You should also always have the sale anchored by a meaningful deposit from the buyer at the time you and the buyer enter into a contract for sale. Again, your attorney would be an appropriate party to hold the escrow.
One other thing you might want to do is to ask your attorney to clarify with the buyer's attorney whether the buyer has made an actual cash offer, or merely an offer not subject to financing. The two are not the same, and I have seen many buyers purchase on a non-contingent basis and then finance either for income tax reasons or to avoid tying up large amounts of cash While this method is legitimate, it would be appropriate for the buyer to make full disclosure as to the actual procedure on which he/she intends to embark. Do keep in mind, that even a non-contingent sale can run into trouble if the buyer's bank's appraiser disagrees with the purchase price you and the buyer have agreed to. In some instances, the buyer might make up the difference in cash and close the sale in a timely manner. In a worst-case scenario, the buyer might walk from the sale leaving you with his/her deposit as liquidated damages. Be sure to have a competent real estate attorney draft up the sales agreement, so that its language adequately protects you. The language relating to the buyer's deposit should clearly spell out when the buyer's deposit is at risk, what factors constitute nonperformance on the buyer's part, what aspects might give the buyer a legitimate escape from the contract (for instance, nonconformity of the property to applicable zoning codes, or title issues that would take more than a pre-agreed monetary amount or a pre-agreed amount of time to resolve). Also ask your attorney whether the language in the agreement gives you additional legal or equitable redress in excess of the buyer's deposit, should the buyer be in breach of the buyer's obligation to perform.
I mentioned before, the advantage of retaining an experienced real estate attorney. I cannot overstate this recommendation. Over the years I have seen parties to real estate contracts bring divorce attorneys, patent attorneys, probate attorneys and others that were simply not qualified to conduct the business at hand. The practice of real estate law is a highly specialized discipline and you should avoid entrusting the sale of your valuable home to any attorney until you are completely satisfied as to the attorney's real estate expertise.
Best of luck!
Also it may be worth a million????? maybe its worth 2. I hope you've had muti agents in to give you a market value or hired an appraiser.
Good luck! Hope it works out :)
When you say the home may be worth $1 million dollars I get the feeling you need a local agent, like myself, to conduct a market analysis to help you access the value of your home. Honestly I would never recomend anyone sell a property based on what they think the property is worth without some form of research. Price is controlled by the number of homes on the market, condition, location etc . You may own a piece of property that is worth more than the offer in hand. As of today (Monday November 7th there are only 10 single family homes in Cambridge that are over $900,000.
Please let me know how I can help.
I've got two checks on my desk from Craigslist scammers. These scammers are good and getting better every week and they know to focus on big ticket items Going it alone may be fun, but there are real risks.
Cash buyer or financing - you will need a lawyer. Best to consult with your lawyer prior to signing anything even if they drop a bag of cash on your doorstep.
I hope it works out for you!
Also, a cash sale should be able to close quickly. If they are asking for 30 day escrow,be suspicious. Find out why. They may have a perfectly good reason,but also maybe stalling while they access funds, or find a buyer to roll the property over to at close of escrow for a higher price.
What do you mean , "the house maybe worth $1mil" ? Wouldn't it be good to know that for sure? The reality is, a house is worth what a buyer is willing to pay...in a CASH deal. If there's financing, a house is worth what the appraiser says its worth.
As a buyer, or a seller, an appraisal is a good idea. Is $1mil the buyers offer or your suggested price? For your protection,at the very least, a market analysis should be done by a competent real estate agent who knows your market. Be careful of in-accurate values found on internet sites.
Best of luck to you