Osok, Home Seller in Oklahoma City, OK

With a for sale by owner home what must be done after a buyer is found and a price is agreed upon?

Asked by Osok, Oklahoma City, OK Wed Apr 4, 2012

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17
If you are the seller, how ironic that you are choosing to sell by owner, but yet are asking agents help with the necessary steps to be taken in order to get to the closing table....you received great advice below and if you still choose to work on your own, it's really in your best interest to hire an attorney who specializes in real estate.
3 votes Thank Flag Link Thu Apr 5, 2012
Do you mean you put your home up for sale by owner and didn't fully research the process beforehand? Now that you have a buyer and an offer you are trying to figure it out on the fly?

Does the buyer have an agent?

At this point your biggest concern should be possible liabilities during and after the sale. Please hire an agent asap.

Oggi Kashi - 415.690.3792 direct
Broker Associate, Paragon Real Estate Group CA DRE 01844627
All data from sources deemed reliable but subject to errors and omissions, and not warranted.
2 votes Thank Flag Link Wed Apr 4, 2012
You definitely should contact a local realtor. It is worth the money to make sure that the transaction is done correctly.
1 vote Thank Flag Link Wed Nov 13, 2013
Contracts must be drawn up. Check your state laws or ask your attorney to draft the contract. Pay attention to all of the terms such as inspections, mortgage info, and closing date.
0 votes Thank Flag Link Wed Nov 13, 2013
Hire an attorney to write up a contract according to terms you have agreed on.
Get a proof of funds from your buyers, and pre-approval letter (if they need a mortgage) from their lender. Call their lender and find out if these buyers will actually get a mortgage.


Hope this helps,

Irina Karan
Beachfront Realty, Inc.
IrinaKaran@gmail.com
0 votes Thank Flag Link Wed Oct 30, 2013
For any for sale by owners in this situation... it would behoove you to hire a Realtor for at least $500 dollars to orchestrate the transaction for you. There are a lot of potential legal issues and liabilities that could most definitely arise. I am not a Realtor, I am only speaking from the vast knowledge I have of how little the public knows about the intricacies of a real estate transaction.
0 votes Thank Flag Link Wed Oct 30, 2013
0 votes Thank Flag Link Fri Apr 6, 2012
After you have a contract and take the buyer to a lender these are the steps in the loan process:
___ AUTOMATED UNDERWRITING APPROVAL
___CREDIT REPORT DATED WITHIN 60 DAYS WITH CLEAR OFAC
___CURRENT PAYOFF STATEMENT FOR ALL LIENS ON TITLE (IF REFI)
___CREDIT EXPLANATION LETTER, BK OR DIVORCE PAPERS IF NEEDED
___LOX FOR CREDIT INQUIRIES IN LAST 90 DAYS
___VOR/VOM LAST 12 MONTHS IF NOT ON CREDIT REPORT
___1008-TRANSMITTAL SUMMARY
___1003- FINAL TYPED 1003 WITH ALL CORRECT INFORMATION
___LDP/GSA FOR ALL PARTIES
___INCOME DOCUMENTIATION REQUIRED BASED ON AUS FINDINGS
___ASSET DOCUMENTATION REQUIRED BASED ON AUS FINDINGS
___COPY OF FULLY EXECUTED PURCHASE CONTRACT (ALL PAGES) SIGNED BY ALL PARTIES, IF PURCHASE
___APPRAISAL AND APPRAISER’S LICENSE (IF REQUIRED, BASED ON AUS FINDINGS)
___HOA QUESTIONNAIRE FOR ALL CONDO PROJECTS
___TITLE WITH VESTING AND 12 MONTH CHAIN OF TITLE, PROPOSED ENSURED: ___INSURANCE WITH DWELLING COVERAGE TO COVER LOAN AMOUNT, PREMIUM, EFFECTIVE DATE AND CORRECT MORTGAGEE CLAUSE TO: lender's name and address, loan #
___ATTORNEY’S FEE SHEET, E & O INSURANCE POLICY, CPL, WIRING INSTRUCTIONS
___COPY OF INITIAL 1003 SIGNED BY ALL BORROWERS AND L/O’s
___COPY OF ALL SIGNED AND DATED DISCLOSURES (GFE, TIL, 4506T, ETC.)
___TERMITE INSPECTION OR WAIVER

If you don't have a buyer yet, might be a good idea to get a Realtor, the above steps are just on the lending side, you would need to do the rest of the things the Realtors does for both parties, 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 Thu Apr 5, 2012
I am not sure I understand, you are selling your home without the advise of an attorney?
You are definitely saving on the broker's commission but hopefully you will do everything just right not to get into any financial trouble.
Get an attorney.

