Advice on "For sale by owner" home/property.

[Trevor73402]

I have a small 3br/2bth brick home on 2.5 acres that Im interested in selling in southern OK. I have never sold a house before. This property will have to be sold "As-is" for a number of reasons. So I'm told this limits the buyer to a conventional loan or cash since the house will not pass inspection and Im not planning to do any repairs to it. Have any of you sold a home yourself without going thru a realtor? Was it difficult? Any lessons learned or regrets? Any advice? Im pretty clueless as to this process start to finish so any guidance would be appreciated. The property has not been appraised or surveyed since early 2000's when my Dad was getting divorced. The housing market up here seems to be absolutely insane right now so I figured it might be a good time to sell it to someone wanting a "country home".

[Killer]

If your close to Paris TX call AW Clem at Moore Law firm at (903) 784-4393. He is a real estate attorney and will be the best money you spend for info and contracts.

[Trevor73402]

If your close to Paris TX call AW Clem at Moore Law firm at (903) 784-4393. He is a real estate attorney and will be the best money you spend for info and contracts.

Im not in that area, but I appreciate the info.
Thanks,

[sailor]

What repairs are needed..............??????

[Trevor73402]

What repairs are needed..............??????

Im pretty sure it has some foundation issues. Most likely will need a new roof at some point in the next couple years. The front bathroom is half way remodeled and I had to fire the person doing the work. So its not finished. House was built in the early 80's. Just the usual things a house this old would need. Its fully livable as Im living in it now and have been for 10+ years. Im just not going to invest anymore money into to sell it. If I were going to do that, Id just keep it for a rental/lease property.

[mww982]

Although most of the time they don't, conventional loans can require repairs depending on the issues at hand.

[kparker158]

Just make sure it’s an actual cash buyer. Most of the time a wholesaler will try to get it under contract for 45 days and they try to flip it to a true cash buyer. If they don’t make it happen they just let the contract go back. Once you get past the wholesalers a title company can do everything you need for the transaction. A true cash buyer can close in 7-10 days as long as title is clear.

[SmTx]

Just make sure it’s an actual cash buyer. Most of the time a wholesaler will try to get it under contract for 45 days and they try to flip it to a true cash buyer. If they don’t make it happen they just let the contract go back. Once you get past the wholesalers a title company can do everything you need for the transaction. A true cash buyer can close in 7-10 days as long as title is clear.

I know some guys that make way too much money in real estate for what they actually do.

This is big for them.

They love seeing FSBO properties where they know they have people wanting that type of property. Get it under contract, usually under market when FBSO, and then flip it for little to no money down.

[locolobo]

I bought a house back in the 70's FSBO. Went through a title company for the sale, contract, deed & title insurance. Cost the seller $250. He wanted me to pay for it but it was either he pay or deal's off. He wanted the sale!

[bsills]

I tried to buy a house in colorado last year that was FSBO. It was pretty easy dealing with them, and the FSBO realtor, but it didnt work out. The FSBO agent was from a different county in colorado and was not familiar with the county we tried to purchase ours in. In the end it bit the sellers in the but and we had to back out last second due to not having checked everything, the septic in this case, they were supposed to. I know people think realtors make to much money, and might on super easy deals, but most times they earn their money. And they can save you money or make you money.

[mmoses]

FSBO is very easy if you have a buyer lined up. Not so much if you don't but there are services you can pay to get it on the MLS listings.

You can get a copy of the form and contract on the Real Estate Commission's website.
The title company can do the rest. https://oklahoma.gov/content/dam/ok/...al%20Sales.pdf


On the flip side, a realtor might bring you more money and pay for their commission.

[7sdad]

Lots of investors out there looking for houses and they can close in 7-10 days.

[DFWPI]

Some work out, some don't, but not long ago, somebody said selling FSBO is like an attorney representing himself in a murder trial.

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[Txhunter3000]

Would not be afraid to sell it by owner and will be doing a house once we're through probate in the near future. As is and cash is king.

[Trevor73402]

I appreciate all the info and replies. I may give it a try and see how it goes. The way they are buying everything up around here right now for insane prices, it can't hurt to try.