So I got some good advice here about buying a home now I need some for selling a home

[Shady]

I have been toying with the idea of selling a second home I own.

I got an offer that is on the low end of what I would sell it for. Its an as is cash sale.

I do not really know the buyer the house has a 50K ish loan on it.

Buyer says he will cover all costs. He has inspected the home multiple times with his contractor.

Is it as simple as going though a title company he puts up the cash the title company pays off the current loan and hands over the remainder of the funds to me ? <ya I know it will be a check>

I have not accepted the offer yet or asked how it works from here I will do that tomorrow.

any pitfalls I need to look out for I assume I just need to check out that the title company is real.

the property is here in texas same city I live in now.


it would really suck to get scammed out of the house lol.

 

[Steve In Texas]

Title Companies do this kind of transaction. Pick one that you like.

Do not accept a check from the buyer if using a title company. Let them wire transfer as that is most secure.

Do a bit of market research though as last week's estimate may not be relevant today.

We sold absent a realtor so it can be done.

There's some prudence in paying a lawyer to prepare the contract unless you have said experience.

 

[Byrd666]

There's some prudence in paying a lawyer to prepare the contract unless you have said experience.

Was just going to mention the above.

 

[Brains]

I sold my first house this way. Home was sold as-is, simple process at the title company.

 

[oldag]

Use an attorney. Will not cost much.

Cash offer as is right now, personally I would accept an offer on the lower end of my acceptable range.

 

[Shady]

Ya I have no issues with a lawyer looking over the contract I would think a couple hundred to 500 for looking over a contract but really have no clue. I accepted the offer and waiting to see what's next. The buyer is a real estate agent that flips homes. He said he covers all costs and ya no personal checks lol

 

[G O B]

Post a FAIR price. Offer a $1000.00 selling bonus for the agent that brings in a full price contract.

 

[Shady]

Why do I need a fair price the guy is offering a cash deal for a price I am willing to take without having to deal with inspections, mortgages,lenders,or repairs.

I just don't have a clue on the paperwork when selling without an agent

 

[WT_Foxtrot]

Seems like a perfectly reasonably deal so long as they put up escrow money. Anything that closes through a reputable title company is good.

 

[toddnjoyce]

Why do I need a fair price the guy is offering a cash deal for a price I am willing to take without having to deal with inspections, mortgages,lenders,or repairs.

I just don't have a clue on the paperwork when selling without an agent

TREC has a boilerplate contract that may work, otherwise the title company should be able to refer to an attorney that cam draw it up.

https://www.trec.texas.gov/sites/default/files/pdf-forms/20-17_accessible_1.pdf

 

[Steve In Texas]

If you are using paperwork and contracts drawn up by the other side alone, a review by your attorney is important.

 

[Shady]

well good bad or ugly. Signed the papers got a 2K good faith deposit close on the 9th if all goes well.

Anyone want to help me move a HUGE old all 1/4 steel cannon gun safe LOL. It bent my 800lb dolly last time I tried to move it. Had to go old school with tilting it putting 1" aluminum bars under it and rolling it rinse and repeat

 

[oldag]

Had to go old school with tilting it putting 1" aluminum bars under it and rolling it rinse and repeat

May be old school, but it works. Have done that more than once to get something heavy into or out of a tight spot.

 

[Tex929rr]

We bought two properties for cash. Had an attorney do the paperwork and did a wire transfer for both. Signed papers and then all of us went to the bank together and did the wire transfer. We knew the sellers already in both cases.

 

[Shady]

Paper work ended up super simple and available for download from the Texas real estate association. Buyer supplied the title company a certified check they supplied me with a check from the title company and the payoff to chase for the remainder of my loan. Literally 15 minutes start to finish.

And 10 tons of stress gone in seconds

 

[Eastexasrick]

Congratulations! You got what you wanted, and you did not have to pay for a title search, inspection, survey, Realtor commission, repairs, allowances, or any haggling. You did good!

 

[Shady]

Congratulations! You got what you wanted, and you did not have to pay for a title search, inspection, survey, Realtor commission, repairs, allowances, or any haggling. You did good!

and according to the buyer 15K in foundation repair. I did not know about and am not sure he was just saying that for a better deal. But I asked at closing what the issues were and he explained it. But I am still skeptical.

 

[Eli]

I missed this thread, or I'd have replied earlier.

I have been toying with the idea of selling a second home I own.

I got an offer that is on the low end of what I would sell it for. Its an as is cash sale.

I do not really know the buyer the house has a 50K ish loan on it.

Buyer says he will cover all costs. He has inspected the home multiple times with his contractor.

Is it as simple as going though a title company he puts up the cash the title company pays off the current loan and hands over the remainder of the funds to me ? <ya I know it will be a check>

I have not accepted the offer yet or asked how it works from here I will do that tomorrow.

any pitfalls I need to look out for I assume I just need to check out that the title company is real.

the property is here in texas same city I live in now.


it would really suck to get scammed out of the house lol.

I'd have advised getting comps from a Realtor prior to signing anything, to see where your pricing is at. Sometimes the money is about right - especially if there's no commissions involved - other times it's up to 50% below market.

Paper work ended up super simple and available for download from the Texas real estate association. Buyer supplied the title company a certified check they supplied me with a check from the title company and the payoff to chase for the remainder of my loan. Literally 15 minutes start to finish.

And 10 tons of stress gone in seconds

I tell people, you don't usually need a lawyer in residential real estate transactions - the promulgated plain-language forms are on TREC's website. Texas ain't NY where everybody spends a fortune on their own attorneys, and the title company will have a neutral third-party attorney review everything.

Eli

 

[Shady]

I missed this thread, or I'd have replied earlier.


I'd have advised getting comps from a Realtor prior to signing anything, to see where your pricing is at. Sometimes the money is about right - especially if there's no commissions involved - other times it's up to 50% below market.


I tell people, you don't usually need a lawyer in residential real estate transactions - the promulgated plain-language forms are on TREC's website. Texas ain't NY where everybody spends a fortune on their own attorneys, and the title company will have a neutral third-party attorney review everything.

Eli

I had a idea of what the selling prices in the area are from realtor.com zillow and a few other places. I also had a few friends of friends who flip look at it and make offers. They were between 25-35K less than the stranger lol.

I think my hang up is I hate to pay people to fix things I can do myself. I just no longer have any free time lol.

the big costs were new heat/ac siding and windows. It has a 1 year old roof. And apparently foundation issues.

 

[Mohawk600]

well good bad or ugly. Signed the papers got a 2K good faith deposit close on the 9th if all goes well.

Anyone want to help me move a HUGE old all 1/4 steel cannon gun safe LOL. It bent my 800lb dolly last time I tried to move it. Had to go old school with tilting it putting 1" aluminum bars under it and rolling it rinse and repeat

I have used golf balls for that before.

Good luck with the sale and the safe.