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Q. What is a For Sale by Owner?
A.
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9 Critical Points to Consider When Deciding to Use an Agent When Buying a Home (Applies to all home buyers)
Not so long ago there was little hesitation when one decided upon the FSBO route of home selling. After all, people have been selling their own homes for hundreds of years by themselves and home buyers have been buying them. So, what is the big deal, you may be asking yourself?
The BIG DEAL IS THE WILD CARD!
When buying a For Sale By Owner home there are many wild cards that may come into play. A few of those would be that the owner may be in a short sale situation. There is a cloud on title, contingency timelines and agreements may not be upheld. Basically the integrity of the contract is in danger of a breach when there is no representation by a real estate professional, even with representation there is still that danger but quick remedies are often found on the part of negotiating through seller and buyer representation. If a wild card presents itself the rights of both parties must be protected.
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Every real estate transaction is different and that is why any type of wild card can destroy all the efforts that have been made to close the deal. The wild card introduces the uncertainty of each participants situation. These many include but are not limited to financing, appraisal, title, escrow and earnest money, inspections and those responses, rules/regulations and approval of homeowner associations, short sale, pre-foreclosure, notice of trustee sale letters being served, seller property disclosures, buyer lease deadines, buyer loss of income, buyer changes in financing, their down payments and closing costs etc. etc. etc. The wild card is a changed condition of either the seller or the buyer as it relates to the real estate contract. If any item comes up, the time and energy of both the seller and buyer has been for nothing because often times the contract becomes void or legal issues arise.
FOR SALE BY OWNERS! THE WILD CARD IS WHY YOU SHOULD CONSIDER ALLOWING YOUR HOME BUYER TO HAVE REPRESENTATION.
Learn about the real estate commission here.
With so much uncertainty - wild cards can be thrown into the transaction at anytime along the way. THIS is why you need to call for us assistance. We know how to work through these issues for our home buyers. We will explain the process and advocate for the reasonable and fair elements of the real estate transaction.
Time is a HUGE factor for many of the transactions that are done in the current real estate market. The For Sale By Owner home purchase is no exception.
Now is not the time to be shy or uncertain! You really need to know this stuff if you are considering pursuing the purchase or sale of a For Sale by Owner Home.
Learn about the facts first. We offer free information and buyer representation.
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