he was using his personal trust attorney and the guy was charging him like $2000 dollars. Yikes. I had to bite my tongue because the deal was set but that should have been, at the time, $500 bucks from a real estate attorney.
Plus the guy had no idea what loan docs he was looking at so he had me go over the loan papers. I didnt mind doing it because thats what I would do for a refinance. The forms are all standard but thats when closing attorneys usually put on a show and pretend like they are oking signatures.
The attorney of the seller can take less as a fee because he gets a cut of the title insurance policies since he gets to pick the title company. My last sale I answered a flyer for an attorney who only charged $125 for a sale closing. Between the policy the seller buys for the buyers warranty and the policy the buyer buys for their mortgage company, the fees are $2 - 3 grand. He gets like 40% (they disclose it at closing as an affiliated business arrangement )
Deuxcents
(16,351 posts)Document everything and depending where you live, make sure you have a reputable Title Company so its sold without any liability and your friends have a Warranty Deed. If closings in your state require an attorney, then make sure both you and your friends are covered under your states requirements. Good luck..people do it all the time. Ive done it.
ret5hd
(20,523 posts)democratsruletheday
(504 posts)and the aforementioned Real Estate Lawyer can and will give you an itemized list of what you need to complete for the transaction. Don't worry or be intimidated, just do it. I'd ask around to family/friends/facebook for that lawyer, referrals are always best.
democratsruletheday
(504 posts)and the aforementioned Real Estate Lawyer can and will give you an itemized list of what you need to complete for the transaction. Don't worry or be intimidated, just do it. I'd ask around to family/friends/facebook for that lawyer, referrals are always best.
ret5hd
(20,523 posts)As usual, DU sets my sometimes confused mind straight.
2naSalit
(86,802 posts)Like you were going on vacation for a couple weeks and set that aside, live out of that, pack everything else for the move. And, like mentioned above, don't carry anything that feels heavy when you first try to lift it.
Hope22
(1,865 posts)We moved our great uncle and just assumed it was a local move so no worries. At the end of the day he was tired and we were scurrying to find pjs, meds, toothbrush, you name it! Poor guy!
2naSalit
(86,802 posts)I've moved a million times, I learned a long time ago to put what you'll need aside for "living on" and everything else can be out of reach for a month or so.
That's always the best first thing to do, pack your backs for a long trip.
ForgedCrank
(1,782 posts)things to note.
Todays friends are not always tomorrows friends, and money can be one of the things that changes that status.
Both the seller and the buyer should filter this entire process through title lawyers to make sure all the boxes are checked and all laws are complied to. It not only protects the buyer, it also protects you. It hurts to pay a couple of grand on it, but it's the best insurance you can buy for this sort of stuff.
Thunderbeast
(3,419 posts)Fill it out and take it to an escrow company. THEY do all of the work.
Most simple sales do not require lawyers (except in certain states).
flvegan
(64,416 posts)If your state doesn't require a lawyer, one may not be necessary*. The title company will handle just about everything. If your friends are getting an institutional mortgage, title insurance is likely going to be required anyway.
*Nothing against lawyers, and I'm not suggesting that if one is desired, one shouldn't be retained.
MOMFUDSKI
(5,675 posts)Dont pay an attorney. Title Company takes care to check for liens, etc. Their work is guaranteed.
beaglelover
(3,495 posts)Selling a home 'as is' won't necessarily protect you if something egregious is found after the sale.
Also, buy them a home insurance policy for 1 year to ease any nerves they may have. The policies are not expensive and give the new buyers peace of mind.
MerryBlooms
(11,772 posts)She arranged our cash buy. She also knows pretty much every go-to person/companies for inspections, repairs, installing, etc... In our area. Not sure how expensive a lawyer is to handle your sale, vs a realtor? I know she's not making as much as a lawyer. And, she did the paperwork in one visit. So, you went into this super important land transaction blind, but totally against expertise help, asked rando internet folks for advice? One of you in this transaction needs someone who knows what they're doing. Not sure how long you have live in your area, or what kind of friends you have, but I hope one of your friend locally can point you to someone they know and trust, in the business. Good luck, and all the best in yours. 🤗
MOMFUDSKI
(5,675 posts)want to. Then negotiate price from there.
honest.abe
(8,685 posts)It is a challenge. The biggest issue for us is packing and getting rid of stuff we dont need. Also the logistics. When, where, how and the timing of everything. Its very complicated. We have a Redfin selling agent to help us. But its still seems overwhemling. Good luck!
llmart
(15,555 posts)Different parts of the country, etc. This is how I became a minimalist. I don't mean I live like a pauper or only have one plate, one knife, one fork...you get the picture. But it does mean that with every move I whittled down more each time. I would start packing and see something still in a box that I paid to move the last time and had never had the occasion to even look for it again. That's when I realized it was time to let go.
