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What’s different when buying a “For Sale by Owner” home?
Most FSBO owners are happy to work with buyers who have agents, and buyer’s pay $0 for an agent, so it makes solid sense to have your own representation and negotiator on your side.
Since the owner doesn't have an agent, you need to be sure the transaction is conducted legally.
Some owners do not even know that they are legally responsible to disclose latent defects or environmental hazards to you, or which items are required to stay at the property by law, among other things.
One wrong or missing word on a contract could change everything. Your agent will know how to protect your interests.
Any buyer or seller without representation by a licensed Realtor who is covered by “errors & omissions insurance” risks being sued personally in case of error or accusation by the other party.
Most FSBO homes are over-priced. Sellers tend to add extra value their homes due to their personal feelings about the home, and not actual market data.
Your Realtor can show FSBO seller market data to make them understand the true value of the home if needed.
Your Realtor may help advise you to add certain contingencies to your sales contract, which sometimes could protect you from losing your deposit or being sued for breech of contract if you have any reason to cancel the contract.
Your realtor can help you negotiate for repairs or concessions regarding being compensated for the list of failures pointed out by your home inspector’s written report.
Since you pay $0 as the buyer to have a Realtor represent you when buying a FSBO or agent-listed property…. Take full advantage of that!
Give me a call if you are interested in any FSBO in Florida before making an unrepresented offer on your own.
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