FSBO's Accept Offer
Please review the information under Selling - Accept Offer, this contains some additional suggestions for FSBOs.
If you've found buyers who are interested in purchasing your home, Congratulations! Seek out a qualified real estate attorney to draw up a contract. If you've agreed to pay the buyer's agent to prepare the contract, remember, the agent works for the buyers. It is against the law for a real estate agent to draw up a contract when s/he is not involved in the sale (something about writing legal documents without a law degree). Consider where and when to have settlement and timeframes for contingencies (home inspection, rent-back, sale of home, radon or lead paint inspection, ...). Avoid end-of-month or settlements or Friday settlements, if anything is postponed, you'll be waiting all weekend. There are standard closings costs for the seller (processing fees, recording fees, grantors tax, ...), your settlement agency can inform you exactly how much you will be expected to pay. Start talking to your settlement agent ASAP. They are typically excellent at their job and will make your transaction go smoothly. Be sure to contact the mortgage lender that your buyers have selected. Ask for a copy of their pre-approval letter (not a pre-qualification letter). Online lenders are VERY difficult to track down on settlement day if there's a question.
Please note that at some point you will need to sign a property disclosure or disclaimer statement. If your property was built prior to 1978, then you will also need a lead paint disclosure form (buyers have up to 10 days to check for lead hazards).
Once all changes to the contract have been made AND both parties have signed the contract AND both parties have received a copy of the contract, THEN you have a ratified contract. The date of ratification is the start date for any contingincies. GIVE YOUR BUYERS A COPY OF YOUR HOMEOWNER DOCUMENTS NOW, THEY HAVE 3 DAYS AFTER RECEIVING THE HOA DOCS TO VOID THE CONTRACT.