First Resale Contract Question

4 Replies

I have purchased a few properties in my life and have sold just one of my personal residences, but am now selling for the first time a property I acquired through REI. I hold it under an LLC. I have a tenant who wants to buy for cash, so this is a FSBO/no realtor involved. Do I have to have a realtor or lawyer draw up the contract or can this be done by anyone? Does it vary by state? I am guessing the title co could draw this up for me yes? Going to call title co now to see from them, but was wondering what my REI peers have to say. Thanks in advance.

Well I got my answer, which is anyone in WI can draw up a purchase contract.

@Merritt S. you don't need to involve a lawyer or a realtor most likely. The title company can help with giving you a contract template and you can write it up and have both parties sign. I'm not sure about your specific state as to whether you need an attorney involved, but for most you do not. 

Suggest you hire a realtor oversea the transaction pay him by the hour. Many will do it for <1K. A lawyer will do but charging more.

@Sam Shueh - Thanks for the tip Sam. May I also recommend that you suggest the services of an appraiser for your buyers before they make an offer on a home instead of suggesting they wait for the bank appraisal to screw them over! LOL.

I think your advice is excellent. However I am an appraiser and am very familiar with the wording of contracts and how they work, but am not an expert on the laws surrounding them, such as can anyone write one. Turns out anyone in WI can write up a contract and that was what I ended up doing. Thanks again!

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