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What is the advantages of buying a home for sale by owner?

  • September 12 2013 - Berwyn
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Answers (13)

Profile picture for chris baker 1
When making one of, if not, the largest financial decision of your life, it is very important to have professional representation on both sides.  There is usually no advantage, but an array of disadvantages do exist.
  • February 03
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In some cases there can be no advantages, a seller is usually not selling by themselves to give the buyer a better deal, but to try and keep more money for themselves. Many often learn the hard way when mistakes are made. Some times it works out and others it does not and can be costly. It is not worth the risk when a good buyer agent can often save you more than the fee they would ever make. 
  • February 02
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Profile picture for user995429
I bought my first house from Fizzbo, and I negotiated directly with the home owner and all the forms are standard fill in the blank. Just don't make an unconditional offer, require a inspection and a final walk through. There is no reason to pay 15K in commissions even of you are the buyer your are paying for some of it. Use a good titling company they do everything anyway.
  • February 02
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Profile picture for faridabadi
"all the problems the house has, that you were never told about"
@Dorene I bet a home inspector is better trained to find those than a real estate agent.

 Now to answer the question which is asking for advantages and not disadvantages. Since you are cutting the middleman (woman) both buyer and seller should save/make more money. I would suggest use an attorney to help out with the paperwork.
  • March 29 2014
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You get to learn all about the Legal System as it relates to Real Estate when you have to go to court over all the problems the house has, that you were never told about.
  • March 29 2014
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Profile picture for Paysonhome4sale
Buying a home directly from the owner has many advantages. The prices average 6% lower because there are no realtor commissions involved, the owner has flexibility that a realtor cannot negotiate, the owner can answer all the questions about the home, neighborhood, etc., and the homes are usually well maintained because often, the owners still live in the home. And last but not least, the escrow provided by the title company is essentially the same either way. Don't ever let a realtor dissuade you from calling a homeowner to view their house. It may be your biggest loss.
  • March 29 2014
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You will probably learn more, getting to perform all the functions that a Realtor would have provided for free.
  • September 13 2013
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Profile picture for Andrew Malak
Usually FSBO's are sold by people who are penny wised and dollar ......... From my experience, for sale by owner are trying to hid some things and are not to fine of maintaining the property. Yes, as everywhere there are exceptiones. Make sure you have a "good" attorney. Good means one that will want to work. Expect to pay more for their service.
  • September 13 2013
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Profile picture for JohnWilt

You will get first hand knowledge of the legal system when you discover that many FSBO sellers are not disclosing deficiencies as required by law.  Whether from lack of understanding or intent I see many transactions close without any seller, lead paint or radon disclosures given to the buyer (by the FSBO seller) as required by Illinois law.  You would be surprised how many times neither party uses an attorney either.  There are varying statistics but all of them show that show Realtors netting homeowners 5-10% or more from home sales vs FSBO.  That more than covers even the highest commissions.  Then you have an expert (most often) that is familiar with the law.  Most importantly, you have a person who by Illinois law is looking out for your best interests!  Not saying they are all that way, but the vast majority.  Interview several. Good luck.

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  • September 13 2013
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The only advantage is that you might be able to negotiate the price down to what the commission would have been they had a Broker. Yet the main reason folks do FSBO is to pocket that extra $$ so not sure they would do it.
  • September 13 2013
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Profile picture for kmelendez
I see no advantage to buying a home FSBO. Hire a Realtor to help you!
  • September 12 2013
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Profile picture for John Reeves1
Buying directly from an owner is just as easy as buying a home with an agent advising you. The main difference is that you will have to tackle several key logistical steps on your own, and you will want to work directly with several experts, just as an agent does.
J. Reeves
CEO and Founder
Reef Point Realty & Construction
  • September 12 2013
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Profile picture for wetdawgs
The advantage may be that it is a home you would like to live in and own.    FSBO sellers comes in all flavors, some may have a realistic understanding of pricing and state laws on selling.  Others may have an unrealistic expectation and no knowledge of the laws and be trouble all the way.

These issues are not unique to FSBO homes.

  • September 12 2013
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