Buying a Home that is for Sale by Owner

Some people love to do things themselves, other just like to have someone else show them the way or to take care of the difficult parts. Home purchases work just the same way, some people want to sell their home themselves because they know more about it than anyone else and they’ll save money in the process, and others want to hire a realtor to handle all of it so they don’t have to mess with the details.

If you’ve found the perfect home and it’s for sale by owner you can hire a realtor or you can actually do like the home seller and manage most of the transaction by yourself. Although, if this is the route you’re going it is a very smart idea to hire an attorney, preferably one who specializes in real estate law, to help you wade through the paperwork and contracts so you are protecting your best interests.

Much of the process is the same if you’re buying a home through a realtor or an individual who is selling their own home, you want to make sure you know what the going rate is in the neighborhood, the home’s features and faults, learn about the neighborhood and hire a home inspector. Make sure that when you hire an inspector or any other professional to help you with the home purchase that you do not go with the current home owner’s recommendations as their main priority is selling their property, not making sure you’re making a sound investment.

Finally, have your real estate attorney review all of the paperwork to make sure everything is legitimate and fair.

Buying a home that is listed FSBO or For Sale by Owner can be a very easy and amicable process that can actually go more quickly than a traditional sale with realtors involved, and you’ll both be saving money by avoiding costly realtor commissions.