There always seems to be an endless pile of paperwork and a lot of legal hoops to jump through (everybody wants to protect themselves from liability, etc). While some of this documentation is certainly good practice – I've learned that when you boil it all down, closing a real estate transaction is actually a fairly simple process – especially when it's an all-cash transaction (no financing or mortgages involved).
We set up meeting at home this evening to pay “down payment” of $4500 and to throughly go over everything (house and paperwork wise) I am unaware of what the seller has in mind other than getting the money to hold it for us. Granted, we’ve only spoken twice to the man in charge from what I can tell. Once to say we were coming to look at the house (he was working so the brother and nephew showed us around and answered everything we threw at them) and again when we called him with our offer last night. Honestly, with as chaotic as it sounds it all seems legit to us and as you can tell we are through in every detail. Just want to be sure we’re going about the process the right way and not dreaming it up lol
Real estate agents typically charge a 4% to 6% commission on the sale price, so selling without an agent could certainly save you big bucks. Even after you pay $1,000 or so for your own online ads, open-house brochures, and a lawn sign, you would still probably clear an extra $14,000 on a $300,000 sale, $24,000 on a $500,000 sale, or $36,500 on a $750,000 sale.
Purchase agreement: A purchase agreement is a document stating the buyer is going to buy the land for a given amount, and that you’re going to sell that land for that amount. A purchase agreement also lists any conditions that would allow either of you to back out of the sale, and includes any details of the purchase that have been met, such as the buyer making a down payment.
Seth, you are amazing and brilliant. People at work were talking about you. Now I know why they spoke so highly of your straightforward professional, easy to understand posts. I am excited to look into everything you have to offer. We are all grateful for yoor expertise and the time you take to share and help the novice RE folks out here. YOU rock! Thanks! Just had to say this now. More when I finish!
If you need to find a buyer fast, our company is in the land buying business. If you've got time to wait for a few months, then get it posted on your standard online sites (don't underestimate Craigslist!) and consider hiring an agent. If that doesn't work out or you don't feel like waiting, we've got a network of buyers at Landmark Property Buyers.