Next Steps When You Find a Buyer for Your For Sale By Owner Property

What is the first step in selling our house ourselves, after we have found a buyer?

1 Answer

The first step would be to ensure your buyer has a mortgage pre-approval if they are depending on mortgage financing to buy your home. Many local loan originators would be willing to help you pre-qualify your potential buyers for free, because they may be able to work with the buyer to secure mortgage financing. You may want to seek out a professional in your area to see who you may want to work with. They may also offer you a great deal on your next home loan, if you will be needing one.

If there is no attorney, or Real Estate agent involved, someone ( buyer or seller) must provide a basic purchase contract to be completed and signed by both parties. Some local real estate agents will be willing to help you with this part of the process, or your attorney can usually provide a standard contract. This is not someting to be taken lightly, as loopholes in a contract, or poor judgement or lack of understanding can weaken your ability to get the deal to closing.

Selling FSBO is a mostly do-it-yourself endeavor, some things are best left up to the professionals. Obtaining a lawyer may cost a little extra money, but it's a great investment. An attorney who specializes in real estate will protect your interests and help you make a sales transaction, evaluate offers and mortgages, and prepare and review contracts. Lawyers can also act as your escrow agent and can advise you on what legal forms you may need in order to complete the negotiations and closing process.

Depending on the state you live in, you will either need to get a lawyer or go through a title insurance company.

There are numerous sites on the internet that sellers can reference for purchase contracts by state, and step by step advice and information on how to complete this process. It may be in your best interests if you are unsure, to make an investment in the services of an attorney familiar with real estate transactions to help make your experience a positive one.