FOUND A FSBO (FOR SALE BY OWNER) HOME YOU LOVE?
TIPS FOR PURCHASING IT!
At one time there were very few For Sale By Owner (FSBO) homes on the market. You might have happened across a sign in the yard as you were driving around a neighborhood or you might have seen an ad in the newspaper. But now you are much more likely to find them online with home marketing websites. “What if” you find a FSBO home that you really like? Are you confident in your ability to navigate the waters of dealing with a FSBO? Here are some things to consider.
The FSBO seller obviously has chosen not to hire an agent to sell their home. Some sellers believe they are somewhat savvy and can market their home -- take a few pix, put it online, show it, and sell it at top dollar -- without using a real estate broker and paying that broker’s fee. (a rather simplistic and unrealistic view of the process). While that may be true for some FSBO’s, there are some who are nervously reading everything they can on the internet about how to do this. Will you feel comfortable with that seller?
No matter how well-qualified the seller is or is not, someone is going to have to assume most of the responsibility for getting this sale to closing. Do you want it to be the seller helping you through this transaction or do you think you can go it alone? Most cautious and educated buyers are going to answer those two questions with a resounding “no”. And the reason they, and you, should say “no” is that cautious and educated buyers understand this transaction is a huge investment of their money. This is not the time or place to try saving money. Besides, it is not your money you are saving – the seller is the one who should pay for that professional help. Why would you try to save the seller money? Do you think they will pass that along to you? Really? Use a real estate broker to represent you! Let that person shoulder the stress and save you from some costly mistakes.
While most FSBO sellers are willing to forego the listing agent, they are still willing to work with a buyer’s agent. If that is the person who brings them a buyer for their home (and the goal is to sell the home), they are willing to pay the commission for that buyer’s agent and save themselves the listing agent’s fee. A good buyer’s agent will be willing to work with you on any home you select and would be happy to contact that FSBO on your behalf.
Here are some of the things a Real Estate Broker will do for you:
*Arrange a showing and point out some important things that you should notice about the home.
*Find comparable sales to help you make an appropriate offer.
(Remember, if a seller is not using a broker, some, but not all sellers sometimes let emotions or their own inflated view of the home’s worth color their view of what the price should be – but let’s get real.)
*Negotiate with the seller on your behalf which removes you from that difficult communication or the feeling that you are being “bullied”.
*Draw up the appropriate contract and other documents.
*Get the seller to complete the forms they are required to complete with any home sales transaction.
*Guide you through Earnest Money Deposit and deposit it with the appropriate party.
*Guide you through financing options and help you find a lender if necessary.
*Guide you through home inspections and negotiate repairs on your behalf.
*Work in partnership with your attorney and lender to get the sale closed in the most expeditious and professional manner.
Your real estate broker will navigate the process on your behalf, will tell you what is next, what your options are, help you avoid some pitfalls, help you find solutions, and provide the buffer that you need between you and the seller. AND, the seller is paying for this professional advice for you!
In short, save all your DIY projects for your new home – do not make the purchasing of your new home a DIY project.
If you need assistance purchasing a FSBO, or any home, please call/text/email me.
If you are considering selling your home as a FSBO and it has become an overwhelming project, please call/text/email me. I would be happy to help you.
Belinda Faulkner, Broker
Morefield Real Estate
THANK YOU FOR VISITING
Be sure to call or email me if you are interested in any of these featured properties or others that you may have seen in our area. I am available to help you find the perfect home or property. And, if you are thinking of selling -- your home could be the next featured home here.
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2623 Sunset Avenue
Rocky Mount, NC 27804
Email: bgfaulkner@suddenlink. net
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