How to sell real estate when there is no real estate agent
When selling real estate, step one is always a Contract for Sale and Purchase.
Attorney Tom Olsen: Dave, you're on News 96.5, go ahead.
Dave: Hello. Thanks for taking my call.
Attorney Tom Olsen: Sure.
Dave: My wife and I have a condo in Fort Myers we are selling. Friends of ours told us they are interested. How can I do this without going through a real estate agent or reducing my cost as much as possible?
Attorney Tom Olsen: Dave, step number one when you're selling this property always is a contract for sale and purchase. It is signed by the buyer, signed by the seller. That way, we know we have a meeting of the minds. If you had a real estate agent, that real estate agent would prepare that contract for you. Since you don't have a real estate agent, I could prepare that contract for you or any attorney could. That's step number one, get a contract so we all know we're thinking about the same thing.
After the contract is signed, then your buyer starts to go out looking for financing. Once their financing is approved, it's just time to have a closing where documents and monies change hands. Once you get into the closing phase, your closing cost are going to be the same whether you have a real estate agent or not have a real estate agent. What I'm saying is that a seller traditionally pays dock stamps on the deed and the owner's title insurance policy. The only thing you'll be saving after the contract is you won't be paying a real estate commission like you will be paying these other standard closing costs. Dave, does that answer your question for you?
Dave: All I really need then is an attorney to draw up the contract?
Attorney Tom Olsen: That's my recommendation to you, Dave. If you call me-- Actually, you can come in and see me if you want to, but if you can't come in and see me, then we can do it over the phone. I can turn that contract into a PDF and I can email it to you, Dave.
Dave: Thank you very much.
Attorney Tom Olsen: Dave, call me. I'm Attorney Tom Olsen with the Olsen Law Group in Orlando. Call me at 407-423-5561.