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    NYC2LA's Avatar
    NYC2LA Posts: 4, Reputation: 1
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    #1

    Mar 2, 2008, 03:22 PM
    Selling our house via Private Party
    Can any one offer advice on selling our inherited house via private party? Me and three siblings have been offered a good price by our neighbor. We haven't the slightest idea what steps to take at this point... other than lining up an escrow agent.
    Do we write a seller/buyer agreement?
    Do we let the escrow peops outline everything for us?

    Thanks

    CM
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
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    #2

    Mar 2, 2008, 04:54 PM
    How was the home transferred, is it in probate ? Has a administer been appointed to act on behalf of the estate ? But in basics, the admin for the estate writes up the contract it is approved by the probate judge and the sale happens. You really should have a probate attorney setting up your probate for this to transfer and sell the property.
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
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    #3

    Mar 2, 2008, 05:45 PM
    Get an attorney to draw up a contract for sale.
    NYC2LA's Avatar
    NYC2LA Posts: 4, Reputation: 1
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    #4

    Mar 2, 2008, 05:56 PM
    Quote Originally Posted by ScottGem
    Get an attorney to draw up a contract for sale.
    Wouldn't it be prudent to open escrow and have him make a deposit first? To cover any cost incurred in case his offer isn't legit?

    Thanks
    NYC2LA's Avatar
    NYC2LA Posts: 4, Reputation: 1
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    #5

    Mar 2, 2008, 05:59 PM
    Quote Originally Posted by Fr_Chuck
    How was the home transfered, is it in probate ? has a administer been appointed to act on behalf of the estate ? But in basics, the admin for the estate writes up the contract it is approved by the probate judge and the sale happens. You really should have a probate attorney setting up your probate for this to transfer and sell the property.
    Thanks...

    It is not in probate. It is in a trust--the executor has full power to sell (or not, whatever). I'm only concerned with the actual steps in the process of selling the house. I've read up on escrow instructions and everythign seems to be fairly simple. I do think it is wise to get an attorney to draw up a contract---hhmmmm, maybe---but really just concerned with the liability of $$ spent in the event the guy bails.

    Thank you in advance
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
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    #6

    Mar 2, 2008, 06:11 PM
    To sell a house, you would have them make a written offer to purchase, along with a deposit to be put in escrow. Normally the buyer does the original offer paper work which is accepted or a counter offer is made by the seller.

    If you both just agree, either side can write up a contract.

    Real estate is hard enough, though a trust is even harder, even after buying and sellilng over 40 homes over the years, I would never buy or sell one without it going though a title company or an real estate attorney who was working for me.
    LisaB4657's Avatar
    LisaB4657 Posts: 3,662, Reputation: 534
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    #7

    Mar 2, 2008, 08:51 PM
    You are selling property in a situation where no one is looking out for you. Get an attorney.
    NYC2LA's Avatar
    NYC2LA Posts: 4, Reputation: 1
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    #8

    Mar 3, 2008, 12:14 AM
    Quote Originally Posted by LisaB4657
    You are selling property in a situation where no one is looking out for you. Get an attorney.
    I think you're right here...
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
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    #9

    Mar 3, 2008, 06:37 AM
    The buyer is unlikely to hand over money without something in writing. You could have the buyer draw up a contract and then have your atty look over it. But I don't see money changing hands without paperwork.
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