Real Estate Blog - For Sale By Owners: New home buyer beware... part 5!

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For Sale By Owners: New home buyer beware... part 5!

The contract is the heart of the real estate deal!

The contract will state the closing information such as date, where and with whom, sales price, ty Read the fine print! pe of loan, what the buyer & seller will be paying for plus much more.

The contract will also give you an out (if it has the proper contingencies) for things such as: you do not qualify for a loan, that you find the house with a serious defects or the property appraises lower than the sales price.

The contract also will give you options for remedies if thing do not go as planned. (again if it has the proper contingencies)

The contract is a legal document that if you end up in court (because things went very badly)it is what the judge uses to make his judgment. This is the one document that you want to be done correctly and many For-Sale-By-Owners do not understand everything about a contract or they insure the contract protects their interest. When just the buyer & seller are involved then there is no one to insure you, the Buyer is fully protected.

Do not make the mistake of not having a fully signed contract with contingencies to protect you! And be sure to read the fine print!

Many For-Sale-By-Owners will pay a Realtor to represent you in the transaction. So find a Realtor that you trust and let them guide you thru the buying process. Purchasing a home should be a fun & exciting time; just make sure you are represented.

Good Luck with your new home purchase...

if you have any questions feel free to contact

Brenda Tressler

Click here for answers to your home buying/selling/financing questions.

Click here to return to part 1

Brenda Tressler

Loan Officer

Integrity Mortgage Services

(931) 206-1907 Cell

(931) 905-6900 Office

brenda@imsiloans.com

"Let me be your friend in Financing"

Call Brenda for All your home loan needs!

Posted by Brenda Tressler on 11/18/2008 04:16 PM

Comments (7)

Home Buying Tips in the Home Buying Channel

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7 Comments on For Sale By Owners: New home buyer beware... part 5!

NOV

2008

Howdy Brenda

My friend

Haven a good and will written contract, when your buyen a home sure is very important. This one the thing First Time Home Buyers really want to make sure their Real Estate Agent is do-en for them.

God Bless America

Hello! Dale: You are so sweet to visit all my post and leave me a comment...THANK YOU! And yes; the contract is so important and I see them daily not complete. That is why like you said they need good professionals to be working on their side. I sure hope you are having a great evening... Brenda :)

NOV

2008

Hi Brenda! I love this series of tips for home buyers! You did a great job with it.....I like the way you broke it up into sections. It makes it easy to read, not too much info all at once.

Have a great weekend!

Hello! Ann: Thank you and thanks for you support and kind comment... I am never sure of what to write. I hope you are having a great Friday and will try to visit you later tonight. Brenda :)

Brenda, thanks for the posts. Its always good to pick up some new advice for clients.

Hello! Greg: Thank you for your comment... I hope you are having a great week-end...Brenda :)

MAR