purchasing privately

I've got a rental home I want to sell. An aquaintance is interested. We would prefer not to get a real estate agent involved to save on fees. He will need to obtain a mortgage. Assuming that is done, is the transaction something that can be done privately? He has agreed to a price of $115,000. What are the steps? Thanks.

Searched online, but I keep getting advice that tells me to contact a real estate firm. I see no need to pay 6% unless it is absolutely necessary.

 

probably just need a realestate lawyer

 

Thanks. I just found a site that said that. Private sales are much more common in Europe and Australia than the US.

 

They are done all the time here. Download a contract, sign it. Get a mortgage. The lawyer does all the hard work.

 

I did not use a realtor on my transaction, and I personally believe all they do is just get in the f'ing way, and spew stoopid sh*t out of their pie holes. Your borrower found the property, realtor's job done. There is only 3 or 4 things I later found out that might've helped me, I guess these are focused more towards the buyer...

1) Termite inspection, my house, thank god, does not have any, a couple trees out back do though, GD!
2) Structural inspection, this is pretty obvious, borrower should know the condition of the home,
3) Plumbing inspection, just make sure the pipes are good, this would be pricey if something was wrong.
4) They do a short market analysis and determine appropriate selling price, you can do this as well, when appraisal comes back, you'll know if you're right on or not.
5) If I was a dumbazz and didn't know any attorney's or appraisers, prevoiusly mentioned realtor possibly could help there.

That's it, get a contract, find a mortgage broker (you know a few, I garauntee it), order appraisal, make sure value is there, underwriting, closing. Good luck, you don't need a realtor, just a knowledgable mortgage broker, a decent attorney, and your brain.