For Sale By Owner Realty
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.
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.
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.