Home Selling in 73099>Question Details

Audrey Clark, Other/Just Looking in Edmond, OK

I'm selling a house in Oklahoma, a potential buyer wants a cash sale, how do I do the contract work?

Asked by Audrey Clark, Edmond, OK Tue Sep 8, 2009

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Answers

5
Hi Audrey:

Did you get the house closed? I'd love to hear your experience as a FSBO, will you share?
0 votes Thank Flag Link Thu Mar 14, 2013
1. At http://www.OK.gov/OREC you will find all the forms you need to put your agreement in writing.
2. Then follow the contract.
SIDE:
S1. If the buyer and you want, you can just exchange a warranty deed once the buyer wires their funds to your bank account.
S2. If the buyer wants title insurance, have them call the closest title company to your house (all title companies are the same) and open title.
S3. Once the title commitment is complete and inspections done, you both can schedule your closing.
3. Close and call it a day.

There are many ways to contract a close a home, these are some suggestions.

Hope this helps,

Josh Barnett, Realtor
Metro First Realty
0 votes Thank Flag Link Sun May 6, 2012
If you are asking how to do the contract, chances are you are not to familiar with a Real Estate Transaction. Since you choose to sell your house without professional representation, you may be putting yourself at risk.
You can pay an Attorney to oversee the transaction, you can pay a Realtor to be a transaction coordinator, or you can just go to the Title Company yourself and hope for the best. But I would not advise you to just get a contract and fill it out if you don't understand what you are signing.
0 votes Thank Flag Link Mon Feb 15, 2010
Go to your local title company and ask for a blank contract. They are easy to fill out. Have the buyer give you a deposit (earnest money usually $1000 or more, if the buyer is serious have him give more). Fill out and sign the contract by both parties. Take the contract to the title company and get a closing date. You can split the closing fees 50-50 or have the buyer pay all. It's whatever you agree to. The title company will give you a date and an estimate of costs. At closing the buyer will need to bring a cashiers check for the remainder of the contract price. No need for any realtors or lawyers - it's a very straight-forward process. Bottom line - even though it is a cash deal you both need to be protected by a title company and title search with closing. Tell the title company it is a cash deal and they may be able to close sooner - may in 10 days or so.
0 votes Thank Flag Link Mon Feb 15, 2010
I'd be more than happy to discuss with you the proper way to write up a contract for a cash offer. Feel free to call me or shoot me an email.
John Stimson
405-474-1405
johnstimson@cox.net
0 votes Thank Flag Link Tue Sep 15, 2009
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