By selling your own home, you can save thousands of dollars. There’s no brokerage fee or commission to a realtor all the proceeds of your home or your own. Of course, this is the best benefit of selling your own home. You also have total control of the transaction. You don t need to worry about someone else making errors. You re always available for showings answering inquiries, etc.
One of the most intimidating aspects of selling your own home is the sales agreement. Advertising and showing your home are the easy parts, when you find a buyer – that’s where it becomes a challenge. On the surface it seems simple – just a sales agreement and a receipt, but when it comes to real estate the document must be legally accurate.
Actually in the early days of home buying the sales agreement was a simple one page document with the facts – the parties involved, the property address, and the purchase price. However today, in order to avoid lawsuits, sales agreements are written by lawyers and are often about 10 pages in length. This really puts a FSBO at a disadvantage.
Using a form from a local office store, often sold as “Sales Agreement for Real Property”, is a bad idea and you could be laying the groundwork for expensive litigation later on. These commercial forms actually often contain more blank space than legal language. Even relying on a friend who has drafted sales agreements in the past may be risky. The best option is to hire someone to do the sales agreement for you. In most states there are attorneys who specialize in real estate. While this option may be costly, it’s still cheaper than using a real estate agent and relieves you from the stress of drafting a sales agreement on your own.
Utilizing a sales worksheet with an interested buyer is a great option to nail down the details of the transaction. This is just a worksheet, not a legal document, but contains all the things you and the buyer agree on. The worksheet actually can become a tool for working out the numbers and coming to an agreement. Once you’ve agreed on the price, deposit, dates, and other terms your worksheet can help your attorney draft a sales agreement.
Some buyers are nervous when buying a FSBO home and going to a professional for the legal paperwork will relieve some of their worries. Many buyers are also wary of paying an individual directly. Your attorney can also serve as a third party for the payment and set up an escrow account for you.
The best way to ensure a successful transaction is to make sure your sales agreement is completed correctly. While it may be tempting to draft your own documents, if you aren’t a lawyer your version may not stand up in court. Find an attorney to help with this one step and you could find yourself successfully selling your first property!
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Join the best For Sale By Owner site and sell your home with no commission. Create a free real estate listing at http://www.freehomeownerlistings.com .
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