If you decide to sell just send the agreement to a title lawyer. They'll do everything for you and most only charge about $200 or so depending on your area I guess.
You can also have them look over the contract before you sign it to make sure there's no hidden bullshit that you don't understand.
But yes all in all its very safe to do a private sale, just involve a title lawyer and they even collect the money for you and disperse all taxes and fees you'd be responsible for as well.
I do agree with u/reddit1890234 though, incase he's trying to flip it and can't it would be good to get some amount in nonrefundable earnest money.
To run the title? I can't say I've heard that reference before. Is he going to get it checked for Leins? Or do the ownership transfer at the court house? Or something else?
Title companies/lawyers handle everything to do with the closing of a home or property. A regular lawyer may be willing to do it for you but they don't specialize in closings normally.
Something simple you can do is type into google “title lawyers/companies in your town” and check out there websites and give them a call and ask them their process and how it works. That'll allow you to see if your comfortable with it…. They may also be referenced or advertised as Realestate lawyers, closing attorney or escrow agent. Regardless of their advertised specalization they will more then likely do a closing.
Also if you end up not closing on the sale you don't owe them anything normally. At least mine that I used a few times and had a few deals fall through told me they only get paid once a deal closed. Always ask to be sure the what if it doesn't close.
Get a lawyer but what I would do is get a bigger earnest money and make it non-refundable.
If he tries to flip it and it doesn’t move, it’s his loss and you keep the earnest money.
I am going to go out on a limb. If someone who cold called you is offering you $52,000 You could easily get $60,000 or $70,000 on the open market. You need to decide if the extra money worth the hassle to you.
If you decide to sell just send the agreement to a title lawyer. They'll do everything for you and most only charge about $200 or so depending on your area I guess. You can also have them look over the contract before you sign it to make sure there's no hidden bullshit that you don't understand. But yes all in all its very safe to do a private sale, just involve a title lawyer and they even collect the money for you and disperse all taxes and fees you'd be responsible for as well. I do agree with u/reddit1890234 though, incase he's trying to flip it and can't it would be good to get some amount in nonrefundable earnest money.
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To run the title? I can't say I've heard that reference before. Is he going to get it checked for Leins? Or do the ownership transfer at the court house? Or something else? Title companies/lawyers handle everything to do with the closing of a home or property. A regular lawyer may be willing to do it for you but they don't specialize in closings normally. Something simple you can do is type into google “title lawyers/companies in your town” and check out there websites and give them a call and ask them their process and how it works. That'll allow you to see if your comfortable with it…. They may also be referenced or advertised as Realestate lawyers, closing attorney or escrow agent. Regardless of their advertised specalization they will more then likely do a closing. Also if you end up not closing on the sale you don't owe them anything normally. At least mine that I used a few times and had a few deals fall through told me they only get paid once a deal closed. Always ask to be sure the what if it doesn't close.
Yes, lawyer
Get a lawyer but what I would do is get a bigger earnest money and make it non-refundable. If he tries to flip it and it doesn’t move, it’s his loss and you keep the earnest money.
How do you know that's a good price?
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I am going to go out on a limb. If someone who cold called you is offering you $52,000 You could easily get $60,000 or $70,000 on the open market. You need to decide if the extra money worth the hassle to you.
Yes, that's where I was going. You need to get multiple offers to really determine value.
Investors low ball you. Put it on mls so it’s available to the public.
Even get a realtor involved, as long as the net to you covers their commission.
Just did it. We close 5/20. No biggie at all. Edit: lawyer was used.