uh oh--we jumped the gun.help ? about selling fsbo

I know that if you are using a real estate agent, you have to accept a full-price offer (that may vary from state to state?) but I don't know why you would if you're not using one.

There's all sorts of legal obligations once you sign a contract with a realtor.

Janis

Buyers are usually given an agreed-upon amount of time to secure their financing. Yes, you can accept backup offers contingent on the previous contract-ors failing to meet the contract obligations.

We sold a property through a realtor in May 2007. We had a full-price, accepted offer the very first day of listing, but because it was questionable whether they would get financing, we accepted another, back-up offer. The original folks got their loan, we sold the property, everyone happy.

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"I am only one, but I am one. I can't do everything, but I can do something.What I can do, I ought to do. And by the grace of God I will do." -Lou Holtz

Not so in Missouri. You don't HAVE to accept any offer here. But you are right about the legal obligations.
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donsgal

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Life is what happens while you are making other plans. (John Lennon)

In Texas, I use my local attorney, and they do all the paperwork, hold the deposits, prepare for and execute the closing, title insurance, etc. Closing costs have always been split 50/50 with buyer/seller.

In Missouri, I use the local title company, and they do all of it. Same ratio on closing costs.

Avoid realtors.

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Alice
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"No great thing is created suddenly." ~Epictitus

A good realtor can be worth their weight in gold at certain times.

If I were selling, all I would need is a briefcase full of cash... seriously.

If I were buying, I'd need a title company involved, with title insurance, to guarantee what I was buying was going to be mine, free and clear.

The buyer (one way or the other) is going to pay for closing fees... and if they want title insurance, they pay for it.

just my opinion...

o, and if the first buyer who met my price, would get it... after a handshake, we'd drive to the title company and have the papers worked on... when their check clears the bank, the title company'd ok the transfer, and it's a done deal...

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Luck is what happens when preparation meets opportunity. Seneca
Learning is not compulsory... neither is survival. W. Edwards Deming

Here in Wi you still do not need to accept the offer but you do owe the realtor the commission of the sale.

I just want to reiterate another poster, in some states it is the law that an attorney be involved in any real estate transaction. I had a realtor in Massachusetts that was completely inept and neglected to inform us of that little law. It caused big problems. In any case its a good idea.

Do you have a friend that also sells real estate? When we were in Florida, we borrowed the forms we needed from him and put them into a word document on our home computer. We did hire an attorney to handle the title stuff and all the legalities - but it was money well spent. You might be able to go to an office supply place and find a blank contract form and you can list the down payment and other contingencies - just write everything down in case something comes back later to bite you. We also insisted that the buy owner person pay for a home inspection to cover them and us!

It went so smoothly - we'd do it again in a heartbeat! Saved all that money and little fuss!

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Be a fountain, not a drain!

^()^
http://tubbsfarmstead.com/

I've bought and sold properties with just using a title company..never had a problem..

someone said something about a raffle..in many states, this is illegal..IMHO, it shouldn't be..but it is. go figure.