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Important Tips When Buying a House For Sale by Owner If you already started searching for a new house to but, then you probably have stumbled upon one with a sign in front saying, “For Sale by Owner.” And if it so happens that you fancy one of them, you’re probably wondering what that sign means. First things first, buying a house being sold by the owners themselves come with certain risks and benefits. In the traditional means of selling a property, the owner usually lists it through a real estate agent. In return, the same owner will carry the responsibility of paying the realtor his fees as well as the real estate agent who represents the buyer. Hence, it’s no longer a surprise that some people would prefer selling their own property without the help of an agent in order to save money. This is why some of the houses you probably saw during your search have the sign, “For Sale by Owner.”
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Now here are some valuable tips on how to deal with this type of property for sale.
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1 – Be it known that some services can no longer be availed without the presence of a realtor. What if you’ve been working closely with a realtor in your search for a new home, but you eventually found one with an “FSBO” sign with it? The thing is when you decide to purchase the home with an FSBO sign, it means you can never continue working with the realtor for the simple reason that the seller won’t be giving any commissions. 2 – You should get pre-approved for a mortgage first. If you already have started looking for a house to buy, it means you already have pre-approval for a mortgage. If you don’t have one, then stop looking and focus on getting it first. Try talking to the owner/seller of the house without a pre-approval letter to show and you’ll easily get rejected or perceived to be someone who’s not really intent on buying their property. 3 – Never intend to skip the home inspection. Know that even without the help of a realtor, there are certain steps in the home buying process that you can never afford to skip. For instance, doing a home inspection is a must. Problems, minor or major, may have been missed out or purposely hidden by the owner, so the only way to discover them is by having a professional home inspector check it. So those are the reminders for you to follow and learn from when you’re purchasing a house without the benefit of a realtor’s services.

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