Just Got An Offer - Now What?
Never having been anything other than a buyer before, I know exactly how the buyer process works but not the seller side.
So we did an FSBO on our home anyway. Figured I'd have at least a week before any serious offer came in. Wrong.
Got a good offer in today. We know of two good title companies in town, so I just want to know if my understanding of the process is right, since I don't want to mess up.
We have the newest "As-Is" contract from NAR. So we sign that, and they sign that, and we ask for a good-faith deposit, which has to be given to the title company and held there in escrow.
Then we know the buyer goes though their financing, the appraisal, the inspection, survey etc. and the bank sets a closing date.
But what do WE do - what paperwork do we have to show? I'm assuming we have to tell the title company who our mortgage holder is so they distribute those funds upon closing to the holder, before we get what is left.
I am looking for a realtor to handle the paperwork for 1% commission, was told by a realtor friend (who lives an hour away) many realtors are fine with doing that.
Any advice would be great - thanks!
-Grey
My understanding is that in Florida the title company can handle everything. In Illinois you would hire a RE attny who would charge you $300 to $500.