Profile picture for user7677867

I'm looking to buy a home being sold by owner. Any advice on how to proceed?

  • July 15 2013 - California City
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Answers (12)

Profile picture for eric.vazquez
The best way to proceed is hiring a Real Estate Professional who will really make the whole process of buying your home a smooth and protected one safeguarding you and your family through out.
  • July 19 2013
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Profile picture for leeuga11
Get a buyers agent, It is a huge investment and you need someone to help you make sure you are getting everything you deserve.
  • July 19 2013
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How exciting to give advice here where you know I have no personal stake in this, I hope that others will listen to some basic truths when buying and selling by owner. Let me speak loudly – BEWARE! First – you are both UNPROTECTED!  Your second biggest alley if not using a Realtor would be a lawyer and if you are looking to save money, well, unless there is blood involved the Realtor is a wiser investment.  

 

There is more to your purchase than the price! I always compare it to playing poker . . . it's your hand that is important. The final price, amount of down payment, closing terms and dates, inspections and remedies, all this and more are in the negotiations. Don't make the mistake of comparing to other sales that are using Realtors without factoring in the commission. In a by owner situation, usually both the buyer AND seller are trying to save the same commission!  The buyer is seeking to get the same prices as those selling with a Realtor without paying that commission and the buyer is looking to buy the same homes they have been looking at for ___% less.

 

SO, to answer your question, forewarned is forearmed. You can hire a Realtor to represent you as a buyer to protect your interests only. If you proceed alone, know your market values, get a reputable, current appraisal, home inspector and lawyer for contract negotiations. I still love the Ben Franklin approach, make two columns of pros and cons and perhaps you will see the value of a licensed, Realtor board member. 

  • July 19 2013
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Be careful ! The seller probably knows more about Real Estate then you do, so you're at a disadvantage without a Buyer Agent to help you.
  • July 17 2013
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Get yourself an agent.  The home does not have to be listed by an agent for you to be represented by one.  It is in your best interest if you do not know all the ends and outs of purchasing a home.  Hope this helps.  
  • July 16 2013
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If possible,sometimes just getting out there and driving around your neighborhood of choice you could find a FSBO. A lot of times owners don't advertise their FSBOs and some owners don't really know about all of the resources available to them over the internet. I hope that helps!
  • July 16 2013
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Profile picture for sunnyview
Without an agent, you need to arrange for good home inspector (ASHI is a good place to start), hire your own pest inspector and check to make sure that all building permits are up to date.

You may also need to hire an attorney to look over contracts and make sure that the contract you sign includes an inspection/financing clause allowing you to back out if the house has expensive issues or does not appraise for financing.

As an unrepresented buyer, you are responsible for doing your due diligence about pricing, recent sales, crime, school areas, inspections, zoning and building permits. Many buyers successfully buy FSBO's. Make sure that you check everything out and don't sign anything you do not understand without an attorney. Beyond that a good title company can handle the details of the close.
  • July 16 2013
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 I would definitely hire an Agent. There's no cost to You and it could save you Thousands in the long run.
  • July 16 2013
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A home owner who is selling their own home may not be aware of all the required state disclosures. I would first inquire about what disclosures the seller does have and be prepared to spend a few dollars to order your inspections and to do a full and complete investigation. Best of luck!
  • July 16 2013
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The form of advise first and foremost is get a copy of the contract once it has been written. I would as well bounce some ideas off of your mortgage lender and find out what type of financing would be more lucrative for you. Also if you need closing cost assistance from the seller include the amount in the contract, find out from your lender the max contribution a seller can make in the type of loan you intend on doing, if any at all. The next most important thing is to do inspections, I.e. a termite inspection, septic inspection, if it has a septic tank, and last but as well important, a home inspection. I would allow at minimum 7 days for inspection and never deliver money to a seller for your escrow. Ask that it be held with a third party intermediary, i.e. title company or attorney performing the closing. Don't forget to order the survey and please hire a licensed and insured home inspector, someone that is reputable. Ask for some references ;) best of luck
  • July 15 2013
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You could visit For Sale by Owner sites to try and find what you're looking for. The offerings will be limited, but if FSBO is your preferred way of approaching your purchase, that is the way to start.
  • July 15 2013
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You could do it with an agent, in which case you'd have a constant advisor, or you can go it alone, in which case . . .
  • July 15 2013
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