How to Handle a FSBO Real Estate Contract

When selling a home For Sale By Owner there is a major topic that should be considered carefully. The topic centers around the sales contract or what the real estate industry calls the Offer To Purchase. Many homeowners who choose to sell a home on their own as a For Sale By Owner seller are often concerned how to handle the sales contract.

Well there is no need to get overly concerned regardless of what any real estate professional may want a FSBO seller to believe. FSBO sellers will often find real estate professionals trying to win their potential business with what I call "Fear Tactics". The fact is all you really need as a seller in regards to a sales contract is a qualified real estate attorney. A Fsbo real estate contract can be obtained from almost any local real estate attorney. The truth is that any seller regardless of whether they sell by owner or with a real estate professional, will need someone to prepare the property deed for transfer. The deed preparation comes with a fee of around $100 - $200 depending on the company or person preparing the document.

Here is what I would suggest for a Fsbo seller in regards to a Fsbo real estate contract:

Step One: Find a local real estate attorney in your area that provides deed preparation for sellers

Step Two: Ask the attorney what their fee is for seller deed preparation.

Step Three: Ask whether or not they can provide you with an offer to purchase sales contract for your state that is approved by the state Bar Association.

Step Four: Also ask the attorney if they can provide contract review / consultation for a completed offer to purchase before you as a seller sign the offer. Please note that step 3 & 4 may have fees involved.

Now that you have asked the attorney these questions and provided you get the answers you need. You are basically set and ready to handle the contract details of any Fsbo real estate contract offer to purchase. One very important thing to remember is a licensed real estate broker or professional is not qualified to answer questions pertaining to legal documents. The last time I checked a real estate offer to purchase is considered a legal document and questions about such documents need to be answered by qualified legal professionals. So it is my opinion that all sellers regardless of how they choose to sell their home need some form of legal advice.

Do not let the fear of contracts force you in to paying 10k, 20k, or more for real estate commissions. When you can get qualified legal advice for much less and more easily more qualfied. It is entirely possible to get the advice mentioned above for $200, $300, or maybe $400 and that is well worth the savings.