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Purchasing A Home That is For Sale By Owner

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sign for sale by ownerBuying a new home can be both an exciting and scary experience.  It can become even more scary if you decide to buy a home directly from the owner without the benefit of a real estate professional.  There are many tasks that a Real Estate agent will manage throughout the process to ensure that the sale closes on time.  From ordering the title commitment from the title company to ordering the home inspection, from helping the buyer get a pre-approval letter to obtaining a termite inspection report, the real estate agent knows what needs to be done during the transaction and works diligently to make sure all the details are taken care of.

Of course when you buy a home that is a FSBO (for sale by owner) there is often not Real Estate agent involved.  What should you do?  First you should ask the seller if they are wiling to pay a buyer’s agent.  If they are willing, you can find an agent to represent you in the transaction and their fee would be paid for by the seller.  If the seller refuses, you can still choose to hire an agent yourself to represent you.

If you do decide to proceed without a Realtor, it is important that you work with a lender that has experience in this type of transaction.  One that is aware and willing to perform many of the tasks that are typically handled by real estate agents.

We have helped quite a number of home buyers obtain financing for the purchase of homes that were sold without the involvement of real estate agents.  In fact one of our recent points of emphasis is marketing to those that  are looking to buy FSBO property.  We have developed systems and checklists to help us make sure that everything that would normally handled by an agent do not fall through the cracks.  Not only do we complete all the tasks that we can, or allowed to complete, we also provide guidance and direction for those tasks that must be performed by the buyer and/or seller.

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