What is needed to sell house without realtors?

[halik]

There will/may be sone tax implications from the sale...profit/loss... Got a CPA that can give you free advice?


calling CPA...

WTF are you talking about? There's a 250K exclusion for individuals.

 

[highland145]

WTF are you talking about? There's a 250K exclusion for individuals.

It's a rental.

 

[halik]

It's a rental.

Only problem if he didn't live in it for 2 years out of 5. Otherwise:
http://apiexchange.com/index_main.php?id=8&idz=26

 

[MadScientist]

I sold my secondary home without a lawyer. There are plenty of free home contract templates available to download. Paid the title company a small fee and they took care of everything. Everything went smooth. I made a small profit on the house, and since it was not my primary residence I had to pay federal tax on the profit.

 

[brandonb]

I did this roughly in 2003 so my info may be old. And inaccurate because I had some help from a realtor (a RL friend.)

1) Realtors sell the house and draft up a purchase agreement.
2) Underwriter takes purchase agreement, verifies the loans are good. Sets up a date with the title company to complete the transfer.
3) The title company that does the transfers of money and title.

Since you are in Minnesota Vivi (I believe you are from MN) (and also where I did my transfer) I actually used a division of Edina Reality as the under writer. They have their own company outside of the realtors for doing this and have their own title company as well if I remember right. Contact them directly and bypass the realtor division. There will be closing costs, fees for this work, but you can bypass the realtors if you have a purchase agreement between you and the person buying the house. My RL friend actually drafted up the purchase agreement for us and got the underwriter involved from his place of employment (Edina Reality), and we listed ourselves as the agent rather than him (where he wouldn't get commissions, etc)

If this was a complete cash transaction you could probably just go directly to the title company. And a lot of times these companies are 1 entity that do all the work. So going to a title company might have underwriters, and vice versa, etc. It's pretty ambiguous to me, but I believe that's how it worked.

The purchase agreement is a 1 page form you can probably get from the underwriter/online, etc.

Also I'm going to send you a PM with the person I used in case you need to talk to someone. I am not sure if he will help you the same way he helped me, but it can be worth a shot. He might be able to steer you in the right direction.

 

[ViviTheMage]

Thanks brandon, if my banker falls out on me, i'll hit up your buddy!

I lived there for 5 years, rented for 2-3 years.

 

[Midwayman]

I bought our home without a RE agent. You can do it without a lawyer if everything goes smooth. There are standard contracts online you can fill in yourself. Bring them to a title company and off you go.

However you're talking the most expensive thing you'll probably ever buy. A few hundred bucks to make sure everything is done right is worth the money. During our closing we found that the tax was incorrectly calculated for example. There is a ton of paperwork you're going to be signing and its unlikely you'll really be able to digest it all. I think RE agents are pretty worthless, but a lawyer is nice to have.