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Archive for the 'Homes for Sale' Category

How to Find Cheap Homes for Sale by Owner

Posted in Homes for Sale on May 1st, 2007

If you want to buy a home and also save money, you’re going to want to buy a house for sale by owner. Sellers who want to save on their brokerage fees put their homes on the market by themselves. This gives the seller and the buyer the advantage.

To buy cheap homes for sale by owner, you can compare prices in the neighborhood to make sure a house is not overpriced. Firms that help you compare rates usually don’t charge you for the service, so there is no risk in doing a little research.

When buying a home, you first need to question an owner’s asking price. Find out how they arrived at the final number. You can request copies of comparable sales or a copy of the appraisal.

Now that you’ve inquired about the price, ask specific questions about the property. Why is the home being sold? How long as the home been on the market? Are there defects, problems, or nuances regarding the house that you should be aware of? In most states, sellers are obliged to fill out a “transfer closure statement,” which states the condition of the property. A good seller should clearly answer your questions because sooner or later, the buyer will discover any home improvement issues. If you are informed about various quirks or drawbacks of the house, ask for a lower price – after all, you may want to fix these problems, which will cost time and money.

A home inspector can tell you even more, as he or she will be objective and skilled at analyzing the property. If you receive a less than desired report, you can again, ask for a lower price.

Now that you have your facts straight, make an offer that is based on comparable prices in the area, not on the listing price. For sale by owner is the usual way to buy a home at a low cost. Make sure the owner is willing to cooperate with you and negotiate a price.