Its time to sell one of my rentals!
After doing some research on FSBO i feel pretty confident that i can do this on my own. The property for sale used to be my primary residence its also in my town and i'm very familiar with the market.
My questions are the following:
For those who have gone through he process, did you use attorney or title company?
When you have an accepted offer and the buyer gives you earnest deposit, who holds the cash?
These are the only 2 questions i have so far, i'm certain more will come to mind. Thank You all for your input!!
Using an attorney or title company will depend on how things are done in your local. Ours is lawyers, but I know alot of places are title companies
The deposit will also be based on your local customs. Here it is common for the sellers RE company to hold it in a specific escrow account. If not the sellers attorney holds it in a specific escrow account. I have seen sellers hold it themselves, not recommended.
Hi @Mike Cumbie
I'm in Connecticut and just found out that we use lawyers here also.
Thanks for the detailed response!
So to answer your questions, in CT we use attorneys, and the earnest money is typically held by one of the parties' attorneys (I'd recommend yours, they of course will want theirs...) or by the transacting brokerage.
And my 2 cents (and yes, biased, but also grounded in knowledge;) On the surface, it does seem straight forward, but it is the job of good agents to make it happen that way. Have you transacted the buying or selling of properties before? Do you carry E&O insurance? There are countless ways you can be sued by misrepresenting the sale of your property if thing are not properly disclosed, necessary forms are not signed by each party, etc. Before you decide to transact this on your own, please, please do your research and understand not only the difference in selling price you're likely to receive through using in an agent, but much more importantly your liability, and put in place mechanisms to mitigate that liability. I actually considered selling a property before becoming an agent, now that I am one, I'm so glad I didn't take that on without the knowledge I have now... If I can answer any other questions, please don't hesitate to reach out!