Purchasing (For Sale by Owner)

4 Replies

I have recently come across a property that I am very interested in buying, and it is for sale by owner. I have a realtor, but did not use her to look at this property and have only spoken with the Owner about the property.

What are the advantages of not using my realestate agent vs. using her?

Will I still be paying the same in fees if he has an agent?

If it is for sale buy owner and you did not sign a buyers agreement contract with your realtor your free to by from  the owner The advantage is that the owner can discount the property to you by saving the 6% or so realtor fees

Thank you Steven for your reply. Are there things that I can be aware of while going through the process? Any suggestions?

i would do your market research make an appointment to see the house and take note of the repairs needed. Ask the owner if they will do owner financing if not have your financing in place and start with an offer that works for you Bring along a purchase contract and if your lucky you can open escrow and make yourself a great deal 

@Zach Falbo (Disclosure, I'm an agent.)

You are free to use or not use your agent when purchasing a property they did not bring to your attention. @Steven Picker brings up a good point, if you signed a buyer's agency agreement with your agent, you may be required to pay them a commission regardless of if they help you or not, so if you signed anything, go back and read the fine print.

If you do not use an agent, and you are relatively new to the process, at the very least, you should have an attorney review the contract. I've found that certain words in English mean something very different in Legalese.

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