Expert: Dick Dennis - 3/3/2009

Question
hi, my wife and i are selling our modular home, in a modular home village in toledo, ohio. we located a buyer through craiglist who intends to pay the asking price in full. we do not fully own the house, we are still making payments through the mortgage company. further, the interested buyer is not local, but is relocating here in about a month. the buyer would like to get into the house as soon as she gets here.

i'm curious what the process is? we are in a village with lot rent, so do we have to go through escrow? does the buyer just send us a check, we send check to our mortgage company, mortgage company sends us title/paperwork, and then when buyer gets here we all go to some county office and fill stuff out? i really am clueless, we are trying to do this by owner.

thanks.

Answer
Don't be penny-wise and dollar-foolish, Josh. In this kind of market you are very fortunate to have found a buyer. So, to make sure everything goes well and the buyer is able to get into the house and you can get on with your lives, get yourself a REAL ESTATE attorney to handle the closing including an escrow. He/she knows exactly what to do to make sure your sale goes through properly. With a third professional party handling everything, you don't have to worry about how you pay off your mortgage, etc. You have more important things to take care of, Josh, like making plans to where you are going to move. I wish you well.

Dick Dennis
dick@dickdennis.com