Since the process of selling any kind of property involves some risks I still have to point out the fact that it is not recommended to go trough such a process like selling a house by yourself since the risk is to great. Having a buyer all by yourself is excellent but we do recommend that you have at least an estate lawyer to finalize the last details of the sale transaction.
However if you do decide to sell a house without a real estate agent you have to take into account the possibility that the buyer you have is not eligible for the transaction. So the first think that you should ask your buyer is to show you the pre approval letter, confirming that he has enough founds for the transaction. A pre approval letter is a document attesting the fact that the buyer you have got has undergone the thorough process of applying for a loan from a lender and that it has been approved for a fixed amount; that is considering his financial status doesn’t change too much.
No matter what you do or how willing is your buyer to seal the deal make sure you do not sell the house and while we are here, never sell anything without a contract. So make a purchase contract with your buyer so you can have a better control over the entire procedure. Having a purchase contract will assure you that the buyer you have will not change his mind in regard to buying your house or not.
Before you can seal the deal you must hire an estate lawyer and you must do one last step before you can get your check. You have to pay a visit to your mortgage lender and you must let him know that you are paying the last mortgage bill and that you’re selling your home. If you can’t find a better deal on your house and you are still left with a negative balance on your mortgage after you complete the sale you have to cover the difference as well.
So now since you took all the steps for the sale of the house you only have to sign the contract that is viewed and approved by both parties’ attorneys. Once all the papers have been signed you will receive your check and the property’s owner will change.