3 Things You Can Expect When You Buy a For Sale By Owner Home

As you continue looking for the perfect home, you’ll likely come across one or two that are For Sale By Owner (FSBO). This means the sellers have not listed it with an agent and are attempting to sell it on their own. Does this make the buying process easier? What kind of risks are involved? In the post below, we’ll go over a few things to keep in mind when buying an FSBO home. 

1. The Seller Will Work with Your Agent

A majority of sellers know you’ve worked with your agent closely for weeks (months?) before coming across their FSBO home and will gladly compensate your agent as any other seller would do. 

If you’re interested in a for sale by owner home, have your agent make the first contact. This gives your agent the opportunity to find out if she can still work for you and collect payment on the deal should it proceed. 

2. Be Prepared to Meet the Owners Face-to-Face

The biggest difference between an FSBO home and one listed by an agent is that you’ll get to meet the owners face-to-face rather than meet with an agent when looking at the home. Selling a home is a sentimental time for the owners, so it may seem a little uncomfortable for you when meeting with them to look at or discuss their home. 

If this is the home you’ve got your heart set on, you’ll need to move past those uncomfortable feelings and be respectful of their emotions. Don’t forget to use your agent as necessary and don’t be afraid to ask for some time alone in the home if you need it. 

3. FSBO Sellers Must Still Abide by the Law

As with any other home sale, there are laws the FSBO sellers must abide by. If the law says a seller has to inspect the home, make repairs, or disclose any problems, then the FSBO seller must oblige. One of the biggest problems with FSBO home sales is that the sellers often don’t know or understand real estate law, or they simply want to do things their own way. At any rate, trust your agent and your own gut. If you think a seller isn’t on the up and up or isn’t allowing you due diligence, it might not be the right home for you. 

For sale by owner homes can be just as great as homes listed with a real estate agent. While the same laws and requirements apply, there could be problems if the seller lacks real estate knowledge or isn’t willing to do things by the book. Keep these three things in mind if your dream home happens to be an FSBO home.