[USER]

I have a rental in another state and a company wants to buy it without a realtor, for cash as is. Is there anything I would need to be aware of?

I never sold a house without having a realtor.

They insist on not having one because they do not want to split the commission.

Any advice?

[Matt]

That’s fine. Just use a real estate attorney or closing company to draft your documents.

NBD

[Preston]

I’d make sure they are your actual buyer and not a wholesaler- they could be leading you down a very long road to a dead end.

I’d ask for proof of funds, and either pick the title company or make sure the one they pick is legit.

They will probably do an inspection and come back and knock 10-15% off their original offer and hope you’re committed enough to sell to them, or they walk away

[Suzi]

I’ve purchased without a realtor. Make sure to use a reputable real estate attorney or escrow company depending on state

[Josh]

Make sure they are actually an end buyer and not a wholesaler (who may not actually close) get a good earnest money deposit and look at what contingencys would allow them to back out and get their deposit back.

If the house is in good mortgageable condition, you would likely get more money listing it.

[Greg]

Get the property appraised so you know you’re getting market value

[Dena]

This is honestly scam-ish. They wouldn’t be splitting commission if they were just buying it. They are listing it & then trying to sell it for more along with the assignable “contract” with them.

You can pm me if you want more details with how this works & why you should avoid it at all costs!

[Joyce]

They typically offer way below market value and have fees that surpass what you would pay an agent.

Get a couple broker price opinions from local agents and don’t sign anything with the “buyer’ until you’ve read the whole contract.

[Dave]

Beware of this kind of transaction
“Wholesalers” typically pay well below market and flip; sometimes they even have an end buyer lined up before the deal closes and assign the deal you’ve done with them to the end buyer.

Whatever you do – talk to a broker in the local market to see what they think the market price would be; costs you nothing.

[Jen]

I would recommend getting your own appraisal so you know the value; I would expect they will make you a low ball offer since the will “avoid all headaches” but don’t go too far below market.

I’d subtract typical realtor commission and *maybe* a little bit more, but not much tbh

[Allen]

I would pay for an independent appraisal and know the true market value before doing anything. You rarely get cold calls offering a great deal.

Being out of state, you may not even accurate knowledge of market changes

[John]

Tell them yes as long as they will increase the purchase price to cover the cost of you hiring a qualified realtor.

[Jenn]

Seller typically must have a smoke/carbon monoxide certification performed by the town. They will also have to make sure all/any permits are closed with the town.

If there is a well, many states have laws about well testing being performed by the seller.

I am an experienced real estate paralegal that performs closings regularly, and I would still make sure I had an attorney.

If you want to be helpful to the buyer, once you are under contract, you should provide a copy of your survey, deed and title insurance policy from when you purchased the property to them.

Your attorney will prepare all documents necessary for the sale.

[Lly]

You don’t need a realtor, but you should have an appraisal and an attorney. Sell it ‘as is’ for YOUR price, be prepared for them to lowball you, hoping you are desperate.

I hate to say channel the orange chaos pouff, but in this case, do it!

[Josh]

You don’t need a relator if you’ve negotiated the terms of the sale between your buyer and yourself.

Just download a residential purchase agreement and any other required forms for your state off the internet, complete it, and get a good title and escrow company to handle the transaction for you.

[Author]

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