Selling house for cash Couple of Questions..

[kimibabeee]

What is the name of your state? OH

Where to start, my EX sister in law just bought a house from her ailing neighbor. She paid $5,000 for the property as it is in need of repairs. She wants to list it on ebay (ok, she wants me to list it, she is computer illiterate) She doesn't want to mess with the property at all. She has told me to list it on ebay and whatever I get over what she wants to set as a reserve is mine to keep for handing all the crap involved.

Here are the questions:
How does one go about transfering the deed?
Should it be a quit claim or as is grant deed?
Should she just sign and have the deed notarized and send it off to the winning bidder? (seems to me that since both parties have to be present to sign a car over both should have to be for real estate but from what I have read online, unless I am misunderstanding only the seller has to be present for the notary)

Thanks for any advice ya'll might have to offer.

[nextwife]

Any reasonably well informed person will want to first get a title insurance commitment before they pay a penney, proving that the person selling has good title, and verifying the legal description of the property to be conveyed. The real estate closing paperwork should be prepared by either her attorney or the title company, and all the "requirements" set out by the title commitment need to be met . The closing statement needs to be properly drafted, prorations calculated, based upon the disbursement date, and any prior liens paid off at disbursement. The closing statement can be expressed by the closing agent along with signature instructions to the buyer for presign. A conveyance for consideration is normally done via warranty deed, not QC. If your municipality requires a code compliance inspection prior to sale, then that also has to be done. Some states also have rental weatherization compliance or waivers which must accompany deed for non-owner occupied sales. Additionally, some state require a transfer tax return form and fee accompany the deed.

In other words, this needs to be handled by a professional closing agent or attorney, since neither of you knows what is needed.

[kimibabeee]

Thanks! I thought it was more complicated than she wanted it to be LoL. She is quite convinced that if she sells the house as is all she has to do is transfer the deed. Like a car. Perhaps tomorrow I will call a title company and get all the info and instructions.

[HomeGuru]

Now you are on the right track.

[PghREA]

I'm wondering what type of person would buy property listed on E-bay.

[nextwife]

Maybe they think they can just move that single wide anywhere?

Although, I did have good luck buying Chinese antique shutters and Pottery Barn bedding on Ebay. Too bad "ownership" of real estate is more complicated than ownership of a duvet cover.

[HomeGuru]

Originally Posted by nextwife

Maybe they think they can just move that single wide anywhere?

Although, I did have good luck buying Chinese antique shutters and Pottery Barn bedding on Ebay. Too bad "ownership" of real estate is more complicated than ownership of a duvet cover.

**A: maybe we need licensed ebay agents who work on commission and under a licensed ebay broker.

[BelizeBreeze]

Originally Posted by PghREA

I'm wondering what type of person would buy property listed on E-bay.

Actually pgh, I have purchased three separate properties this way, two from e-Bay and one from the yahoo auctions.

Of course, I also flew my attorney to each site to view the documents, surveys and title reports, do a walk-through on the land/buildings and give me his honest opinion before the buyout was exercised.

[nextwife]

Ah, but licensed WHERE? In the land of Cyber?

Would PayPal processing be part of the licensing test?

[kimibabeee]

Originally Posted by nextwife

Maybe they think they can just move that single wide anywhere?

Although, I did have good luck buying Chinese antique shutters and Pottery Barn bedding on Ebay. Too bad "ownership" of real estate is more complicated than ownership of a duvet cover.

Ever wonder why people are afraid to post questions on this board? probably because of closed minded remarks like the one above.

FYI, the house in question is 3b2b 1980 sq feet in need of updating and renovation. The lady that sold my SIL the property is dying and has no family, my SIL has been taking care of her for a couple of years now. The fair market value of the property is 47k, thats a heck of a singlewide isn't it? If we put the house on ebay it will be sold as a "fixxer upper" someone that has the time and initiative to fix it up will probably come out very well in the end.

Us "simple country folks" have a saying or 2. If ya ain't got nuthin nice ta say, don't say nuthin atall" as well as "If alls you can find to do with your time is try an bring folks down, getcherself a hobby"

For those of you with helpful advice or comments, thanks!

[nextwife]

I was referring to NOT those selling, but those who would BUY RE, sight unseen. Certainly structural integrity cannot be a concern for them therefore they must be interested in the land only. It was also a joke directed at a Senior Member.

[HomeGuru]

Originally Posted by kimibabeee

Ever wonder why people are afraid to post questions on this board? probably because of closed minded remarks like the one above.

FYI, the house in question is 3b2b 1980 sq feet in need of updating and renovation. The lady that sold my SIL the property is dying and has no family, my SIL has been taking care of her for a couple of years now. The fair market value of the property is 47k, thats a heck of a singlewide isn't it? If we put the house on ebay it will be sold as a "fixxer upper" someone that has the time and initiative to fix it up will probably come out very well in the end.

Us "simple country folks" have a saying or 2. If ya ain't got nuthin nice ta say, don't say nuthin atall" as well as "If alls you can find to do with your time is try an bring folks down, getcherself a hobby"

For those of you with helpful advice or comments, thanks!

**A: good grief kimiwallaby, why not do what smart Sellers do. And why are you invovled in this? It is not YOUR house to sell.

[PghREA]

Yeah Kimi, If the home was listed by a Realtor in the area, you could be sure that all the paperwork (disclosures etc.) needed to protect the seller would be done and hopefully you would get the best price for the property.

Selling FSBO is fine, if you know what your doing and what your suppose to do. If you haven't a clue, than you need help and E-bay dosn't offer help or go to court with you when you get sued.

Read the posts in these forums to get an idea of problems that can arise.
Selling real property is a bit more complicated than selling a car or a duvet cover.

[HomeGuru]

she wants to make a few bucks acting as a "dealer"****************************