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I want to do a FSBO on my property. I have a buyer who is prequalified and we've negotiated a price

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July 24 2013 - El Dorado Hills
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I'll answer the question that was asked "Michelle: Why does the original poster need marketing to millions when s/he already has a buyer?"  that borrower my fall out.  I am a lender and do refi and purchase loans in WA State.  Despite that an offer has been made and accepted, the original post states that the offer came from a "pre-qualified" borrower.  Pre-qualified means nothing whereas Pre-approved does. If you're doing a FSBO, know the difference as it is likely that your property will be tied up for months while the pre-qual borrower works with a lender he/she hasn't yet found.  An agent will not waste a seller's time with a pre-qual buyer and that is the first reason why an agent is better.  The second reason is that an agent will bring competition to the sale.  A good agent will easily bring in offers 15 to 20K over CMA or asking price and each offer will come with earnest money of 10 to 20K and a pre-approval letter from a lender.  A third reason is that the agent will hold the lender to a timeline and will handle all communication for the seller and take a massive load of the seller in a transaction he or she may truly have no idea how to handle.  I completely agree with Michelle on this.  If the pre-qual buyer drops out, get an agent.... get Michelle.
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July 27 2013
Congratulations! My advice would be to hire a transaction co-ordinator to make sure you have all the required paperwork in place and signed. You could ask your escrow company if they have someone to do it for you. The other option is to hire an agent on a flat fee or percentage of the contract price to help you. I wouldn't use anyone recommended by the buyer as they may not be looking out for your best interest.
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July 27 2013
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There are websites out there that help California home buyers and sellers conduct transactions without requiring an agent. Contracts and disclosures are included and their software shows each party what their obligations are once a contract has been signed.

homecoin

California Broker #01888948
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July 24 2013
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Congratulations on finding your buyer! There is a California Real Estate Contract you can use and the required state disclosures are also available online. You will also need to provide the buyer with a HUD lead disclosure booklet and get a signed acknowledgement.

If you have questions about legalities, you can consult an attorney. If you need more help than that, you can pay an agent a flat amount to handle just the paperwork.

Talk to a local escrow company about what services that they can provide. Most of them can guide you through the actual closing process once you have a agreed price and signed contract.
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July 24 2013
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Michelle:   Why does the original poster need marketing to millions when s/he already has a buyer?    
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July 24 2013
You will probably get more by having a Realtor market it for you as she/he will be able to expose your home to millions of buyers which can create a bidding war.  Not to mention, most litigations in our country are from Real Estate deals in California. A Realtor can protect you and your assets.  Good luck!
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July 24 2013
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Did you have a question?  click on "post reply"
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July 24 2013
 
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