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Facts and Tips in Buying Homes For Sale By Owner

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By : Leticia Carvalho    99 or more times read
Several myths have surrounded homes with hand-painted signs on the lawn that say For Sale By Owner which distracted potential buyers from inquiring, or even considering, these homes for sale by owner. One popular myth is that owners of FSBO homes are not really going to sell. This may be true for some people who are just testing the market. However, with the increasing market movement for FSBOs, these homeowners are actually serious in selling their properties.

Some buyers think that homes that are for sale by owner are hiding something, like defective materials, that owners opted to forego hiring real estate agents to keep them hidden. However, FSBOs are bounded by the same laws that cover all homes for sale, and these laws require full disclosures and material information.

An old notion existed that properties for sale by owner will not give the buyer flexibility with pricing. With the current financial crisis, FSBO owners are under the impression that they badly need every cent from the home sale and will not bend on the number they put on the FSBOs price tag. On the contrary, the National Association of Realtors have indicated that FSBO listings are actually sold less than agent-sold houses. FSBO owners are not professional sellers and most have done this only for the first time. A little haggle on prices, or starting out smaller than the listing could finalize a price that would benefit both seller and buyer.

Before finalizing the deal with the FSBOs, ensure that you have established the details of your purchase contract with the seller. Real estate agents usually have legal departments for this, but you can hire independent lawyers to do the same job for you. Make it clear with the seller on who is responsible for fees like taxes, escrow and other related items, and arrange for a home inspection.

There are other tips that potential buyers can learn regarding FSBOs. Those seeking to buy new homes can learn from these and get the most from their FSBO deals.
Leticia Carvalho has been educated in the finer points of the foreclosure market over 5 years.

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