The FSBO Blog

There is a flurry of real estate activity of all sorts in the southeast states, following hurricane Katrina. No doubt this will prove to be a timely post for many buyers and sellers, though it is timeless information.

You’ve advertised your property by owner successfully, you’ve found a buyer, and you’re ready to proceed. Or…you’ve found a property For Sale By Owner, and you’re ready to buy. As you proceed through the transaction, you will very quickly come to one of the most intimidating steps of the process: the paperwork.

The paperwork should not intimidate you. Depending on how comfortable and familiar you are with real estate transactions, different solutions below will seem attractive to you. Each option is rated will be rated on a 5-star system. Regardless of what option you choose, when it comes time to sign the contracts and close the deal, you should absolutely obtain the services of a closing attorney or title company (this is actually required by law, in most areas).

1 star = ideal for people not at all comfortable with real estate paperwork
5 stars = ideal for people completely comfortable with real estate paperwork

Fee-for-Service Agency Contract Work ( * - - - - / * * - - - / * * * - - )
Unfortunately, most real estate agencies have not embraced the fee-for-service model, where you pay only for the services you need/want. But if you happen to have a company locally who provides these discounted services, you may look into it. The going rate completing paperwork and closing a sale like this is somewhere between $500-$1500, depending on the company and location.

Have a Closing Attorney or Title Company Complete All Paperwork ( * * - - - / * * * - - )
If you have a local For Sale By Owner assistance company, call them and ask who they suggest for closing assistance. If you don’t know of a local company, pick up the phone book and call an attorney or title company and ask who typically handles real estate paperwork. They’ll be happy to explain to you the local process, and you can then choose an appropriate company to hire.

Complete the Paperwork Yourself, Take to Closing Company for Closing ( * * * * * )
If you feel confident with the real estate process and just need a brush-up of the laws and forms, you can check your state’s real estate commission website for appropriate forms to download. Forms are also available for some states from mortgage companies, closing attorneys, or FSBO websites like FSBOzone.com.

For the convenience of anyone in areas with the most, fastest activity related to hurricane evacuees, here are links to some of the appropriate real estate commission sites:
Louisiana Real Estate Commission
Mississippi Real Estate Commission
Texas Real Estate Commission
(Alabama is a buyer-beware state, with no property disclosures and no official standard forms)
(Tennessee does not have forms on their real estate commission site)

Once you have the contracts / forms / disclosures ready that apply to your property, talk with the involved mortgage company to make sure financing is ready. They will probably take the lead in scheduling a closing with the appropriate entity. If no lender is involved, then you will just schedule a closing directly. Call the closing attorney or title company, as appropriate, and arrange a time to go over all the documents and then close on the sale.

As locations for state-specific forms appear, I’ll post them.