We sold our place it was by mutual friends by us and the buyer  Niether one of us have a realtor.  We actually was going to wait to get the other place ready before we moved but when we heard these people wanted to look and was coming from out of state we agree to let them look.  We are going to talk to our banker tomorrow  Our banker told us a few months ago that they can do the closings.  I know that we will need a contract and earnest money.  How much is usually the ernest money? and what are the rulse for that?  and the contract where would I need to get that from?  My bank?

I know some of my questions be answered tomorrow but I'm a little anxious lol and just curious of other peoples experience of selling this way.

Thanks!

if your buyers agree to not using a title company for closing they are morons. 

Contract should be able to be found online, $500ish earnest money(not needed but) and find a title company to do closing. 

You will still need surveys, title search etc. 

We are doing this right now - and definitely using the Title Company.  Being we have rentals etc on the property too, we are running things by our real estate/landlord atty too, to make sure we don't unknowingly mess up.

First thing we had to do was sign a buy/sell agreement with the buyers.  Then we turned that into the Title Company & a copy to the bank.  Typically takes 4-6 weeks around here to get something closed when banks are involved.  

Are the out of state people cash buyers ?? 

or will they mortgage the property ?

get a real estate attorney  yes you need a contract you can buy on line. they need to do a home inpection or waive that in writing.  everything needs to be in writing

i have sold several  get it in writing yes to earnest money   congrats

yes they are out of state.  Not sure how they are going to do on their end as far as financing.  My banker said they will do the closing and they have a contract or I can get online.  I know that our bank has an attorney and I know we will go thru the title company also, 

thank you for answering!

i have sold several places directly to buyer. Find a good escrow/title company and they can facilitate the process. A good one will have a standard blank contract for you to fill in. As long as there are no big surprises and you guys are mutually agreea to sharing closing costs it should be straight forward.  Earnest money is whatever you negotiate. For example I have 3 transactions going right now..... Buying a 600k land  parcel and I put down 4500$ earnest money. Selling a 900k residence and buyer put down 30k. Im buying a 400k condo and only put 2500$ earnest money. So all over the board. You need to establish a due diligence period which is typically 10 days from signed contract in which buyer has the time to do inspection and request repairs or negotiate or whatever. After that period and they back out you typically can keep that earnest money. However that can be sketchy. i have only done sales by owner that were cash transactions. if you have financing involved you might want to get a realestate attorney. Good luck!

Thank you all!!!

Here is the latest and I havent talked to my banker since our potential buyer talked to her. 

He is out of state  Banks wont loan to him bc of the uncertainty of the virus and so forth.  So he has to sell his place first to buy ours for cash bc when they move here they have to find jobs  He is union but its not a job transfer. 

They want us to give them to October with the continency that they sell their place. 

Thats a long time,  I dont mind waiting if I know for sure it will go thru  I know they want our place really bad.  but things can happen. 

We are not ready to move yet bc our other place still needs lots work for us to move and we are doing ourselves and working more than full time jobs! So the time is fine with us but if we going to hold that long and they cant sell their house I feel like we are getting nothing for holding so long.  So I want to do the contract without the continency.  But I dont know if that is being reasonable!

Got to find more info before I do a contract for 4 mths! 

thanks again.