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For Sale By Owner Realty

It is estimated that 20% of home sales are from for sale by owner listings and this number is expected to grow. Many people feel that they would rather save the money on the commission than have professional representation. For the buyer, however, this may not necessarily translate to bargain housing costs or a smooth sale.

When dealing with for sale by owner listings, you should keep in mind that the seller is a real estate professional. They may not know all the ins and outs and the burden may be on you to make sure they disclose all pertinent information.

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It's probably a good idea to get a buyers agent to represent you, but many for sale by owner sellers will not welcome this as the buyers agent will charge a fee which is usually around 3% of the sale price of the house. Typically this fee comes from the seller when they receive payment for the house, but I suppose you could arrange to pay the agent yourself is you really wanted to work it that way.

You can peruse for sale by owner listings online at special databases which includes a bevy of information similar to a MLS listing sheet that you get from your realtor. Of course, the street address, square footage, and home price are listed as well as contact information and phone numbers so buyers can contact sellers. It also includes info on the type of siding, # of bedrooms, baths, kitchens, and total rooms, whether it is city water and sewer or private, type of heat, if there is central vac and ac, style of the home, lot size and if there is a garage or decks. There is also a section where additional features can be listed as well as extras that come with the house price such as refrigerator, light fixtures etc..

Buying from for sale by owner listings can be a great way to get face to face with the owner and if your negotiating skills are good you may be able to get a better deal. You just need to realize you are dealing with someone who probably doesn't have a lot of experience in house selling and may have an emotional attachment to the house or an unrealistic mind set about the value.





 
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