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There is a man in my town who buys houses and rents them. When he found out that we want to sell our house because we could afford repairs to fix necessary, he took a look. Last night, he called and said he wanted to buy. He said he’s going to matter more closely heute.Meine is, what should we do to protect ourselves and ensure that the house is sold, how?

7 Thoughts on House for sale with a real estate agent?
  1. Reply
    golferwhoworks
    July 19, 2013 at 3:21 am

    get it appraised so you don’t loose then make sure the wording in the contract is as is. there are some scams so make sure the deal is ligit

  2. Reply
    David Z
    July 19, 2013 at 4:14 am

    let him write the offer first. he is likely going to make you a crappy offer.

    have an attorney review it and help you. if you mess this up and let this guy take advantage of you it could be a real disaster.

  3. Reply
    Trufan
    July 19, 2013 at 4:24 am

    You need to have a form from the closer stating all know defects with the house and make sure the form states” As is condition with no liability.”

  4. Reply
    Jim L
    July 19, 2013 at 5:02 am

    I would check this guy out carefully before you sign anything. I would not feel comfortable unless the transaction is going through a title company at a minimum. Also, you should have an attorney review any documents. Ideally, you should be preparing the sale documents in a situation like this, then it would be easy to include a clause that the sale is “as is.” Honestly I think the “as is” question is the least of your worries – I would be more concerned about the honesty of this guy who appeared out of the woodwork and wants to close right away.

  5. Reply
    ibu guru
    July 19, 2013 at 5:44 am

    Do NOT accept any offer until you have had the house professionally appraised for as-is sale. It shouldn’t cost more than around $ 500 for the appraiser. Next, discuss the offer and contract terms with your attorney. If you are going to try to sell without a realtor, at least get a real estate attorney (the atty is way cheaper than RE commissions!).

    These guys are looking for desperate sellers and aim to get a house for about half its appraised value, rent it out, then fix & flip when the market gets better. It’s a very common ploy. If you are desperate enough, you will sell for a song – and that’s what they are looking for. You can be sure their first offer will be a low-ball.

  6. Reply
    loanmasterone
    July 19, 2013 at 6:02 am

    Allow the buyer to make an offer in writing. Check the offer and see if this is the sale price you and the buyer agreed to. If the offer does not have the words AS-IS in the contract you might add these words to the contract.

    That is not your biggest concern as to if you are selling the house in an “AS-IS” condition. This investor will not even hire an inspector to look at the property. He has already been through the property and made notes as to what need to be repaired and the estimated cost of the repairs.

    You would want to check the sales contract to make sure this buyer is getting a new mortgage loan to pay you for your property. Most investors have this statement “Subject to the existing mortgage” This means they will not be getting a new mortgage but will be assuming your existing mortgage and simply paying you the difference in the sale price and the balance of your current mortgage.

    Under this scenario your name remains on the mortgage, but is removed from the title deed. Thus is something go awry you are still responsible for the mortgage. Most investors will at times allow the payments to lapse thus causing a late mortgage payment on your credit report. Normally they will not lose the house, because they are in business to make money, if they allow the property to go into foreclosure they do not earn a single dime.

    If the contract and price is to your likening then you should ensure that the transaction take place with a license escrow closing officer and through a local title company. These two companies will make sure the transaction is carried out according to the the laws of your state and federal guidelines.

    The escrow officer will draw up escrow instructions based on your and the buyers contract. You will be required to sign the escrow instructions.

    I hope this has been of some benefit to you, good luck.

    “FIGHT ON”

  7. Reply
    Ross
    July 19, 2013 at 6:11 am

    Depends on what do you think “As Is” means? You are legally responsible to disclose ALL DEFECTS to the house. There is no let the buyer beware in Real Estate. I isn’t’ the same as selling a car or an old sofa. If you don’t understand what you are doing you NEED professional representation. With out this you can find yourself with some serious legal problems.

    Real Estate Agents are licensed for a reason. It is not rocket science but there are things you need to now. Not knowing these things is no excuse.

    Whether you use an attorney or a Real Estate Agent the money spent will be minimal compared to what you could end up liable for if things aren’t done correct.

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