If you’re buying a “for sale by owner” home, you can’t go into the process with your eyes closed.
In fact, here’s what you need to know if you’re buying a FSBO.
What is a FSBO?
A home that’s listed as a FSBO, or “for sale by owner,” is one in which the owners chose not to hire a Realtor® to list, market and show their home.
If you’re buying a FSBO—or if you’re interested in one—you and your Realtor will deal directly with the homeowners. (Remember, you still need to work with a Realtor, even if the homeowners don’t; your Realtor will look out for your best interest, and it doesn’t cost you a dime.) If you find a FSBO you’re interested in seeing, ask your agent to make contact with the owners to set up your appointment.
Why Prices Can Be WAY Off With FSBOs
When a homeowner gives up the chance to let a professional Realtor expertly price his or her home, they’re kind-of shooting in the dark. Even if they’ve done their research and consulted with Realtors on pricing, many FSBO sellers don’t want to hear that their homes are worth less than they think they are.
That means if you find a for-sale-by-owner home that you like, but the price is far too high, you may want to keep looking.
Real Estate Laws and FSBOs
Texas laws apply to both FSBOs and agent-represented properties. Sellers must disclose problems, and they must allow you to have the home inspected. However, many FSBO sellers aren’t familiar with the process—and that’s why it’s best to listen to your Realtor and follow his or her guidance when it comes to an out-of-the-ordinary home.
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