For Sale by Owner in California

by Devine, George; Bray, Ilona M.; Stewart, Marcia; Allison, Linda; Bray, Ilona M.; Stewart, Marcia

• ISBN13: 9780873378093
• ISBN10: 0873378091
• Format: Paperback
• Copyright: 2002-05-01
• Publisher: Nolo

Summary

Homeowners can save tens of thousands of dollars by selling a home on their own or with help from a real estate agent.

Thoroughly revised and researched, For Sale By Owner takes the reader through the entire process, providing practical tips on:
-- pricing and marketing
-- coordinating the sale of one house with the purchase of another
-- attracting buyers with creative financing options
-- minimizing the tax consequences of selling a house
-- negotiating with buyers
-- writing a contract
-- going through escrow

This edition is totally updated, and includes all the forms that a seller needs and complete instructions for filling them out.

Table of Contents

Introduction
When is the Best Time to Sell your House?
Plan the Timing of your Sale	2	(1)
Why Sell your House?	2	(1)
The Best and Worst Times to Sell a House	3	(2)
Selling One House and Buying Another	5	(3)
Benefits of Timing your House Sale	8
Legal Requirements for Selling your Own House
Property Sales Rules	2	(4)
Encumbrances that may Impede Sale of your House	6	(2)
Dealing with Brokers and Other Third Parties	8	(2)
Legal Prohibitions when Selling your Own House	10
Tax Considerations when Selling a House
Calculate your Gain	2	(2)
Time your Sale	4	(1)
Installment Sales	5	(1)
Short Sales	5	(1)
Keeping Track of Tax Deductions when Selling a House	6
How to Work With Real Estate Agents
Services Offered by Real Estate Agents	2	(4)
How California Real Estate Agents are Paid	6	(1)
Standard Broker's Contract: Exclusive Listing	6	(1)
Modifying the Standard Contract and Commission	7	(1)
Alternative Real Estate Contracts	8	(3)
Paying a Broker by the Hour	11	(1)
Evaluating Real Estate Agents	12	(3)
Getting rid of a Broker you don't Like	15
How Much Should You Ask For Your House?
Determine Prices of Comparable Houses	2	(2)
Hire a Professional Appraiser	4	(3)
Ask a Broker's Opinion	7	(1)
Learn the Asking Prices of Houses for Sale	7	(1)
Take the Temperature of the Local Housing Market	8	(1)
Price your Own House	8
How to Tell the World your House Is For Sale
Advertise-in the Classifieds	2	(3)
Advertise in Other Media	5	(1)
Hang ``For Sale'' Signs	5	(3)
Distribute your Own Printed Property Fact Sheet	8	(4)
Marketing your House on the Internet	12
Preparing Your House for Sale and Making Disclosures
Handling Phone Calls	2	(2)
Making your Home Attractive Before Showing It	4	(1)
Preparing for a Safe Showing	5	(1)
Holding an Open House	6	(2)
Protecting your Property	8	(2)
Obeying Anti-Discrimination Laws	10	(1)
Making All Disclosures	10	(13)
Complying with Local Ordinances	23	(1)
Follow-Up After the Open House	23
Making Sure the Buyer Is Financially Qualified to Buy Your House
House Financing Basics	3	(2)
Evaluating Potential Buyers	5	(4)
How Bankers Qualify Buyers for Home Purchase	9	(1)
Seller Financing	10
The House Sale Contract
Waiting for Offers	2	(1)
Only a Written Offer is Legally Valid	2	(1)
Offer Form Terminology	3	(1)
Types of Offer Forms	3	(1)
Understanding the Offer Form	4
Offers, Counteroffers and Negotiations
The Legal Status of Listing your House for Sale	2	(1)
The Offer Conference	2	(3)
Revoking an Offer	5	(1)
The Art of Negotiating	5	(1)
Counteroffers	6	(2)
Accepting an Offer or Counteroffer	8	(2)
Revoking a Counteroffer	10	(1)
Backup Offers and Wipe-Out Clauses	11
After the Contract Is Signed: Proceeding Through Escrow
Opening Escrow	2	(3)
Removing Contingencies	5	(5)
Title Report and Title Insurance	10	(1)
Buyer's Final Physical Inspection of the Property	11	(1)
Closing Escrow	11
What If Something Goes Wrong During Escrow?
The Seller Backs Out	2	(1)
The Buyer Backs Out	2	(1)
The Buyer or Seller Dies	3	(1)
The House is Destroyed by Natural Disaster	3	(1)
The Escrow Holder's Role in a Dispute	3
When Your House Is Difficult to Sell: Lease-Option Agreements
Lease-Option	2	(1)
Provisions to Include in a Lease-Option Contract	3	(11)
Modifying and Signing the Option Agreement	14
Appendix
Quitclaim Deed
Moving Expenses with Tax Consequences
Hourly Broker Fee Agreement
Sign-In Sheet
Disclosure of Information on Lead-Based Paint and Lead-Based Paint Hazards
Protect your Family from Lead in your Home Pamphlet
Real Estate Transfer Disclosure Statement
Natural Hazard Disclosure Statement
Credit Information Form
Promissory Note
Offer to Purchase Real Property
Deposit Receipt
Short Form Counteroffer
Counteroffer to Purchase Real Property
Acceptance of Purchase Offer
Counteroffer Revocation
Seller's Demand for Removal of Contingencies
Contingency Release
Extending Time to Meet Contingencies
Release of Real Estate Purchase Contract
Lease-Option Contract
Index