For Sale By Owner – Advice For Buyers Diving In

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When looking to purchase a new home you may see properties listed as For Sale By Owner. For many new home buyers this can be off putting as you want the selling process to run as smooth as possible. By enlisting the help of your own real estate agent they will be able to ease you through the process. A FSBO home puts you in a unique opportunity to deal exclusively with the homeowner. This can represent a few challenges but also has the potential to be a better deal for not only the homeowner, but you, the buyer as well.

What is For Sale By Owner?

A FSBO home allows the home seller to list their property without incurring any of the commission fees charged by a listing agent. While this may save the seller precious dollars it could add a few risks for you as the buyer.

 

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How To Make The Process Easy:

 

  • Home Inspection

This should be an absolute must in any home purchase. You want to protect yourself from any problems that may be lurking in your dream home. During a showing there is potential for the homeowner to deflect you from underlying issues, alternatively they may just be unaware of certain problems. Do your due diligence and protect yourself from hidden costs by getting at least one professional home inspection.

 

  • Comparative Market Analysis

Before making an offer you are going to want all of the comparable numbers to get the best deal. A real estate professional can organize a report for you that includes all of the homes in your chosen area that are relatable in aspects like size and price. A CMA will also tell you what homes in the area sold for along with their original list price and how long homes have stayed on the market. Obtaining a proper valuation of the home will better arm you to make the most informed offer.

 

  • Home History

Taking the time to go through a home’s history can save you major headaches in the future. Get all the proper documentation and double check that the home doesn’t have any liens, pest problems or confusing title issues. Take special interest on past renovations, upgrades and physical defects of the home. By law a lot of this information is required to be disclosed by the seller. Your agent might also have some of these details on file.

 

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