FSBO has a buyer that’s an investor, now what?
Hello. I am selling my house to an investor. Neither of us are using agents. He is a friend of two of my friends so I trust working with him. He is coming today so that we can work on the sales contract. He asked me if I was providing closing cost assistance. Unfortunately, I owe what the house is worth give or take a couple thousand $$ so I wouldn’t be able to offer closing.
Also, he mentioned my using his real estate attorney the one he uses when he sells his houses. I have no problem with that. Except I have no idea what the process is from this point. When I bought my house I paid for the appraisal, home and termite inspections. I put the earnest deposit down. All of the fees at closing I recall coming out of the sellers profits.
I contacted a real estate attorney’s office and found fees are about $900. I’m not sure how much closing costs I will have to pay or other fees related to the house itself. It’s my first time. What can I expect to have to pay during this process?
Since there isn’t equity in the house enough to cover my side of the closing costs. I am negotiating the price so that I can have my end paid. I just am not sure if there are any costs prior to closing. Also, in order to offer him assistance I would have to take out a loan or raise the price and he is already paying market value if not a little more than by $5k.
Actually he is going to rent it out. But, to his benefit there are two subdivisions that should be completed by next spring that are starting at $90k more than what he is paying for my house. So, he’ll be ok.
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