Texas Appraisers or other lurkers

[Farm Gal]

My daughter and son-in-law are selling their house and are going to try to FSBO first before listing with a realtor.... Like most military kids they don't have a whole lot of equity....

They are asking help and input from the family on what to do... but I am clueless about TX law!

Are there any quirks specific to TX that they should be aware of before trying this on their own?

 

[Tim Hicks (Texas)]

No, Lee Ann, all they need is a sign in front of their house and the ability to download sales contracts from TREC. If they don't know what their house is worth they can: a) Get an appraisal, or b) Get a Realtor opinion for a prospective listing. Keep in mind a Realtor will probably give them a "only in their wildest dreams" value to get their listing. But, then they will send the loan to their "hand picked" lender with their "hand picked" appraiser and they will appraise it for over their "wildest dreams" value. This does not happen every time, it just seems that way. Tell them to be careful and read any listing contracts carefully and they can negatiate the Realtor commission if they go that way.

 

[Neil (Texas)]

Lee Ann

Texas mandates a "Seller's Disclosure of Property Condition" be completed and furnished to purchaser. (Section 5.008, Texas Property Code)

This is required whether its a FSBO or broker listing.

 

[Tim Hicks (Texas)]

That form is also downloadable from TREC. Thanks for pointing out I forgot that Neil.

 

[Farm Gal]

Thanks Neil & Tim, that was sort of where I wanted to go!

Any other comments please pile in!

 

[Neil (Texas)]

Lee Ann

This link may be helpful:

http://www.trec.state.tx.us/

 

[Farm Gal]

:!: :idea: :!:

Our forum members are GREAT!!!

Thanks Neil! 8)

 

[Terrel L. Shields]

SOme lawyers are recommending that the FSBO not sign or provide a sellers disclosure, but pay the fine (assuming it is $500 or so) The disclosure can be excellent evidence against you if something does go wrong even if you are unaware the problem existed. No signee, no liability, in theory.

 

[Farm Gal]

Terril:
That is interesting and sort of my theory also, on the other hand by NOT signing you open yourself for liability also... 'Cause you must have known SOMETHING or you would have signed :evil: !

I have a third plan for all primary residence home sales: Rent it for a year, fix up the cosmetics, and then sell... Puts you within the IRS limits for sale of primary residence, outside the limits of culpability for unknowns and generally permits you to write off all the cosmetic repairs to get top dollar for a home :roll:

 

[Neil (Texas)]

Lee Ann

The Texas "seller's disclosure" states, in capital letters:

"This notice is a disclosure of seller's knowledge of the condition of the property as of the date signed by seller and is not a substitute for any inspections or warranties the purchaser may wish to obtain. It is not a warranty of any kind by seller or seller's agents."

Also, has check boxes to indicate if seller is or is not occupying the property. And, if unoccupied, how long since seller has occupied the property?

So, you make an excellent point with regards to renting for a year before selling.