Considering A FSBO Home? Here's What You Need To Know


When you're searching for your dream home, it's a good idea to explore all your options. This includes not only traditional homes for sale with a real estate agent, but foreclosures, short sales, and even for sale by owner (FSBO) homes. Buying a FSBO home can be a little more complex than some of the other options, but it also comes with the possibility for more flexibility. If you're thinking about placing an offer on a FSBO home, there are a few things you should know.

You'll Still Need an Agent or a Lawyer

When a person decides to sell a home without help from a real estate agent, this does not mean you need to buy without an agent. In fact, it's still recommended that you have help from an experienced real estate agent or a real estate lawyer throughout the transaction. You will likely need to pay your agent's commission if you go this route, but it will be worth it to have the help from an experienced professional throughout this often complex process.

You Should Never Forego an Inspection

Unless the home is being advertised/sold in "as-is" condition, it's always in your best interest to require a home inspection as part of your offer contingency. If a seller is hesitant to let you have an inspection done on the home--especially on your own dime--it's time to walk away from the transaction.

You'll Want to Obtain a CLUE Report

When buying a FSBO home, it's also in your best interest to obtain a CLUE report with permission from your seller. This report will alert you to any major insurance claims or other damages on the home within the past five or so years, which can protect you from purchasing a money pit. Much like a home inspection, if your seller refuses to let you obtain a copy of this report, it's probably best to walk away.

A Pre-Approval Shows You're Serious

While a pre-approval on a mortgage may not be required when making an offer on a FSBO home, having one can be a great way to show a seller that your'e serious--and could give you some extra leveraging power if there are additional deals on the table.

There are many reasons to consider purchasing a FSBO, but it's important that you know what to expect from the process. From there, you can execute a successful home purchase!

About Me

Buying the Vacation Home of Your Dreams

Do you absolutely adore going on fun trips with your family? Perhaps, you and the ones you love the most travel to the same beautiful location multiple times each year. If this scenario sounds familiar, you might desperately wish to buy a vacation home in your favorite beach or mountain town. To help you accomplish this meaningful task, consider hiring a dependable real estate agent in your part of the country. Working with a real estate agent is especially important when you’re purchasing property in an area you don’t live close to. A real estate agent can sometimes find out about promising listings before the general public can. On this blog, I hope you will discover the valuable ways a real estate agent can turn your dreams of vacation home ownership into a reality. Enjoy!

Search

Categories

Latest Posts

9 April 2018
If you have decided to move out of a home you own, then you may be tossing around the ideas of selling it or renting it out. There are benefits to goi

8 April 2018
Buying a piece of farmland can be a major investment in your family's future. In order to make sure that your experience with buying a piece of farmla

6 April 2018
Buying a home is a smart decision which will get you out of paying rent that only builds on your landlord's real estate equity. When you are ready to