How To Buy Edison For Sale By Owner (FSBO) Real Estate in New Jersey

There are a few misconceptions about buying Edison for sale by owner real estate (FSBO) in New Jersey

Seller Isn't Serious

Some buyers think that the seller isn't serious about selling the house, that they're just testing the market.  While this is true in some cases, most sellers will accept an offer that is close to the asking price at any time.

Sometimes Edison for sale by owner real estate will sit on the market for a while.  This may be because the owner is not open to negotiations on the sale price.  More often, it's because the owner doesn't have the experience showing homes to potential buyers that a real estate agent does.  A typical owner isn't likely to have the time to properly market the house.  If there aren't enough buyers looking at the house, it's going to be harder to get a good purchase offer.

Real Estate Agents Can't Help

Some buyers believe that real estate agents can't help negotiate the purchase of a FSBO.  That's not true.  If you find an Edison FSBO you're interested in, whether you find it because you drive by it or see it in an advertisement, let your Edison real estate agent know.  Real estate agents can represent your best interests when purchasing Edison FSBOs, just like they do when purchasing homes listed with real estate companies.

If you do happen to come across an Edison for sale by owner that you just love, you may need to include several things in the purchase offer to protect yourself.  These include:

• Home inspection required that shows there are no significant defects or pest infestations in the house. Make sure you hire a credentialed home inspector; you do not want to buy a house that needs major repairs without knowing about it...
• Appraisal of the home is a specific value. You don't want to agree to buy a house for more money than it's worth.
• Clear title on the property.
• Seller disclosures. The seller is required to give you all the same documentation you would expect to get from an agent-represented seller.
• Mortgage approval.

With a for sale by owner, you never want to give the earnest money check directly to the seller.  A third party, like a real estate broker or title company, should hold on to all earnest money.  If you give the money to the seller, you may lose the ability to determine how the money is used. 

If you're interested in buying an Edison home, whether it's a FSBO or not, I'd like to help you.  Call me today.

Catherine "Cathy" Chaudemanche,
Edison Real Estate Agent
More Edison Real Estate and North Edison Real Estate.