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Dear Edith: I am planning to sell my house. It is not listed with a broker. Two different people heard I was planning to sell and are interested in buying it. (It is a very appealing house.) How do I determine the price? How do I proceed with paperwork from buyer qualification and purchase offer to closing? Can the lawyer do all this or should I enlist a broker? |
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You may want to have a lawyer review your sales contract before it becomes binding, but that's not the person to advise you on price and for the other things you mention it would be expensive overkill. Perhaps you can find a nearby real estate broker to provide the limited services you need for an hourly fee. You want an informed estimate of true market value, based on recent nearby sales of comparable property, and taking into consideration what else is currently on the market. Of equal importance is making sure those would-be buyers are financially able to go through with the purchase. Lots of people might be happy to own your house, but you need to make sure someone can really afford it, before you get the place tied up in a binding sales contract. Again, a real estate broker can help investigate, and assist in negotiating an agreement. You might want the advantages of wide exposure on the market while you're waiting to see if those prospects actually pan out. Some brokers are willing to list your home, and put it on the market, with a written agreement that no commission will be due if the place is sold within 30 days to Mr. and Mrs. X or Y (your present prospects.) If X or Y doesn't work out within a month, you'd want to turn the broker loose on them anyhow |
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Edith Originally published on February 20, 2005 |
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