I'd like to sell my home without.....?

Question

.....using the services of a real estate agent. Can my prospective buyer and I conduct the sale simply by going to my bank (that holds the mortgage on the property) and using the services of their mortgage department?

Answer 1

Yes, I am selling my house privately!

Answer 2

You can, but you would be wise to shell out 500 bucks to make sure the sale is legal.   The bank is only going to handle the $$ part, there is more to do then pay the mortgage.

Answer 3

Better, have an attorney draw up the escrow instructions.  Some escrow officers are also attornies.

Answer 4

I mean you can do whatever you wanna do but it might be easier for you to negotiate commission with the realtor!  You have that control and you can walk if their not willing to negotiate and go lower.  For the sake of hassles and headaches and what may hapen to the storm with all this global warming I'd pay a commission of 4%!!!  A homeowner could comeback a yr. later if the home is flooded and make you pay!  The Realtors are as a matter of fact taking smaller commissions now due to the recession, so there should be no problem there.  

Good luck with you and selling your home!

Answer 5

You can...but you'd better know what you're doing and all the legal menutia involved with writing and executing a purchase contract. HUGE legal issues can arise from an inexperienced transaction gone wrong. IF you know what you're doing, you can get standard purchase contracts at a stationery store or Staples, Office Max, online, etc. These forms have standard wording, but can be altered to your specific situation. I know the commissions are high, but there's a reason realtors have to go to school and pass a test to get their license. Legalities when dealing with 100s of 1,000s of dollars carry big consequences. You may want to try to negotiate the commission since a) you don't have a listing agent (the realtor can act as both...standard is 3% to each realtor, seller's agent and buyers agent) and b) you already have a buyer. The realtor doesn't have nearly as much work to do and should be willing to work at a discount for just making sure everything is legal and both parties get the deal they've agreed upon. Regarding going to the current mortgage holder...depending on the lender and loan program you are currently in, the loan may be "assumable". The new buyer would still have to qualify just as with any other loan, but (usually) the interest rate wouldn't change. You need to call your current lender and ask them 1) if the loan is assumable and 2) what the buyer would need to do to assume the loan.

Answer 6

You can but you should always have a lawyer there on your behalf.