Talk to a Real Estate Agent and a Real Estate Lawyer
This is a “For Sale By Owner†home and you are wondering why you would need to talk to a real estate agent. A good real estate agent can help you in many ways. One way is by helping you prepare a free Comparable Market Analysis. This analysis will give you a list of the prices of similar homes sold recently in your neighborhood. Similar information is available on the Internet, but Comparable Market Analysis is often a better basis for you to set your price on.
The agent can also give you some tips on touch-ups and repairs to be made before a prospective buyer comes to look at your house. The agent can also give you a recommendation on mortgage brokers and home inspectors. He or she can help organize the closing, and could be extremely helpful in negotiating a price for your home.
You will want to get referrals for a couple of good agents. Check with friends, family, or even new neighbors who have recently bought a home. If you like the agent who sold you your current home, you might want to check with them. You can even check with Realtor.com for agent referrals, if you don’t like the choices you have.
The agent will want a commitment to make them exclusive in the selling of your home, but the getting the Comparable Market Analysis is not a commitment.
Talking to a Real Estate Attorney will also be helpful in certain situations. Most states will allow you to sell your home with an attorney, but you will want the services of an attorney to hold a down payment, a binder, or earnest money deposit. You will also want an attorney to represent you at closing should the buyer’s lending institution send a lawyer to deal with the closing. The attorney can also host and handle the closing proceedings.
You may want an attorney to calculate complicated offers from buyers, and to file your financed mortgages or Lease with Option to Purchase Agreements. An attorney will also handle all other documents, which need to be filed with the County or Courts.
Some states will require you as the “For Sale By Owner†seller to use the services of an Escrow Agent or Title Company to make the transfer of real estate. In these states the Escrow Agent will perform the duties of the closing attorney. This will mean you will still want an attorney to perform the other duties described above.
When hiring an attorney, do not hire a criminal or corporate attorney who probably has never handled a closing of a real estate deal. Get referrals by asking anyone who has ever hired one themselves. Your real estate agent may even be able to refer you to a good real estate attorney.