Selling my house on my own, questions on price and down payment.

[DSNY4ever]

and the attorney handled it from there.

I think this was the key to your success though. It can be done without a realtor for sure, but then an attorney should probably be used to make sure the paperwork is legit for both parties.

I would suggest to get an Idiots guide or Dummies book on selling your own home. I don't mean this in a rude way (they are truly helpful step by step books for someone who knows nothing about a topic). It sounds like you don't know enough about how the process works and maybe this would be a good place to start. I am sure once you read up you could easily handle it on your own. We bought one when we started our first home purchase, and I plan on cracking it back open when we sell our house.

 

[Jenny3]

??

Maybe it's different in New England, but I recently purchased a condo and neither of us (buyer or seller) used a real estate agent.

It was not complicated at all. We negotiated a price via email (back & forth and back & forth, lol). Downloaded the required papers from the internet and met after work to sign papers. Gave them a check for $1000 for earnest money, set a closing date, and the attorney handled it from there.

There was no need for a realtor on either side. Honestly, I'm not sure what a realtor could have done for either of us, lol.

I'm curious if you had a mortgage? Inspections? Did you review the condo docs? Did the attorney handling conveyencing, certifications and any payoffs or did a title company do that?

I know it's dependent on area, but here $1000 in earnest money wouldn't fly. Buyers generally put up $1000 at signing of the contract, then a larger 2nd deposit of (usually $4000 - $10,000 depending on Buyer's capability, price of home, etc) held in escrow until closing. I would never advise one of my Sellers to take only $1000 on deposit!

 

[likescarrots]

I know it's dependent on area, but here $1000 in earnest money wouldn't fly. Buyers generally put up $1000 at signing of the contract, then a larger 2nd deposit of (usually $4000 - $10,000 depending on Buyer's capability, price of home, etc) held in escrow until closing. I would never advise one of my Sellers to take only $1000 on deposit!

I've bought and sold 2 homes in pennsylvania and each time the earnest money was $1000 (both for us buying each home and the buyers for each home when we sold). Our first home the buyers would not have even had $4,000 let alone $10,000 to put down!

I've also never heard of putting down more money after the inspection as someone else mentioned.

 

[ssawka]

I also recommend using an agent. In addition to all the nuances that you need to know, are you prepared to negotiate with a skilled buyers' agent?

I can also tell you that when we were looking at houses (13 years ago) I would not even look at a house that was "For Sale by Owner". Sorry, but there is just too much that can go wrong. Also, my opinion is that if the seller is not willing to pay a commission to a selling agent, then they are also less likely to be willing to negotiate over price.

 

[MinnieFan4ever]

I have bought and sold 2 homes by owner and getting ready to sell out current home next year by owner. Each time it has worked because we were in an area where homes moved fast. They also had a fair amount of street traffic. I have been doing a lot of research on what homes are selling for in my area so I have a good idea what to list it at. We did use an attorney each time. Earnest money was $1500 each time. Our first house was on the market only 2 weeks and sold. We did do a open house on the second weekend and that is where the buyer came from and it sold $5,000 less than we listed.

Good Luck! Just remember to get your home in tip top shape BEFORE you list it. Clean clean clean and then clean again!!!

 

[Jenny3]

I've bought and sold 2 homes in pennsylvania and each time the earnest money was $1000 (both for us buying each home and the buyers for each home when we sold). Our first home the buyers would not have even had $4,000 let alone $10,000 to put down!

I've also never heard of putting down more money after the inspection as someone else mentioned.

Not sure when you last bought/sold in PA; I'm a practicing Realtor in the state and just saying what is typical for my area and in this market. 1st deposit upon signing of the contract (usually $1000); 2nd deposit within 10-15 days of the contract (usually after inspections). It's a measure of Good Faith on the Buyer. That money is all held in an escrow account, released at closing and applied to the down payment on the mortgage. If the Buyer decides to walk for reasons other than contract contingencies, then the Seller keeps the deposit money.

Again, the deposit amount is entirely dependent on the Buyer, the amount of their mortgage, price of the home, terms of the contract, etc. The homes I sell are typically in the $250,000 - $450,000 range so you see larger deposits. It's all relative.

 

[Sinderelly]

We are getting ready to list our house in the next month or so. I wouldn't dream of not listing with a realtor. I want a professional on our side to handle all the aspects of the sale including negotiations with the buyer's agent. My DH is an attorney but we will still inlist an agent to sell our house.

 

[threeboysmom]

I'm curious if you had a mortgage? Inspections? Did you review the condo docs? Did the attorney handling conveyencing, certifications and any payoffs or did a title company do that?

I know it's dependent on area, but here $1000 in earnest money wouldn't fly. Buyers generally put up $1000 at signing of the contract, then a larger 2nd deposit of (usually $4000 - $10,000 depending on Buyer's capability, price of home, etc) held in escrow until closing. I would never advise one of my Sellers to take only $1000 on deposit!

Yes, I took out a mortgage - put 20% down and financed the rest.

I scheduled my own inspection of property before I signed papers and had appraisal done as well.

When I was approved for the mortgage, the mortgage company supplied the attorney. I did not hire one on my own. Sellers did not have anyone representing them at the closing. Attorney just presented our papers, we reviewed and signed, and that was it. Took 15-20 minutes. Why the sellers would need anyone on their behalf is beyond me.

As for title company, I have no idea if that was the attorney or another company. It was a line in my expenses for a title search - I didn't really care who did the actual handling of it, lol.

Honestly, I'm not knowledgeable about the home buying or selling process, but still made it through it just fine. Only thing I needed to do as a buyer was find a lender. I didn't need anyone to help me with that.

 

[StitchesGr8Fan]

Start by talking to the attorney like you said you were going to. They can advise you on the best plan of attack.