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Buying For Sale By Owner Houses

Buying for sale by owner houses is tricky business that you best be prepared for!
Of course, you may think that you are going to get a great deal because the seller doesn't have to fork over an commission on the sale but typically, this is not the case. Although some may have a lower price due to the money they are saving most usually want to keep it all in their pockets!

Therefore, the first order of business when contemplating the purchase of a for sale by owner house is to determine if the price is reasonable. If you have a buyers agent, they can do a market analysis for you to find out if you are getting a good deal.

There are many other advantages to having a buyers agent, however they will want to be paid so you will either have to find a seller that agrees to give a commission to the agent or pay for it yourself.

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Another sticky area with for sale by owner houses is making sure you get all the appropriate disclosures. The seller may not know about all the laws in your state that require him to disclose certain things about the property, and you may be buying more than you bargained for. A buyers agent will help you with this, or you can hire an attorney that specializes in real estate who can look out for your best interests in these matters. At the very least, you should become familiar with the laws in your state and ask the seller about issues such as lead paint, radon, upcoming changes in the neighborhood.

If you should find a for sale by owner house that you fall in love with, you should have your attorney or buyers agent help with the purchase and sale contract to make sure your interest are protected. At this time, you will need to put some money down on the house. It is unwise to give this money straight to the seller - have the attorney hold it in escrow, this way you have a better chance of getting it back if things go sour.

To eliminate any question as to the condition and quality of for sale by owner houses, make sure you have an inspection and have the sale contingent on the house passing the inspection. The seller could be selling without representation because the house has major defects and an inspection will flush this out. Make sure you know what the seller legally has to fix in whole or partially before you finalize the deal (every state is different but your attorney should be able to help).




 
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