If your wife's mother has already found a willing buyer, then the longest and most expensive part of the real estate transaction is over.
While everyone below has said you should hire a real estate attorney or a real estate agent (which are of course TRUE), it is possible to sell your home by yourself. You just have to be very aware of the laws that govern this. I just wrote a blog post on this concept:
Again, if your wife's mother in law has already found a willing cash buyer, the longest part of the transaction is done. If you want a professional to iron out the lose ends, give me a call and we can talk about a discounted price.
It's more than real estate. It's RAYL-Estate!
Keller Williams Elite
Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
First of all, there is the question of value and pricing. Does your mother-in-law even know what the property is truly worth?? Has she priced it properly to give her the best negotiating position when talking with a potential buyer? How do you know the buyer's offer is even a fair price? It is very possible that your mother-in-law is leaving money on the table.
Secondly, how do you know she negotiated wisely to maximize what she could get for the house? What about all the other terms, other than the price? Finding the right "forms" is the least of her problems!
How do you know that the buyer has the money in the bank? Why is he not using a loan? Is it because she priced it too cheaply? Is it because the buyer can't qualify for a loan? Does she know the buyer, or is this a stranger?
Trying to sell it by herself is dangerous, and likely to cost her some money in the long run. If she doesn't even know how to find the forms to use, what other pitfalls is she not aware of?
Has the title been researched? We shall asume she has clear title. Then she needs to arrange for a title insurance policy. And what about a survery? The buyer won't have to order an appraisal since he is paying cash, but then why is he so anxious to buy it? Is it because he knows she has under-priced?
Did she provide a T-47 affidavit?
Has she given the buyer a Seller's Disclosure Notice? This is Texas law!
Has she made arrangements to pay off her mortgage note?
Did she negotiate and get some time to move out AFTER the closing?
...Sounds to me like she needs a good Realtor to represent her best interests.
Call me... I am much cheaper than an attorney!
The Michael Group
Fort Worth, TX
...Selling Fort Worth one house at a time for over 30 years...
If you do not want to use a realtor then you will need to hire a Real Estate attorney.
The sale and transfer of a property deed is alot more complicated than people think... It is more than just a form and contract..
You should really consider using a professional... Especially if you are looking for a cash buyer, the odds are the cash buyer will an investor who knows more about real estate than you and may take advantage.
Protect yourself hire a Realtor or Real Estate attorney to represent your best interest and protect your rights.
Best of Luck,
We'll provide you with the contracts and research to make the sale legal.
The trick is most title companies will not take cash, so whoever has the
cash will need to turn it in at a bank and get a cashier's check.
This is the safest thing to do anyway.
Feel free to call me and I'll try to help you or point you in the right direction.
Keller Williams Realty
Good luck to you,
Unwavering Commitment to Service
If you are unsure of the value, let me know and I will provide sold comparables in the area, come by to take a look at the property and offer a Broker's Opinion of Value.
Sandi Filip 817-648-1103