If you don’t like paying realtor fees, you’re likely going to buy a For Sale By Owner home. While there is nothing wrong with going this route, you will want to ensure that you still have some protections in place to guarentee that the sale goes smoothly and that everything is done legally. Here are some things to do when you’re buying an FSBO.
Use an Appraiser
Most people who are selling their homes have an inflated sense of how much the home is worth. They tend to place value on their connection to the house and the memories that they’ve created there. Additionally, because most home sellers don’t know the real estate market, they will likely overestimate what the house is truly worth. Because of that, you want to ensure that you get an appraisal done, so you know how much the home is worth. Once you have that information, you can begin the negotiating process with the seller.
Hire a Lawyer
There are many legal documents that you’ll be required to complete when you buy a new home. Because you won’t have the real estate agent’s assistance, you’ll want to hire a lawyer to look over the documents and ensure that you’re filling them out correctly. You might be hesitant to hire a real estate lawyer Ashburn VA, but they are a fraction of the cost of real estate agents, and they can mean the difference between you actually owning a home and you thinking that you own a home.
Get a Home Inspection
When doing an FSBO, the seller might try to convince you not to get an inspection done. If they continually push against it, that’s likely a red flag. If they don’t have anything to hide, they won’t care that you get an inspection done. Plus, when you have an inspection completed on the home, you’ll know exactly what is wrong with it, and you can make an educated decision regarding if you still want to buy it or not.