Buying a property For sale by owner

Buying & Selling Real Estate
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Buying a property For sale by owner

Adrienne RussoPro Member
Santa Monica, CA · Member since 2014 · 4 posts · 0 votes

What are the pros and cons of buying directly from an owner? I would need an agent myself, but agents don't necessarily want to deal with a sale like this.

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  • Account Closed
    Specialist · Paradise Valley, AZ · Member since 2018 · 3k+ posts · 2k+ votes
    6y
    Originally posted by @Adrienne Russo:

    What are the pros and cons of buying directly from an owner? I would need an agent myself, but agents don't necessarily want to deal with a sale like this.

    You don't need an agent, you need a real estate attorney. Better advice for a lot cheaper price.

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  • Russell BrazilBusiness Member
    Moderator
    Real Estate Agent · Washington, D.C. · Member since 2012 · 17k+ posts · 30k+ votes
    6y

    Typically home owners selling the property themselves will over price the property.  Then if you get to the inspection part of the sale, they are less likely to negotiate because they think their home is perfect.  Then if it gets to the appraisal part, both because they have overpriced the property, and because they dont have experience with working with appraisers, the home often doesnt appraise.

    I stopped dealing with FSBOs as a matter of practice, because you invest a whole bunch of time into the process, and they end up not closing.

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