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FSBO'S ARE THE BEST DEALS, RIGHT?
"I'm looking for a for-sale-by-owner property because that's where you find the real deals."
Who wouldn't like to cut out the middleman and save money on a commission? In the best of all possible worlds a seller wouldn't have to pay a real estate fee and that savings would be passed on to the buyer. But we don't live in an ideal world. What happens instead is FSBO properties are often over-priced! The seller of course believes that their unrealistic price is correct and the buyer may believe this as well because they have no professional guidance. By the way, a buyer's ability to surf the Web and to assess the value of a property via sites like Zillow for example does not qualify as "professional guidance."
FSBO's can sell for more money early in the game when the house first comes up for sale. This is great news for sellers but not for unwary buyers; especially when a buyer needs to sell the house a few years down the road in a market that has either stagnated or has declined. And if you think the buyer is protected because the seller or a lender had the property appraised ... think again. Lenders are in ... more
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