Tips and Reminders When Purchasing a House ‘For Sale by Owner If you’ve been spending a lot of time as of late looking for a house to but, you probably have encountered a few prospects with a sign, “For Sale by Owner.” Now supposed you happen to like one of them houses with that sign, you’re probably wondering what it really means and if it is any different to other homes without that sign. The first thing you want to remind yourself is that when you buy a house being sold by the owner and without a middle man poses some risks but very enticing advantages as well. In the usual real estate transaction, a homeowner lists his or her home through a real estate agent. In return, the same owner will carry the responsibility of paying the realtor his fees as well as the real estate agent who represents the buyer. So in order to save money by not being forced to pay a realtor, some people decide to list and sell their own home or property. This is why some of the houses you probably saw during your search have the sign, “For Sale by Owner.”
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Read the rest of this article for you to learn some important tips on how to deal and handle this kind of real estate transaction.
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1 – Be reminded that some typical services are no longer there if there’s no realtor involved. What if you’ve been working closely with a realtor in your search for a new home, but you eventually found one with an “FSBO” sign with it? The thing is when you decide to purchase the home with an FSBO sign, it means you can never continue working with the realtor for the simple reason that the seller won’t be giving any commissions. 2 – You should get pre-approved for a mortgage first. If you have been looking for houses at this moment, it means you already got your pre-approval for a mortgage. But if you actually don’t have one, it means you must stop whatever you’re doing right now and put all your efforts in getting a mortgage loan. If you go ahead and try to make a deal with the owner/seller of the house you want to buy without a pre-approval letter, it means they likely will not take your offer seriously. 3 – Never intend to skip the home inspection. Keep in mind as well that even though there is no realtor involved, you still have to go through the important processes in home buying. For one, you can’t miss out on the home inspection. Problems, minor or major, may have been missed out or purposely hidden by the owner, so the only way to discover them is by having a professional home inspector check it. So those are the reminders for you to follow and learn from when you’re purchasing a house without the benefit of a realtor’s services.