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Buying a For Sale by owner

Many questions, where to start.  Advice were to start If I'm considering this.
Don't want to get ripped off, last and final buy before retirement
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May 06 2013 - Malin
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Answers (5)

Will this For Sale By Owner allow you to bring in  your own "Buyer Agent" and will one of you be willing to pay the Realtor? This is your best course of action as your Buyer Agent will help you and protect your interests.
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May 13 2013
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Thank you all for your replies, however I feel where we are purchasing our choices are limited.  I hear a little don't leave the realtor out of the funds.  I don't know why the owner would choose to sell on own, when looking for a place, we have found one or two that are owner sale.
Like I said we are limited to what we are looking for, here we find the $ goes up once they are listed with a realtor.  Great advice, will consider all.
Thank you
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May 07 2013
why? Most of the properties are sold by agents and there is a reaosn for that. Dave already gave pretty detailed info. if you start thinking as the seller's respective, they don't want to pay commissions and probably they emotionally attach to their home. So, probably the sell price is high, probably they don't know the process and updated forms and paperwork are involved. Plus property's physical and paperwork issues if there is any. As Conni says, too big liability and as Dave says, you limit your choices dramatically. what is atractive to buy from a seller directly? But if you find  a great deal, or seems like that, if you have no clue how to do it, find a great agent and ask consultation, at least you will learn what is involved, the right price etc.         
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May 06 2013
If you are not paying cash then you should get preapproved for the mortgage first. I always recommend you use a buyers agent. The seller would need to agree to pay the Buyers Agent Commission or BAC if it is a FSBO. Buying a property without representation is too big of a liability... If you need a referral I would be happy to put in touch with one of my best.
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May 06 2013
Let me ask some questions.

1) Why would you want to limit your choices to the FSBO's, which are perhaps 1% of all the homes for sale.  Is that the way you buy a car? 

2) Do you think it will save you a Realtor's fee?  Not likely as any half-bright FSBO seller will pay the buyer's agent's normal commission anyway. 

3) Since you could consider every house on the market (including most FSBO's) with a Realtor, whose fee is entirely paid by the seller, why limit yourself to FSBO's. 

4) Do you think you will get a comparable house for less money because it's a FSBO, because you see the seller saving a portion of the commission?  Not so, because no matter how much we would like it to be otherwise, the market sets the price of a home...or at least a home that's had real exposure to the market (from being listed on the local MLS).  So maybe you'll find an uninformed seller and get there before another buyer who really knows the value, but that's a pretty strange way to buy a house.

5) Are you willing to accept the incredible liability that comes with executing a contract with someone who's likely never sold a home before, subscribes to no Code of Ethics, understands little or nothing about the legally required disclosures and inspections and probably less about your rights as a buyer?  If you work with a Realtor (not just a realtor - the difference is that a Realtor is a member of the National Assoc. of Realtors and subscribes to their Code of Ethics) should there be a problem, you have other avenues to settle differences without going to court...all specified in the that Code of Ethics. 

So in summary, why would you want to ignore the free services of an experienced Realtor and limit yourself to less than 1% of the homes for sale? 

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May 06 2013
 
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