externalImportant Tips When Buying a House For Sale by Owner
If you’ve been spending a lot of time as of late looking for a house to but, you probably have encountered a few prospects with a sign, “For Sale by Owner.” Now provided you are very interested in one of those houses with that sign, perhaps your wondering what really is the difference.
First things first, buying a house being sold by the owners themselves come with certain risks and benefits.
In the usual case of selling a property in the market, the owner of that property will list his or her home through a real estate agent. The tradition also includes the responsibility of the homeowner/seller to pay his or her realtor as well as the realtor who represents the buyer. So in order to save money by not being forced to pay a realtor, some people decide to list and sell their own home or property. That’s why they put up the sign in front of their home for sale – “For Sale by Owner.”
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Now here are some valuable tips on how to deal with this type of property for sale.
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1 – Be reminded that some typical services are no longer there if there’s no realtor involved.
Now let’s say you’ve been working with a real estate agent while looking for a new place to purchase, but suddenly you found that one with an “FSBO” sign and you feel like it’s really the one. If this happens, you need to be prepared to go on with the purchase without the realtor because they work for the commissions, and in a deal with an FSBO, the seller will never give one.
2 – Get a mortgage pre-approval first.
If you already have started looking for a house to buy, it means you already have pre-approval for a mortgage. But if you actually don’t have one, it means you must stop whatever you’re doing right now and put all your efforts in getting a mortgage loan. Talking to an owner/seller without presenting a pre-approval letter will likely turn them off, suspecting that you’re nothing but a window shopper.
3 – Don’t forget or skip the home inspection part.
Keep in mind as well that even though there is no realtor involved, you still have to go through the important processes in home buying. For instance, doing a home inspection is a must. For you to get the assurance that the property does not have hidden problems that could cost thousands of dollars in repair later, you need to tap the services of a qualified professional to do the home inspection.
So those are just some of the few things you need to do when you’re buying a house for sale by its owner.