Yes! You have found a buyer who wants to write up an agreement on your house. Let’s see what you do now.
When You Find A Qualified Buyer
After you find a qualified buyer you want to write up an agreement of sale. I’m going to assume that you don’t know anything about an agreement of sale or about how to fill one out. With that in mind, my advice is to then NOT DO IT.
- You should have a competent real estate attorney that you use to help you draw up an agreement of sale and that helps you with all of the rules and laws associated with selling your house (like fair housing laws, seller disclosure forms, etc.) The real estate attorney can even do the closing for you and your buyer (they will take care of EVERYTHING associated with getting your transaction done and getting you your check in your hand.)
- To find a competent real estate attorney in your area you should ask other investors who they use. Also, it doesn’t hurt to call local real estate agents to see who they may recommend.
- If you know how to fill out an agreement of sale then you should have a title company that you want to work with to get your transaction to the closing table and get your check in your hand. They can help you with any questions that you may have, but they may not be permitted to give you legal advice in regards to rules and laws regarding selling your house, but ask, because a lot of them have real estate lawyers within their company that will be happy to help.
- If you don’t have a title company that you use yet or that you feel comfortable with then you can find one by asking other local investors who they use. You can also join a local real estate investing group and ask the folks there who they use, a lot of times there will be title companies and real estate attorneys there trying to market their services. But if all else fails, you might want to find the local REO agent in your area and find out if they know of any investor friendly title companies.
Now take your big check to the bank baby and you can now say “I can save tons of money on commissions because I can sell my house myself!”
I hope you’ve learned something from this 4 part series. If you have any questions, please feel free to post them here.