Do I Call a "For Sale by Owner" if I am a Buyer?
Would You Buy a Home from a Used Car Salesman?
If you want to buy a home, the Real Estate Agent is free. Yes, I said FREE! Many first time home buyers don't realize that it doesn't cost them to use a Real Estate Agent, when they are looking for a home. In Indiana, the home Seller pays the Real Estate Commission for both the Buyers Agent and the Sellers Agent.
Home Sellers, who want to save the commission fees, by selling it on their own, in most cases, will just put a For Sale sign in their yard. They are the "For Sale by Owner" (FSBO). When the home buyer drives by a home that says "For Sale by Owner" and has a phone number, it is easy to call the number and discuss the home with the Seller.
When talking to the Seller, he will NOT give to a disclosure statement, listing the condition of the home. The Seller WON"T tell you the problems, only the nice improvements they made. Doesn't that sound like a used car salesman?
If the Buyer wants to see a FSBO home, they should contact a Real Estate Agent to negotiate for them, in the condition of the home, price and even the occupancy. Can you imagine buying a home and then having trouble getting them to move out? The Agent will do a price comparison to find out what the home should sell for. Usually FSBO's overprice their homes, so they can make more money on the sale, in addition to not having to pay for repairs and commission for a Real Estate Agent.
In Indiana, your Agent can work with the Seller for the Buyer, negotiating the commission. If they still don't want to pay a Buyer Agent commission, the Buyer has the option of paying the commission to his Buyer Agent.
If you have any questions about buying a "For Sale by Owner" home, contact a Real Estate agent and they will explain the procedures. If you are in Indiana, call Larry Johnston at 574-304-7577 or Friends & Neighbors Real Estate at 574-304-7148.
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If you know someone who wants to Buy or Sell a Home in Elkhart County, St Joseph County,
or surrounding areas, have them call me: Larry Johnston, 574-304-7577
Friends & Neighbors Real Estate and Elkhart County Subdivisions, LLC, Elkhart, Indiana,
or email larry@larry-johnston.com
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