George, we bought our TV home via a private sale. It was actually extremely simple. We found the place via
The Villages Homes For Sale By Owner FSBO .
- Sandy and I met with the sellers and looked the house over, asked all the questions we wanted, etc., etc. and came to a verbal agreement as to the terms of the transaction - price, what was included (bought it furnished), and so on.
- The seller contacted McLin Burnsed to have them handle the paperwork and the closing. We could have used any company we'd have all agreed to. But we felt that using M-B was best as they handle all the stuff for TV new home closings.
- Both parties (sellers and us as buyers) met with a rep from McLin Burnsed where they got all our pertinent info, presented us all with a copy of the standard sales contract they use, and we scheduled another appointment for a day or so later for us to all come back to return the signed copy of the contract.
- The sellers also created a document that listed all the furnishings that were included in the transaction. This was signed by both parties and included in the paperwork for the transaction.
- The next meeting went quickly. The rep reviewed the documents - everything was in order so we all agreed to a closing date.
- It was left to us as the buyers to schedule whatever inspections we wanted (at our expense) prior to the closing. Had a general house inspection as well as a termite inspection by a company that was independent from the company who had the current termite contract with the sellers.
- We were sent (via e-mail) a copy of the HUD-1 form/Settlement Statement a few days prior to closing for both parties to review.
- Came back for the in-person closing which went pretty much like any other closing. Sign this, sign that, sellers gave us the mailbox and house keys, etc. Done deal - easy peasy!
One additional thought for anyone buying/selling a resale home: Both parties should agree to a reasonable/rational amount for the valuation of the furnishings being included in the transaction. The closing company should back that amount out of the amount of the transaction to arrive at the sale price of the home itself. That sale price of the home is what will then be used as the basis for valuation for tax purposes, etc. The total amount of the transaction is still what was agreed to by both parties - but the valuation of the home on its own (sans furnishings) will help the buyer on their annual tax bill. To have those furnishings included would distort/overstate the true value of the house itself.
Hope that helps!
Bill
