Property Manager MA: How to buy a FSBO home
It is fun trying to find homes which are for sale. When you see a “For Sale” sign outside a house, it means that you have an opportunity to buy it. Usually, the sign has the name of the realtor on the board. However, there are times when you can find a home for sale by the owner. If you are lucky, you may know a friend or a relative who would want to sell you their home directly. This is known as a FSBO home. There are still some things you should be aware of if you are looking to buy a home for sale by an owner.
The seller will still have to work with the agent of the buyer. The process takes a few weeks and this also means that the buyer’s agent also gets compensated for the job. It is a necessity as the agent will play the role of an adviser and help you through the process of the home search. They have good knowledge of the industry and if there is ever any FSBO opportunity, you should ask your agent to look. After all, they will get paid for their work.
A FSBO home doesn’t have to make you think differently
Sometimes you may end up finding a home at a good location and you may think that it is a good fit for you. However, you are skeptical about it as you don’t know if you can go through a FSBO sale. It should not be a problem, as you will be meeting the owner of the home face to face. It could also mean that you may feel uncomfortable and that this could scupper the deal. You must look past all that and talk to the owner and keep your agent on standby to help you out.
Property Manager MA: Laws
Laws apply to FSBO sellers as well, so this means that they should disclose all problems. They also must allow a home inspection and do repairs. The problem is that some sellers have no idea of how the rules work. If the seller is not being cooperative or giving you proper information, then you know that you should pass.
The other issue is those home sellers tend to be quite invested in their homes and they go overboard with the pricing. They will not be able to attract a buyer and that means the home will be on the market forever. So if you meet someone who is clueless and does not have a good plan, then you should pass on it as well.
We hope you liked our guide “Property Manager MA: How to buy a FSBO home”.