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stephen5105 · Jun 10, 2008, 04:52 AM

I want to sell my house to my neighbor next door. He has bought houses on both sides of me. Now he wants to buy my house also. I owe 41,000.00 on it and it is worth 200,000.00 +. He wants to give me 220,000.00 dollars for it. I will use the money I get from the sell of my house to buy another one closer to my family. My problem is I don't want to pay no more than I need to. What would be the cheapest way for me to sell my house. Like I said I still owe my bank 41,000.00 but I need as mush money I can get to buy another home. I don't want to get ripped off by anyone. What are my options and costs?

Thanks for the help

Stephen

LisaB4657 · Jun 10, 2008, 05:43 AM

Definitely get yourself an attorney to represent you. They will look out for your interests, prepare the contract and handle the closing. The legal fee can be anywhere from $300 to $1000, depending on your location. There's no need for a realtor since you already have a buyer.

Fr_Chuck · Jun 10, 2008, 05:47 AM

The buyer should be paying all of the closing costs, and for their own attorney to do all the paper work, As the seller, you should have your own attorney to review the paperwork and advise you. I agree from the 500 to 1000 should do that.

Now the cheapest is to merely "trust" them and let them pay for all of the closing and just sign the papers they give you, cheapest is not always smartest.

ScottGem · Jun 10, 2008, 05:59 AM

For some reason this person seems to be buying up the block. Do you know why? In a down market he is offering a little more than market value, which seems suspicious. Have you had the house appraised? Where did you get your figure of $200K+?

I agree that you should have a lawyer represent you, it may prevent you from being ripped off. But I think you need to do more research about why this guy is buying up the block.