Selling a house without an agent - process?

[David Robertson]

I've got a flip that we are near completion and I have a buyer lined up to purchase the property.

What is the process?

What do I need to do as the seller?
What do they need to do as the buyer?
What closing costs should I be responsible for as the seller?
What closing costs should they be responsible for as the buyer?
What paperwork needs to be filled out? Who is responsible for the paperwork?

Thanks.

[J Scott]

First, you'll need a contract. If you can get access to your standard state contract, I'd go with that. If not, I would call a local real estate attorney and see if they can provide a standard contract template.

Once the contract is signed, you'll want to forward it to a title company or closing attorney (depending on which is used in your state) to open escrow and get title work started. The buyer should make the earnest money check to the title company or closing attorney and drop it off there.

From there, the title company or closing attorney will take care of the closing process, perhaps asking you some questions along the way. You'll want to manage the due diligence process and take care of any amendments to the contract that are needed, should things arise (like inspection repairs).

As for who is responsible for what closing costs, that is going to be state specific for the most part. You're welcome to negotiate whatever you want with the buyer, but barring any specific instructions to the title company or closing attorney, they'll just split things up however is customary in your area.