We are for-sale-by-owner and have received an offer that we would like to accept. What are the upcoming steps we need to be aware of after accepting the offer? I know there has to be an escrow agreement and account in case they pull out, what else?

Also, we are concerned about shipping our lives off to another State before closing. We've read horror stories of loans falling through and people stuck in an empty house... in this market, that could be a long time waiting on a new buyer. What can we do to avoid this? Is it unreasonable to ask for a day or two after closing to vacate so we can schedule movers? Maybe we can schedule the movers to come on the closing day and have them on their way by the time we all sign the papers?

Thanks in advance.

Too bad it's a Holiday Weekend.

Since you chose to not have an Agent representing you, now's the time to pay an Attorney to draft an Agreement that protects your interests.

OR, to save more money, get the Buyer to hire an Attorney to draft the Agreement . . . . recognizing that if it's the Buyer's Attorney, it will be skewed in favor of the interests of the Buyers.

I doubt that there "has to be" an Escrow Agreement . . . . only if you think something might go wrong, and the Buyer cease operating in Good Faith. Is the Offer in Writing? Or just based on a Handshake so far? It should already contain a Good Faith Deposit IF the Buyer is offering to provide one.

We have to hire an attorney in NC. anyway, whether you have an agent or not. It's all based on a handshake so far, they are having their agent draw up the offer. Because we are moving out of State we want an escrow agreement before we ship our things. Which is the crux of my question, is it unusual to ask for a day or two after closing to vacate or to have movers out on closing day?

You'll probably just have to hire that Attorney a bit earlier in this case . . . . they really hate getting involved AFTER the horses have left the barn.

Ask for a per diem rent-back clause to be written into your Agreement, to cover you for 3 or 4 days, and to give you usage of the place for a few days following Closing. You'll then compensate the Buyer his out-of-pocket expenses covering that time period.

Important Notice: This information is provided as basic educational information by the author and is not a substitute for the advice of an expert and/or the advice of a Lawyer. There is NO representation as to legality, accuracy, correctness of the herein information and the reader is strongly urged to consult an Attorney in the relevant jurisdiction to ensure accuracy before acting on this information.

This is why you hire a Broker in the first place. We are not your agent, so we can not give you advice.

Self-representation

Is all very well and good, providing

You are knowledgeable about both real estate and contract law and are able to interpret and recognize the legal significance of the contractual terms and conditions of the contract, together with the unwritten terms that are subject to legal doctrines established by caselaw.

A simple error in this regard could be far more costly than any savings that may be achieve through self representation, and in a sense you would be deemed the author of your own misfortune.

Locally, we operate pursuant to the law of agency, and even though I am deemed a real estate professional, I would use another agent in a "fiduciary relationship" to represent me, simply because the liability would be on that agent’s shoulders and not mine.

This to my thinking, it is a reliable form of insurance, because he and his insurance company will pay for any error and/or omission that may have occurred, and my agent could be held liable for any breach of their fiduciary duty to which I am entitled to, together with any damages that I may have sustained.

Some of your questions lead me to have some doubts as to your ability to be self-represented. Locally the seller is obligated to give the buyer “vacant possession” on closing and which is exactly what it means.

If you allow a buyer to move in prior to closing and there is a fire, then legally it’s still your home and it's debatable on whether your insurance company will cover your loss and/or damages or will you have to sue them and they in turn will claim that you breached a term and/or condition of your policy and they are denying coverage.

In the event you became involved in a legal action, imagine the legal costs of a local attorney together with the legal costs of a out-of-state attorney.

Legally a handshake is worth nothing and you should know that if you do not have it in writing , then you don’t have it.

One mistake on your part could be devastating, both emotionally and financially.

Important Notice: This information is provided as basic educational information by the author and is not a substitute for the advice of an expert and/or the advice of a lawyer. There is NO representation as to legality, accuracy, correctness of the herein information and the reader is strongly urged to consult a lawyer in the relevant jurisdiction to ensure accuracy before acting on this information .

To answer your question: It's very common to put a clause in the contract that you will not deliver the property to the buyer until 3 days after closing. Just tell the agent writing the offer to put it in there, or give a counter offer to the buyers with that provision.

They may not be willing to do it (I wouldn't), because they are basically letting strangers stay in their house for 3 days, and any number of things might happen. You might even refuse to leave, and then they would have to evict you.

Even if they give you 3 days, what are you going to do if they don't close?

He's a FSBO . . . . . there is no Agent to tell.

If I understand, you have a verbal offer, and you have agreed verbally to those terms. At this point you have no binding agreement, no contract, really nothing solid. That is how I see it. I would continue to show the house to others. If you do receive a written offer that apporximates what you remember, be careful, since the devil is in the details.


This is called a rent back. Essentially your new owners would be your landlords and you, their tenants for that time frame. It should wisely be formed by someone with knowledge of leases as there are many things that need to be layed out and agreed to.

i am in s california and it is customary here to turn possession over 2 days after the close of escrow.