Question? If I make an offer on a FSBO and its accepted, what’s the next step in following through with the offer? If I choose not to hire an agent because of costs what’s my next move and what can I expect? Thanks, Joe.
It is true that the agents work really begins once the sales contract is signed. There are inspections, appraisals, loan officers to hold hands with, escrow officers, termite inspectors, and all the contractors to meet to repair any problems with the property. If everything goes well it is still a 30 day or longer process on most sales.
Of course you can do all this yourself. The seller can help too as they have at least bought one property. The first thing to do is to decide what title company to use if you want to buy a title policy and get them the earnest money if any and a copy of the contract. Make sure the legal description is on it. They will search the title records to make sure the title is clean and handle most other aspects of the closing details except as mentioned above. If you need financing you will need to get busy with the loan officer providing all types of information and financial documents. If you do not want a policy then you could hire an attorney to help close the transaction. He/she can get the title search done and do a lot of the same things that the title company does without the policy expense.
Everything else depends on the type property and condition and other types of financing arrangements.
I have closed many deals myself where there was no new lender involved. I even draw my own deeds and financing documents. After doing so many with my attorney he finally said why pay to do all this when you have done this over and over, it ain’t that hard as you have seen. He was moving to Dallas too.
PM or call or email and I can help you further.
Happy Hollidays and Thank you,
Ted P. Stokely Jr
11505 Sw Oaks
Austin, Texas 78737