The final chapter in the For Sale By Owner series.
We officially listed our house on Zillow on May 29, after a
few frustrating attempts with the MLS4SalebyOwner website, I was able to get
the house listed on the MLS on June 26. Within hours we received five phone
calls and three offers. We quickly accepted the best offer. The buyer’s Realtor
came by our house to have us sign the appropriate paperwork. The entire process
went fairly smoothly. Being a seller is definitely easier than being a buyer
and not having to go through both processes at the same time has made it all
the more easier. 
We received a full price offer for our house and only had to
make a small concession after the inspection to have a wall heater replaced
(which probably just needed to be reset) but all in all we felt very good about
that part of the process. Additionally,
there were a few additional cosmetic things we considered doing, but ended up
not having to. We did not get new blinds on the windows, so most of the windows
were not covered at all. The bath tub in the main bath needed to be refinished.
We considered having that done, but procrastination paid off. The new owner
accepted this as one of the items they would have to take care of.
The only real issue arrived when we went to sign the closing
documents. There is a list of fees that the sellers are assigned to pay. My
husband was on the lookout for charges that he thought might be erroneous and
sure enough he (thought) found one. Under
the section labeled “Reductions in Amount Due to Seller” there is a fee
labeled, “Portion of Owner’s Policy Paid by Seller”. We still do not really
know what this fee is for.
The closing agent said it was an insurance policy
that protects the owner in the case of a title dispute. But the title company
was already paid $766.50 for doing their part and getting a title history and
making sure that the property title was not being challenged. Apparently, this fee is listed in the initial
offer and acceptance paperwork and can be negotiated. Lenders require title
insurance, even if the title has been deemed “free and clear”. Usually the
seller pays this fee. It was about $1000. I guess it pays to read EVERYTHING.
And what I would really like to know is who receives this fee? Has a title ever
been challenged after a legal sale? Has anyone received compensation from this
fee for title dispute?
On a final note, I will be picking up the check today. Now,
what should we do with this money?
