Sunday, December 6, 2015

Should You Buy Your Next Home From a For Sale By Owner (FSBO)?

An alternative title to this article should be "Why would you buy your next home from a For Sale By Owner?"

All buyers want the best price possible whether buying a house or a car.  Whether shopping for a car or a house many believe avoiding the marketplace and dealing with a private seller will result in the best price possible.

All sellers want the best price possible when selling their house or condo.

Although a car can be an expensive purchase these days it is nowhere near the financial obligation of a home purchase. 

More importantly, an automobile purchase is not nearly as complicated.

I just read an article where a real estate agent working with a seller was pondering the best way to tell them they got took by the last seller.  In this case the current seller had previously purchased from a FSBO with no appraisals or nothing.

As a general rule - always have an appraisal - even with cash purchases.

I also just read an article where the FSBO seller and the appraiser did not see eye to eye.  In this case the buyer and the FSBO split the difference.  There are solutions when home appraisals come in low although saving the real estate commission is not a guarantee of getting the best price possible.

A recent survey by NeighborWorks America found 70% of Americans are either very or somewhat likely to look to a real estate professional for information about homeownership.   Consumers see the value of real estate professionals as a resource.

So, should you buy your next home from a for sale by owner?  It depends.  

Consider your skill set. 
  • What is your knowledge of the Florida home buying process?  
  • Are you comfortable with the market (this is a lot different than some value of a mega website)?   
  • Are you comfortable with performing your due diligence?  Due diligence is a buyer responsibility.  Remember sellers disclose, buyers verify.

If you are considering buying a home in Viera, Florida from a for sale by owner, call me for advice before you approach the FSBO seller.  I will gladly contact them, discuss the property and even provide you with my opinion of the market....with obligation.