When it's time to begin the process of buying a home you'll most likely come across homes mostly listed by real estate agents. However, there are still homes available that are for sale by owner. Although buying a for sale by owner home seems easier without invoking a real estate agent, this isn’t necessarily true. Here are some points to keep in mind when you’re looking at a home for sale by owner.
Sellers work well with agents
Knowledgable home sellers know that most buyers work well with a buyer's agent, even being able to compensate for their time.
If an opportunity crosses your path with a for sale by owner, ask an agent to make the initial contact. Most likely they can still work for you and get paid for their efforts.
Don't think any less of the home differently
The main thing to keep in mind is that you will meet and see the owner from time to time while dealing with their home.
Try to get past the awkwardness of meeting with the owner personally and focus on getting that dream home. Use all the tools at your disposal, especially your agent, and be ready to ask for time alone in the home if you need it.
The Laws still apply
If the law stipulates that the seller has a duty to disclose problems, inspect the home, or perform any repairs, the owner must cooperate.
The problem some sellers have with going solo is that they aren’t familiar with real estate processes or procedures. Or they want to do it their own way.
Trust your instincts and your agent’s judgment if you think the seller is neglecting a duty or not allowing you to do your due diligence.
Even if the home is great, it might not be the right opportunity for you. If something doesn’t feel right, it might be best just to move on.
The Price may not be right
Homeowners who list their home themselves tend to share one thing in common: They reject local agents’ opinions about their home’s value. Sellers who are unable to emotionally detach from a home or who don’t have a solid plan post-closing, fall victim to overpricing.
Sometimes, when they fail to sell solo, they enlist the help of an agent, and get the home on the market at the right price. Why? Because when it comes time to get serious, sellers often want representation.
But if you love a home, and the price is off, move on to the next, whether listed by owner or agent.
A home for sale without an agent isn’t off limits. Ask your agent about the listing, and be open to seeing it and treating it just like any other opportunity you or your agent finds.
A good real estate pro should tell you up front that they could represent you in any sale. Go in with your eyes wide open and know that, just like any negotiation, it may or may not work out.