Good luck.
0 votes Thank Flag Link Thu Apr 5, 2012
this is helpful for me, selling my home in Collingswood, NJ. thank you all who responded.
0 votes Thank Flag Link Thu Apr 5, 2012
1) Home inspection by the buyer.

2)Have an attorney draft a contract on your behalf.

3) buyer needs to apply for the mortgage and they will have an appraiser, appraise the home.

4) buyer finishes up mortgage process.

5) Title comes back clear

6) closing!!!
0 votes Thank Flag Link Thu Apr 5, 2012
Assuming neither buyer nor seller has hired a professional real estate agent, the home inspection and the buyer's appraisal (assuming he/she needs financing) are key steps. Once a buyer is found and the price is agreed upon I always says "that's when the job really begins". If no agent is involved I would advise that at least one party hire a real estate attorney at this point.
0 votes Thank Flag Link Thu Apr 5, 2012
The best thing would be to work with a realtor.
Here are a few whys:

When working with a Realtor, you feel know for a fact that you are getting the best price and terms (throught he study of the market trends, comparable sales etc.)
The realtor would also be able to find out if the buyer is qualified to buy the house.
For cash transactions, you'll need a proof of funds.
For financed transactions, pre-approval from a reputable lender (not a pre-qualification).
Then, the inspections have to be done, proper disclosures, required in your state, have to be made.
After that the contract has to be prepared, negotiated and signed by buyer and seller.
The contract is normally prepared by realtor/attorney combo (depends on state requirements).
Who pays what is spelled in the contract (there are fees that paid by buyers and sellers).
Then, all the deadlines in the contract have to be handled properly and timely.
The title needs to be checked, survey, lien searches, home and flood (if applicable) insurances handled, preliminary HUD1 settlement statements checked.

Hope this helps,

Irina Karan 305-904-2355
Beachfront Realty, Inc.
IrinaKaran@gmail.com
0 votes Thank Flag Link Thu Apr 5, 2012
Hi Osok>
If you do not already have an accepted offer on your home please do your self a favor and at least talk with Realtors. Doing a FSBO can be dangerous for you and your family, you never know who is walking through your door, Realtors already have their clients pre-qualified, You have to know all the legal terms so you do not get sued after the closing in which a lot of FSBO'S do, We are trained and schooled for all of this, We know who to contact for closings, we know who to contact, all inspections, sure you might say our fee is high but we earn every bit of it and plus there are numerous cases where we actually get you more money that will pay our commission and most of your fees are tax deductible, But the biggest thing is yours and your family safety, Also we put your home in front of millions of people and you have to depend on drive bys:
If you have a contract already you need to find a title company and take the fully executed contract to them to process and do the title work, find a termite inspector and do a Termite inspection.

I f I can Help Please Contact Me
John Phillips
0 votes Thank Flag Link Thu Apr 5, 2012
Hello Osok: You have many options available to you. It's not too late to work with a Real Estate Broker. Since you were able to procure a buyer and agree on a price, it may be worth your while to find a Real Estate professional who will negotiate his/her fees in order to complete the rest of your sales transaction. You'll find that this is a still very competitive market for Real Estate agents. You should have no trouble finding an agent with whom you can work something out.

If the thought of paying an agent to successfully navigate you though legal paperwork, negotiations and inspections turns you off, I highly recommending that you seek an attorney who can help you draw up the contract and provide you advice for your protection. Please don't let a title agent go beyond their scope and provide you with legal advice. I wish you all the best.
0 votes Thank Flag Link Wed Apr 4, 2012
Set up a closing with a title company. Let me know if you'd like some help.

Bridgett Wells
Keller Williams Realty
651-9320
Web Reference: http://Bridgettwells.com
0 votes Thank Flag Link Wed Apr 4, 2012
Make sure that you put all the terms that you have agreed to in writing. Once both the seller and buyer have signed the agreement you will need to give the agreement to the buyer's lender and to a local title company.
0 votes Thank Flag Link Wed Apr 4, 2012
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