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Has anyone sold their house for sale by owner or had someone assume their loan?

We are wanting to sell our house but really cannot afford the realtors fees. Has anyone done for sale by owner? I want to make sure everything is done correctly. Any advice? I know that having someone assume our loan is an option also but I don't know anything about that either. Any advice would be greatly appreciated! Thanks!

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twinmomof2girls

Asked by twinmomof2girls at 7:53 PM on Feb. 22, 2010 in Home & Garden

Level 1 (0 Credits)
Answers (9)
  • Realtors fees come off your profits so you don't pay it up front. Just be lucky you break even.


    First of all, most houses simply aren't sold with assumable mortgages -- qualifying or not.

    Anonymous

    Answer by Anonymous at 8:09 PM on Feb. 22, 2010

  • My problem is that I do not have enough of a difference between what I owe & what the value is to have enough left for a realtor. I am not looking to make a profit. I just don't want to live here anymore.
    twinmomof2girls

    Answer by twinmomof2girls at 8:14 PM on Feb. 22, 2010

  • We sold our house recently by listing it on Craigslist. We couldn't believe it but we got more than we expected and did not pay a realtor fee. Give it a try!
    Lisahi

    Answer by Lisahi at 8:23 PM on Feb. 22, 2010

  • Thank you Lisahi! I was thinking about Craigslist. Did you do a contract or use a title company? How did you make sure all of the necessary paperwork was done? Thanks
    twinmomof2girls

    Answer by twinmomof2girls at 8:32 PM on Feb. 22, 2010

  • We bought our home from the owners (not using a realtor). We picked up a contract from an office supply store. The four of us sat at the table and put all of our stipulations in the contract (like appliances stay with the house, everything was pending financing, sellers paid half of closing costs, etc). Then we used a title company to close. The title company and the bank that we got our mortgage through handled all of the paperwork and stuff. It went pretty smoothly for all of us.
    slw123

    Answer by slw123 at 9:33 PM on Feb. 22, 2010

  • Thank you slw123!
    twinmomof2girls

    Answer by twinmomof2girls at 10:12 PM on Feb. 22, 2010

  • Double check to see if your loan IS assumable. Our current mortgage is NOT assumable.
    Otherwise what slw123 put is dead on.
    twinsplus2more

    Answer by twinsplus2more at 11:20 AM on Feb. 23, 2010

  • Yes, it is assumable. Thanks!
    twinmomof2girls

    Answer by twinmomof2girls at 7:00 PM on Feb. 23, 2010

  • you could also rent it out, just an idea if you can rent it for your payments or more that way in a year or two or 3 you will owe less there for make more money. and right now is a bad time to sell...
    miss_nevin

    Answer by miss_nevin at 9:49 PM on Mar. 8, 2010

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