I Want To Buy A Home Being Sold By Owner

PALM HARBOR, Fla. - Jan. 23, 2014 - PRLog -- Palm Harbor Florida Homes Being Sold "For Sale By Owner"

Selling for sale by owner (FSBO) in a seller’s market is a popular idea. Buying a FSBO can be a challenge. When you are seriously looking at a home that is for sale by owner there are three things that you, as the buyer, should be aware of and looking for: pricing, motivation and disclosures and inspections.

Pricing: A FSBO must be a good deal, right? After all, the seller isn't paying any real estate commissions, so their price MUST be lower. Well, not always. Why? Because with a FSBO there is no Realtor involved helping the seller do things like price the home correctly or make sure it’s in tip top shape. But that “great deal” isn't always true. The average FSBO bases their listing price on two things: what other homes for sale in the area are asking and what they need to sell it for. The sales price isn't based on two other things: what actual sales in the area were, and what the home is really worth. So it may not be such a “deal” after all.

Motivation: When you are looking at a home for sale by owner you need to ask yourself why are they selling by owner vs. using a Realtor. Probably to save the commission. It’s important because it means that they have very little wiggle room between their asking price and what they owe on their mortgage. You should ask a FSBO seller “If I bought your home today, where are you moving?” and then carefully listen to their answer. It can clue you into their motivation.

Seller’s disclosures and inspections:  Seller’s are required by law to provide buyers with disclosures. Unfortunately, most FSBO’s don’t know that seller’s disclosures are necessary when selling a home. Make sure to ask them for copies.

This is the best reason to have you own Realtor helping you. They know what is necessary and can get you what you need. Inspections are an important part of making sure you get a sound home. Most contracts provide 10-15 days to have inspections done. Make sure inspections and inspection periods are clearly spelled out in any contract you sign.

Your best bet is to make sure you have a Realtor represent your interests. You can, and should have one and it’s perfectly OK even in a FSBO situation.  Besides, it's doesn't cost anything to hire a buyers agent and in most cases, you are going to get a better deal working with a buyers agent than you will representing yourself and dealing directly with the owner.

The Dietz Team finished 2013 ranked in the top 5 Realtor's in our market with 127 homes sold.  If you are thinking of selling your home or if you are in the market to buy a new home, please contact John Dietz at www.dietzteam.com or call 727-451-3530.