First off, thanks for the input. I learned a bit. But now I need to learn more.
Here is my scenario, while moving out I was approached by a neighbor that was intrested in buying my house. He wants to do a forsale by owner and cut out the brokers and real estate agents. Obviously so he can get a better deal and I would be putting more money in my pocket. I should be getting the offer today.
What I’m scared about is being screwed because he said his family is in the real estate business. His family owns the the title company and I believe a brokerage. I don’t see a problem with at least taking a look at the offer and if everything is good going through with it.
To be honest I know zero about selling a home and what to look for. Market value is $250k-$260k. I was told the offer is gonna be $250k. I would just be responsible for my own closing cost. The title fees would be waived since they own the title company.
I owe $159k on the house if that matters.
I know you all said to get a real estate attorney, and I will.
But what else should I look for so I am not screwed? What is an estimate closing cost? If I should even pay a closing cost?
She said I would also be responsible for any property taxes or HOA fees. I am up to date on HOA, and I have an escrow account that has a cushion.
Any help or advice would be greatly appreciated.
submitted by /u/Counter-Brave
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