Buying a FSBO? Know what you are getting into first
It’s common knowledge that realtor fees are expensive. That’s why some home sellers choose to go down the selling path by themselves. FSBOs are not uncommon, and if you are planning to buy soon, chances are you have contemplated on one of them being your likely purchase. But before you go diving in, you should learn a thing or two about these kinds of sales.
Do you consider yourself informed in real estate sales? If not you should consider doing some prior research to understand the steps it takes to buy a house, and what your expectations need to be. This is imperative if you plan on going through the purchase process without the help of a real estate agent. When you are without the knowledge, you take a risky position, since you could be the one on the losing side, if you decide to follow through with a purchase.
The first thing you need to know is the price that you expect to find. When you see a FSBO sign in front of a house, take some time to research the market prices of houses around the area. This will help you know what price to anticipate when you go asking. If you don’t know the price ranges that you should expect, a seller could give you a higher quote, and you could end up settling for it, even when its clearly above the market.
If you find a piece of property you are seriously interested in, get it inspected. The bill will be yours to settle, but at least you get a report on the condition of the house. This is important, to avoid any unpleasant surprises. You get to know if the house will need improvement should you move in, or will be good enough. There are some details that a FSBO seller won’t readily divulge. But these will boldly stand out in the inspection report you get.
Should you have feelings of uncertainties surrounding whether or not you should buy a FSBO, get a Realtor®. It might cost you, but it’s hard to put a price on the peace of mind that you get when you know you have professional help by your side. An agent will help you understand anything you might want to know about the property, including its condition, market price and whether it’s a good investment or not. They will even help you negotiate for the best price if you are seriously interested.
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