When The Buyer Backs Out: Real Estate Sales SolutionsWhen The Buyer Backs Out: Real Estate Sales Solutions


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When The Buyer Backs Out: Real Estate Sales Solutions

The first time I sold a house, I had no idea that the buyer could back out of the contract partway through. I was taken aback when it happened to me, and my real estate agent had to explain the process of terminating the contract and requesting the earnest deposit. After the contract was terminated, I spent a lot of time researching why a buyer could back out of a sale, what I could do about it as the seller, and ways to minimize the risk of it happening. I created this site to share what I've learned in the hopes of preventing other homeowners from experiencing what I did. I hope it helps you to be better prepared as you sell your home.

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Send Your Real Estate Agent Packing: 4 Reasons To Sell Your House Yourself

Real estate agents would have you believe that selling a house is so complicated that you can't possibly expect to get it done yourself. But when more people are undertaking projects themselves, it's worth considering. Here are four good reasons to sell your house yourself.

1. The seller pays the commission.

As the homeowner, you can expect to pay up to 6% of the selling price for your realtor's sales commission. That's a big chunk of change you will be able to keep in your pocket if you choose not to use a real estate agent.

2. Real estate lawyers can help you out.

If handling the entire project of selling your house seems insurmountable, you can still save big by hiring a real estate lawyer to help out. To see if it's worth it, weigh the cost of the attorney's fee, which can be up to $2,000, against the amount you would pay out in real estate commission.

3. You could sell to a company instead of an individual.

Today, there are lots of real estate holding companies (such as HomeVestors of America, Inc.) in existence that buy houses as-is for investment purposes. Many times, these companies pay cash for your home, and handle all the paperwork. All you have to do is hand over your title or sign over your loan documents. To find companies like this, look for advertisements that say things like, "we buy houses," and "cash for your home."

4. The paperwork is readily available online.

When you sell your house without a real estate agent, you'll need to gather all the correct forms yourself, but you'll find them all easily accessible online. You'll need, among others, a purchase and sale agreement and title search form, which you can download and print out.

Other paperwork, such as house inspection forms, deed warranty, and loan transfers will come from their respective businesses. The house inspection form comes from the inspection company, the deed warranty comes from the bank, and the loan transfer papers originate with the financial institution holding your loan. As long as you can understand how to correctly fill out the necessary forms, you will be able to sell your house yourself.

If loathe the thought of handing over thousands of dollars in real estate commissions, why not send your real estate agent packing? These are four good reasons to sell your house yourself and keep the cash in your wallet.