Why Should You Buy "For Sale By Owner"?

1. Buying a home in a "For Sale By Owner" transaction will cost you less money. Buying directly from the homeowner in a "For Sale By Owner" transaction will save you the cost of having to pay for the real estate commission. The 6-7% commission that is typically charged by real estate agents will usually be added to the total cost of the home.
   
   
2. You deal directly with the homeowner rather than through a third party. Communication is more direct, faster, and to the point. You will get more accomplished in a shorter length of time which means you could be in your new home sooner.
   
   
3. Ask why the sellers are selling and how long they have owned the property. Are there any defects or conditions that the buyer should be aware of. Inquire as to whether any assessments are connected to the property.
   
   
4. Make an offer based on comparable pricing for nearby homes that have sold in the last year. With a FSBO (For Sale By Owner) home, there may be some room to negotiate since real estate commissions are not an issue.
   
   
5. Use professional services whenever they are appropriate. Escrow and title companies can handle many common real estate transactions. When the situation is more complex, use an attorney to clarify contract terms and conditions to make sure the final agreement works for you. You may hire a buyer's broker or real estate agent to represent you during the transaction, but be prepared to pay their fees yourself, since the seller may otherwise refuse your offer. Hire a building inspector to help protect your interests. Find your own service professionals. Never take use the seller's recommendations.