Buying FSBO homes is not an easy thing. Unless you know the ins and outs on FSBO and real estate, it is best to consult a professional if you are planning to buy a new home through FSBO. Without the proper knowledge, you would experience a lot of problems, such as those concerning property defects, disclosures, zoning issues, insurability, financing, crime issues and other hassles.
Here are some points you should consider when you are planning to buy an FSBO home:
- On your sales contract, insist on a contingency plan which would allow you to act on errors made by the appraisal, such as untrue values.
- Never trust oral arrangements. Make sure that everything is written on paper.
- If possible, get the help of a real estate attorney to help you with decisions about you’re the contract.
- Make sure that you have gathered comparative prices around the neighborhood. This would help you decide on a final offer, instead of basing your decisions on the listing price.
- Remember that some sellers would choose to sell their house through FSBO after they find out that they would not be able to get as much as they wanted for their house.
- Do not hesitate to negotiate for a lower price, since the prices of houses are continually going down.
- Never pay directly to the seller. You can use an escrow company, a title company or another third party who is a detached professional.
If you insist to bring a buyer’s agent to the table for a deal in an FSBO house, then the seller can choose to pay any commission to your agent. After all, a seller would want to save on all fees. In this case, you might not be able to get the best deal on the best house. It is still best to get a buyer’s agent, since you would be able to find the best one for you. Moreover, an agent knows what is currently going on in the market. As you hunt for FSBO homes, take note of the abovementioned points, and you would sure be successful in finding the best home for you, at the best price you can ever get.