We routinely represent clients who are selling their home directly to a buyer in a For Sale By Owner transaction. They are frequently landlords and their tenant wants to buy the home. Other times they simply put a sign in the yard or posted it on Zillow or Craigslist and a buyer approached them. For FSBO sellers our services include:
- advising the seller on their disclosure obligations and completing necessary forms,
- drafting or reviewing the purchase & sale agreement (i.e., the offer),
- advising through the initial negotiations (either directly with the buyer or with our client taking the lead and stepping in only if and when necessary),
- advising through the inspection, financing, title review and any other contingencies that apply,
- coordinating title and escrow,
- reviewing title,
- reviewing closing documents with you before you go in to sign (this is one of the nice benefits of having an attorney involved), and
- all the phone calls and emails to discuss the various issues that come up during the transaction.
$2,500 flat fee – We offer a $2,500 flat fee for sellers who want to sell their home themselves and not use a broker. Our fee is paid up front and is not contingent upon the deal closing so most clients wait to engage us until they have found a prospective buyer and are fairly to highly confident the buyer will buy the home. This often means the buyer has seen the house in person and they have had at least initial discussions on price. Ideally the buyer has provided a current preapproval letter from a reputable mortgage lender.
Our flat fee includes general advice on determining an appropriate price but does not include a comparable market analysis (“CMA”) since that is beyond the practice of law. We can provide a CMA through our affiliated brokerage company WaLaw Realty LLC for an additional $250.
1% Contingent Fee - Deals fail for many different reasons ranging from simple buyer’s remorse, failed inspection, low appraisal, or inability to qualify for financing. Because of this we offer a 1% contingent fee option where the seller doesn’t have to pay anything up front and we only get paid if the deal successfully closes.* Our fee is 1% of the purchase price and it gets paid at closing as part of the seller’s closing costs.
The 1% contingent fee is only available for off market transactions. If you want to list your property in the MLS to get maximum exposure, we can do that too through our affiliated brokerage company, WaLaw Realty LLC. You can find more information at WaLawRealty.com.
* If the buyer fails to close without legal excuse and the earnest money is to be retained by our client the seller, the earnest money shall be split evenly between us and our client but only up to the point that we receive an amount equal to 1% of the purchase price in the failed deal.