In these challenging economic times all of us are looking for ways to save, and when it comes to selling their home many homeowners are tempted to try to avoid paying sales commissions by selling it by themselves.
This can be relatively simple if you have a buyer who knows and trusts you, for instance a friend or family member, and have agreed on a price. In this case all you may need is some legal advice and a title company.
On the other hand, if you are planning to market to a broader audience you’ll find it much more challenging. And doing business with friends and family isn’t always smooth sailing either.
Take a look at the materials below which will give you a good idea of what’s involved. And if you have questions don’t hesitate to contact us for more information. We’re always happy to help.
Take a look at “How to Sell a House – A Do-It-Yourself Guide” for an overview on the home selling process. You can find the same information in the video series.
Visit the Texas Real Estate Commission website for contracts that are typically used to document a transaction. They are developed by TREC and so cover the most common requirements. Licensed real estate salespeople are required to use these forms.
- One to Four Family Residential Contract – This is the form that will normally be used to present an offer. Once all parties agree on the terms it will be executed and becomes a binding contract.
- Third Party Financing Addendum for Credit Approval – This form specifies the amount of time that the buyer has to obtain credit approval. The buyer can terminate the contract and get their earnest money back anytime during this period.
- Amendment to Contract – This is used to request a change to the executed contract after the buyer has had a chance to inspect the property during their option period.