How sell condo to a friend, without any commissions

Question

Hello,

I have a condo in Fremont CA, that I intend to put up for sale in September.

I have received some enquires from friends and acquaintances who are interested in purchasing it.

We don't want to involve any agents or FSBO sites, to save on commissions, so that I can offer a reduced price to buyer.

So how to go about it?

P.S The condo is paid off. So I don't have the complexity of paying of existing mortgage.

Thanks,

Animesh

Jonathan Minerick · Answer

@Animesh Das You should be able to find a transaction coordinator who will guide both you and the buyer through the sale. The cost will be ~$650. They will handle the paperwork, as long as you can provide them the terms/specifics.

Animesh Das · Answer

Just to close out this thread, I closed last week. I just hired a escrow company, buyer and me settled on price and terms, and escrow company took care of everything.

Aaron Hunt · Answer

If it was anyone else, I'd say hold the note yourself and become the bank since it's paid off...

However, since it's friends/acquaintances, and the last thing you want to do is take them to court (for note gone bad), you'd probably want to approach a RE attorney and a title company (is my guess...)

Haven't dealt with it myself but I'm sure others will chime in with more specifics.