February 15th, 2017 12:46 PM by Jodie Ford
Buying a FSBO? 4 Things You Need to Know
Here are some points to keep in mind when you’re looking at a home for sale by owner:
Most sellers will work with your agent
Buyer’s agents act as advisers through the ups and downs of the Joint Base home search. If a FSBO opportunity crosses your path, ask your agent to make the first contact. Most likely they can still work for you and get paid for their efforts.FSBO’s are personal
The main thing to keep in mind is that you will meet and see the owner face to face. A home sale is more emotional and personal than, say, the sale of a used car or a piece of furniture. As such, seeing the owner might make you uncomfortable.
Try to get past it and keep your eye on the prize: your dream home. Leverage your agent, and be ready to ask for time alone in the home if you need it.Laws still apply
If the law stipulates that the seller has a duty to disclose problems, inspect the home, or perform any repairs, the FSBO must cooperate.
The biggest problem some sellers have with going solo is that they aren’t familiar with real estate processes or procedures. Or they want to do it their own way.
Trust your gut and your agent’s judgment if you think the seller is neglecting a duty or not allowing you to do your due diligence.Pricing may be off
Homeowners who list their home themselves tend to share one thing in common: They reject local agents’ opinions about their home’s value. Sellers (FSBO or not) who are unable to emotionally detach from a home or who don’t have a solid plan post-closing sometimes self-sabotage their sale by overpricing.
These sellers typically meet with local agents before they list. But they don’t like the agent’s pricing strategy and want to give it a stab on their own.