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Important Tips When Buying a House For Sale by Owner If you’ve looking for a house to buy lately, you probably have come across a sign in one or a few prospects, saying “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. The first thing you want to remind yourself is that when you buy a house being sold by the owner and without a middle man poses some risks but very enticing advantages as well. In the traditional means of selling a property, the owner usually lists it 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. Hence, it’s no longer a surprise that some people would prefer selling their own property without the help of an agent in order to save money. 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 it known that some services can no longer be availed without the presence of a realtor. So you’ve been working with a buyer’s agent while searching for a house to buy, but what if you eventually decide to get the one with the “FSBO” sign? The thing is when you decide to purchase the home with an FSBO sign, it means you can never continue working with the realtor for the simple reason that the seller won’t be giving any commissions. 2 – Don’t forget to secure 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. If you don’t have one, then stop looking and focus on getting it first. 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. Problems, minor or major, may have been missed out or purposely hidden by the owner, so the only way to discover them is by having a professional home inspector check it. So those are just some of the few things you need to do when you’re buying a house for sale by its owner.