Home Selling in 45223>Question Details

Kelly, Home Seller in Ohio

are there legal contracts for selling my house myself?

Asked by Kelly, Ohio Tue Apr 1, 2008

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11
Kelly
You are responsible for the same legal disclsoures that any seller would be. The most important thing you should consider is this: If I sell my home without professional representation, who represents MY interests? If it's just you and a buyer, how do you negotiate?
If the buyer's agent approaches you, that would mean that the buyer might have an unfair advantage, they have a sharp negotiator, you have...well, you!

I am curious, when you sell your home, are you buying a new home? Planning to use a Realtor? Sure, why not, we work for "free" right? That's how most buyers think, so the first time a buyer sees the home they buy, they see it with a Realtor. 90% of the time.

So that means that you are excluding 90% of the buyers when you sell on your own. Is that to your advantage? You could also list with an MLS only broker, pay the selling side of the commiission, and save one or two percentage points...but only IF you can find a buyer and close escrow. Limited service listings in OUR mls sell for 2.4% LESS than homes sold by full service agents, and take more time to sell.

Good luck! Let us know how it goes.
1 vote Thank Flag Link Tue Apr 1, 2008
Keith Sorem, Real Estate Pro in Glendale, CA
MVP'08
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The best thing to do is find a local real estate attorney in your area and have them provide you with a real estate purchase contract. In the past, I've seen templated agreements that you can buy off the shelf and they just are too generic and not detailed enough. Also, have an attorney review and advise you on the agreement.
1 vote Thank Flag Link Tue Apr 1, 2008
you can go to any office supply store for the basic contracts to sell your own house. agents may try to talk about disclosures but if you link up with the right attorney they will provide you the disclosures you need to be compliant with the law. savvy sellers go the for sale by owner route especially during tough times like these because real estate agents aren't selling many houses maybe around 7% of the homes on the market are sold by real estate agents. the rest of their listings sit on the market month after month.

if your house was built before 1982 make sure you have a lead paint disclosure. i used the 1982 reference just to be sure for your area. get your hands on a purchase and sales agreement or standard purchase agreement and sell your house. there are many names for these agreements.
0 votes Thank Flag Link Tue Jan 20, 2009
Ours sold for $100.000, Yes, $100,000 more than the Realtor had it listed for. The Realtor sold our house to a friend of his (called a "hogger") who tried to pull a fast one with the escrow money. Long story short - ended up in court - Realtor pretty much stuck his head in the sand - we resold 3 months later for a $100,000 more using an attorney. Be careful with Realtors - check, double check references or just use an attorney
0 votes Thank Flag Link Thu Dec 18, 2008
Hi Kelly,

Yes there are several companies that specialize in "boiler plate" contracts customized for your state.
Try Goggling Purchase and sales agreements.

Another great idea that I prefer is to self market but utilize a good attorney to keep you out of trouble with legal contracts.

Feel free to see my recommendations and suggestions to people in just your position in my free ebook at the web site below.

All the best,

James Joseph
0 votes Thank Flag Link Thu Dec 18, 2008
There are some that you can get off the internet, you can also use the escrow instructions as a contract.
Web Reference: http://getprequalified.com
0 votes Thank Flag Link Sat Jun 7, 2008
Kelly,

Yes there are legal forms. It is all about your motivation on selling your home. If you have time to sell, then selling it yourself is okay. But if you have to sell soon, then utulizing an agent's expertise and advertising would be great. Right now the market in the greater Cincinnati area has about 15,000+ listings on the market in MLS. For Sale by Owners have a 2% chance of selling their home themselves.

Coldwell Banker has the best marketing available to get homes SOLD.

Good luck on selling your home. Let us know how it goes!
0 votes Thank Flag Link Sat Jun 7, 2008
Hi Kelly,
Yes is the answer. You need all the same contract and disclosure forms that any seller must have. If you need copies, give me a call! 513 766 3878. Carol Meadows, Keller Williams Advisors Realty.
Web Reference: http://www.meadowsteam.com
0 votes Thank Flag Link Wed Apr 2, 2008
Yes. Online, Books, Do-it-yourself kits; an Attorney....Be careful. They usually sell for less and take longer.
0 votes Thank Flag Link Tue Apr 1, 2008
Kelly,
I would tread carefully. Now if an agent brings a buyer to you and you pay them a commission they will be doing double duty (to protect their client) and providing all the paperwork. If you do not have a real estate professional anywhere involved in this transaction then you definitely need to speak with the attorney that you are going to use at the closing and get everything you will need. You may start to find out why we go thru so much training and continuing education. But, I wish you luck and just be careful.

Larry Story
Coldwell Banker Triad
0 votes Thank Flag Link Tue Apr 1, 2008
Kelly

There are legal contracts for selling your house as well as state and federal disclosures that are required. I would be happy to review these documents with you or you should contact an attorney.
Kevin@kevinduffy.com
Web Reference: http://www.kevinduffy.com
0 votes Thank Flag Link Tue Apr 1, 2008
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