Mar 10, 2005

Selling it ourselves....

Job fair is around the 27th. My guess is that Mike will have something tied up by early May, but wont have to start working until early September, so we'll have the summer off and will probably take a cross country trip or something to celebrate.

I talked to my Uncle Mike this morning (he's a real estate attorney) and he helped me understand the ins and outs of selling ourselves. Its going to cost us about 1500 I think all said and done. We called our attorney here this morning, and we are ready to go as soon as they hand us an offer. He also said that we should make sure that any offer we get has some inspection specific things in it (like the inspection has to happen within 10 days, etc...) and that we should continue to show the house until we have earnest money and a signed contract. He also said not to offer to repair anything until the inspection report comes back, - and then, the only thing you should agree to repair are "Defects" - which basically include roof, electrical, plumbing, structural issues. In fact, he said, make sure there is a clause in the contract that lets you out of the contract if the inspection reveals a defect that will be very costly to repair (like if the electrical system needs to be replaced but we don’t want to do that). He also said, the inspection report will inevitably find a laundry list of cosmetic and maintenance issues (Cracked window panes, lack of GFI outlets, stains on carpet, etc...) but that because those are cosmetic, you are under no obligation to do anything about those - that's the price of buying an old house and that the only things you should worry about are major defects. I thought that was good to know.

No comments: