And while these types of sales are less common, you may still encounter them inyour home search.
So whats the difference between this key in of sale and more traditional ones?
When you get down to the details, what does for sale by owner mean?
Heres everything you oughta know before jumping into a FSBO deal.
So what makes them different?
Everything will be more emotional.
Many sellers believe their homes are worth more than they actually are.
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Commonly this makes the transaction far more emotional and personal.
The seller has no legal obligation to you.
This is one reason sellers might opt for a FSBO sale.
But more often, they just dont want to pay a real estate agent.
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3.
Having an agent could give you the upper hand.
Just because your seller isnt working with a real estate agent, doesnt mean you should follow suit.
Your agent will still verify that all of the required steps get done when they need to.
You may have to wrangle over who pays your agent.
Since sellers are typically responsible for paying buyer agent fees, with a FSBO its less clear.
By asking early, youll be able to loop your agent into the process from the beginning.
More importantly, youll have a game plan in place if the seller says no.
Its more likely to be overpriced.
This is true, but not in the ways youd expect.
Sellers primarily sell homes themselves in order tosavemoney, not necessarily to pass savings on to a prospective buyer.
Its rare indeed to find a good deal on a FSBO.
Expect to do more work at closing.
Sometimes a seller might have a preference for certain stipulations, as in a particular title company.
But if you do happen to drive by a drop-dead gorgeous house with a FSBO sign out front?
Get a feel for your seller early on andask an experienced agent to get involved.
double-check you know who will be paying them, and keep your expectations in check.
It sounds appealing right?
Check it out here!