I am selling my first house and may have a buyer, he said he was going to the bank to see if he can get financed. He said since im selling fsbo, the lender may need to see a statement saying I indeed am selling. I told him that would be a contract and he said it wasn’t a contract, what else would it be or what is this guy talking about…
He said it could be written in pencil on a napkin, just something to prove its indeed for sale. please help!
I also would like to know the legal proces to take if anyone don’t mind, I was just gonna hire a attorney and me the seller will meet the buyer at the attorneys office and let the attorney draft the contract, that the best way to go about it?
In my experience, a purchase contract should do just fine as proof of the sale. I don’t know what your buyer is talking about with the whole pencil on a napkin thing, but I would fill out a REPC and go from there. As far a drafting up the contract, I don’t know if going to an attorney is necessary. Do you have any agent connections? find an agent or other investor that can help you fill out the contract and collect a good earnest check. I may be missing details that others can fill in here, I’m only going off personal experience.
Good Luck.
go to the library - get out a book for free with a SELLERS version contract. one that protects YOU most.
i would absolutely get a real estate attorney then to look it over. i wouldn’t sign any piece of paper on no napkin.
pay a professional what he is due so your best interests are represented, just know what the professional is doing at all times.
the attorney might cost you X, but he might make you/save you alot in the long run, including head aches…
if you decide to sign anything - write under it
“subject to my attorney’s approval” - but i wouldn’t sign no napkin…this isn’t a car.
You should either get an attorney that handles real estate or a RE agent to take care of the sale to protect you from mistakes. I would recommend the realtor first since they have the neccessary contracts and will know what papers to have summitted for the sale to go thru for the financing. If you do not know any realtors, goto a local office and ask someone for a referral to an agent they dealth with recently. Go talk to the agent and inform them it would be pretty hands off deal. The buyer is found and you just need the papers to be filled out and someone to represent you. Ask them how much they will charge you. Chances are they will do it for 1% commission or maybe even less.
I had sold my own house 5 different time. I just took my buyer down to the Title company and let the Title Company fill the sales contract out, and also have the buyer put down the earnest money with the title company right there. It always close without any problems.
your unfamiliarity with the process is your worst enemy. hire a professional in some capacity. all the advice in the world off this or others forums is not going to do you a bit of good in the end. as you become familiar with the process you will probably not need that professional help. you have much to lose if you proceed without guidance. an attorney or re agent will by law have your best interest at task, let them do their job, and learn from the event.