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Archive for the 'Home for Sale' Category

Points to Consider When Buying a Home for Sale by Owner

Posted in Home for Sale on May 1st, 2007

If you’re looking to buy a home for sale by owner, there are a few things to consider, especially if it is your first time browsing the market.

The first thing you need to know when buying a home for sale by owner is: do not do it alone. Contact a realtor and have them guide you on your mission to find an affordable home. A realtor will act as your Buyer’s Broker and be a liaison between you and the owner. Agents will represent you in the market and they will know how to negotiate the price. As long as your realtor is qualified and knowledgeable, you’ll be in much better shape than if you were to take on this kind of task by yourself.

Furthermore, you must use a local title company. For almost all states, a title company does the various legal work for you. They do the transfer and closing, which is not as much as a lawyer would accomplish of course, but a title company’s services are secure and adequate.

You need to pay careful attention to the deal you make with the owner. Talk it over and clarify any confusion over the contract. Make sure to understand everything in your written agreement.

And don’t investigate the house just once. Visit several times. If you have already talked to the owner, still ask detailed questions about the property. You ought to know why the home is being sold, how long it’s been on the market, what problems accompany it, and what natural risks there are. Any answers that you don’t like may give you some bargaining power, so ask for a lower price.

Although for sale by owner is the cheap option for buying a home, there are lots of things to bear in mind. And once you’ve made a deal with the owner, there is no turning back. So it’s vital to practice patience and adequately review every aspect of the final contract before signing.