Hopefully you don't have a lot of books because those suckers are heavy and you can only get so many in a box before you can no longer lift it. I work in a library and we have huge used book sales. We get so many donations we don't have enough time to process them all! I no longer buy or keep many books.
I love having a noncluttered house where everything has a place and I know exactly where it is and can put my hands on it readily. I don't have enough years left on this earth to waste on looking for "stuff".
It might seem overwhelming at first, but try to look on it as a new adventure. I handle change much easier now than I did in my younger days. I learned the value of looking at each move as learning something new. It's good for the brain!
MOMFUDSKI
(5,675 posts)take it from there. No attorney needed.
Hassin Bin Sober
(26,343 posts)Im in the mortgage business so I have somewhat of an understanding of how the title insurance piece works.
Around here, at least, the sellers attorney picks the title company and is an agent for the title insurance products delivered at closing. In other words, the attorney gets something like 40% of the owners policy and buyers mortgage policy. I think they get the junk endorsements required by the mortgage companies at 100%.
An attorney on the sell side gets a nice chunk just for funneling the business to the title company. Thats why all the real estate brokers are trying to horn in on that business and head sellers off at the pass before they hire an attorney.
I used the same attorney on the buy side six months later and he charged me 6 or 700 bucks.
Ive sat through hundreds of closings and I would still rather pay an attorney to watch my end of the deal. I know some states like California its not unusual to have no attorneys in the transaction - the title companies are more accustomed to it and wont get pissy if they have to do all the work. Around here youre taking your life in your hands with some of the crabby tile company closers I know.
Also, I would prefer the attorney handle the tax prorations and escrows. Those get a little complicated.
sinkingfeeling
(51,474 posts)MOMFUDSKI
(5,675 posts)Title Company.
SarahD
(1,246 posts)She did all the paperwork. Sold house as-is, no warranty. When selling to a friend or relative, it's easy because there's no haggling, mortgage, conditions, etc. Lawyer is much cheaper than real estate agent.
SarahD
(1,246 posts)A mortgage lender will insist on an inspection, maybe a home warranty. You will have to set up an escrow account with a title company. There will be a title search, also by the title company. You will spend more for a lawyer, but still.less than a real-estate agent. Just make sure you use an attorney who deals in real estate transactions. I see others have mentioned this point and they are absolutely right. Your lawyer can also make sure you don't get pushed around by the mortgage lender, and that will help both you and the buyer. Want an example? A mortgage lender might require an inspection by a specific inspector, and there are all kinds of terrible defects that must be repaired before they will approve the loan. No worries. They have a nice, helpful contractor who can do all that work. Then there is a huge repair bill that must be paid before the loan goes through. Shit like this happens all the time. I actually knew some people who were working some of these dirty deals. The real estate biz is a snake pit. Watch out.
MerryBlooms
(11,772 posts)Yes, we had an inspection, fortunately, the homeowner kept impeccable records.we have no mortgage. We paid cash. I misread the OP, their friends are going to be carrying a loan. I better bail out bow of this conversation. My client is calling because one of his cats passed this morning, and I'm not able to put my full attention on this. He's more important right now. But, I will read tomorrow after I deal with him and make my sister's supper. Thank🥰
usonian
(9,898 posts)We hired a lawyer to make sure things were above board, but as people say, the title company does the details. Not sure about inspections. I think some fake inspections, and kick back agents. Dunno how to verify good from bad. Agents aren't about to tell on their benefactors.
Lawyer didn't show at closing. Gave him a ration of shit and he sobbed all the way to the bank. Went OK without him.
Your state may not allow as-is, so disclose everything ( This may be overkill ).
I may move "soon", so this thread is appreciated. Thanks for posting.