Home Buying in Shakopee>Question Details

taaron2004, Both Buyer and Seller in Shakopee, MN

I have a person who is interested in buying my home through a private sale. How do I start this process? Where do I look for accurate informatoin?

Asked by taaron2004, Shakopee, MN Tue Mar 12, 2013

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9
Hi taaron,

Give Chase a call. He is fantastic and can be a great resource to you.

Make sure that your buyer is fully APPROVED. I'm not talking about prequalified. There is a huge difference. The buyer should have a lender approval letter that accompanies the purchase agreement offer, assuming this is not a cash deal.

Sherri Sherpy
The MN Mortgage Mom
612-363-1106
Web Reference: http://www.sherrisherpy.com
1 vote Thank Flag Link Tue Mar 12, 2013
Hi, taaron2004!!

Well, this gave me such a tickle today!! So good of you to ask for advice here and, it's appropriate for the agents to advise that you should "hire an agent"!!! I'd, of course say that makes the most sense, too.

Facilitator is a much less expensive way to go to make sure that all of the paper work gets done correctly. You could also hire a real estate attorney if it's just a matter of paper work.

It's smart that you're asking. Many people try to just buy the papers and do it themselves. I never realized, until i BECAME a licensed agent, how many legal procedures are involved in a real estate transaction, that open BOTH parties up for some major liability issues. So, with that knowledge, I'd at least consult a professional before you do anything.

I always say, "It's not a problem until it IS!!"

Good luck!!
0 votes Thank Flag Link Mon Apr 8, 2013
Talk to a couple of Realtors or Title companies about facilitating your transaction (contracts, disclosures, etc). This is the easy part. Is the buyer qualified (do they have financing) to purchase your home? Will your home appraise for the sale amount? Are you receiving a fair market value price for your home? A qualified Realtor should be able to answer your questions in a few minutes. Good luck with the sale.
Web Reference: http://www.mywra.net
0 votes Thank Flag Link Tue Mar 12, 2013
To start the process you need to figure out a couple things.

1) Is the buyer in a position to purchase your home? That means they need to work with a loan officer if this already has not happened. I would not worry about signing a purchase agreement until this is done.

2) How to execute the paperwork and work towards closing. I think it will be tough finding a step-by-step process on the internet, but your title company does usually have the ability to help walk you through this process.

Realtors do sometimes come in and simply "facilitate" the transaction. Draft up paperwork, handle the financing, and get you to the closing table. I bet you could get someone to do it for under $500 bucks. The title company is the 2nd option, and the 3rd is to have an attorney draft up/review the paperwork.

The commerce department has a lot of contracts you can use and I would check out their website maybe as another source.
0 votes Thank Flag Link Tue Mar 12, 2013
Hi Taaron,
You may consider hiring a Real Estate professional to handle the transaction for you at a reduced rate. If you have the property, buyer and seller some of the transaction is ready.
There are contracts, appraisal, inspection, disclosures ect.
Feel free to call me for further discussion. 6515004720
0 votes Thank Flag Link Tue Mar 12, 2013
Often people think they can do the process on their own and do not realize all that goes in to it. I would talk to an agent and offer them a reduced commission that maybe you can split with your buyer. It will be well worth the funds for you and the buyer to protect you and ensure you are writing the contract correctly. An agent deals with many things after a buyer has been found for a property including inspections, title work, lending dates and issues and closing.
0 votes Thank Flag Link Tue Mar 12, 2013
Offer a good Realtor a couple hundred dollars an hour to help you out.

Good luck,

Jim Simms
NMLS # 6395
JSimms@cmcloans.com
Financing Kentucky One Home at a Time
Web Reference: http://jamessimms.com/
0 votes Thank Flag Link Tue Mar 12, 2013
Talk to a Real Estate agent and negotiate a lower commission since you are providing the buyer.
This way your deal gets done professionally, you're protected and the the real estate professional is compensated for their time, knowledge and expertise.

Give me a call to talk more.
Chase Lenz
612819-4474
0 votes Thank Flag Link Tue Mar 12, 2013
I'd be happy to talk with you about the process, and how to start. Give me a call. 952-451-2900
0 votes Thank Flag Link Tue Mar 12, 2013
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