Wednesday, August 8, 2018 / by Rachael Roberts
Homes that are for sale by owner (when a seller decides not to hire a listing agent) are more common than you might think! When you're looking for your next home, you're likely to come across at least one FSBO in your home search. Here are 4 things you will want to keep in mind when buying one of these homes.
1) Hire an agent. To ensure the transaction is handled correctly and legally, you will want to make sure you have an agent on your side especially since the seller doesn't! An agent will be knowledgeable about the real estate market and can help craft your offer, prepare the contracts and the right lender for you.
2) Be prepared to negotiate. Most FSBO's are rarely priced appropriately. Sellers tend to overprice their homes value because of their emotional attachment to it. When you have an agent on your side, that gives you access to comparable sales data to help negotiate the right price.
3) Have a home inspection done. A home inspection can reveal any potential problems before you go through with the sale. The seller may not be aware that they are legally required to disclose any known issues with the property, and that could result in costly repairs down the road.
4) Make sure you have contingencies in your contract. Contingencies give you an exit route if anything were to go wrong during the transaction. For example: If you're unhappy with the inspection results, the appraisal doesn't come in at the sale price or you can't get a loan, you now have a way to back out and save your money.
Want help finding and buying your next home? Call us today and we will help you every step of the way! 541-451-2211