For Sale By Owner? Answer These Questions First
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Transcript of For Sale By Owner? Answer These Questions First
For Sale By Owner?You May Think Selling Your home is easy
See if you can answer these 11 questions,You May Think Again
Earnest Money
#1 What is Earnest Money, what is an
appropriate amount, and what is it used
for?
Buyer Default
#2 If the Buyer defaults, what happens to the
Earnest Money? orDid the Buyer default, or just change their
mind?
Seller Disclosures• #3 Since you are selling “By Owner” what
disclosures do you have to make?
AS IS (as is what?)
#4 What does the term “AS IS” mean
to you and how does it apply to your
transaction?
Buyer Remorse• #5 What if your Buyer suddenly gets a case
of “Buyer Remorse’ and changes their mind? What do you do?
Fees#6 Who is going to
pay for: Title Insurance Escrow Fees Inspections
City and or County Tax
Material Defect• #7 Define a “Material Defect” and how it is
going to apply to your transaction?
Buyer Credit• #8 A Buyer makes an offer over the asking
price, but wants the amount returned in the form of a credit. What Happens?
Liquidated Damages
#9 How do you include “Liquidated
Damages’ in the purchase contract?
•How would it apply and be enforced?
Multiple Offers• #10 If you receive several offers, how do you
issue a counter offer and accept only one?
Escrow#11 Think the Escrow
Company will be there to help you through these
issues?
Escrow serves to carryout the terms you have
agreed to, not correct your mistakes
Have Your Lawyer Call
Mine(bonus question – extra credit)
Guess which State has a reputation as being one of the most Litigious in the
Nation?How many court cases
are related to Real Estate ?
Don’t Stay Awake and
WorryCall Doug & Deena Willis
RE/MAX Property Concierge266 Monterey Rd
South Pasadena, CA 91030Phone 626-432-4615
CA BRE License #’s 01334541 & 01354143
RE/MAX Property Concierge
Pasadena, South Pasadena &
AltadenaDeena &
Doug Willis