A "For Sale by Owner" or FSBO home may seem appealing, but it might not be the right option for you. It could be a way to save money or it could be a recipe for certain disaster. Here are a few reasons you may want to avoid the FSBO route for buying a home.
Very Time Consuming
You may not have the time to do all of the research necessary to buy a FSBO home. Not only will you need to research the home online, but you will also have to do offline research, too. This is something real estate agents do every single day, which makes them the expert.
Imagine taking on your regular job, household duties and basically becoming a part time real estate agent on the side. This is how it will be as you search for the right FSBO for you.
Less Access to the Right Tools
As you search for the right FSBO, it may seem easy because of the online access you gain. However, it's not the same as searching for a home through a real estate agent. Agents provide you with access to tools you may not even know you need.
How do you know if the FSBO you are looking at is priced over market value or under? Sure, you can get an appraisal, but a real estate agent will already be able to give you an idea of what a reasonable price should be for the property.
Laws, Inspections and Important Details
Often, when you buy a FSBO, you miss something. Whether you get the wrong type of inspection, trust the seller when you shouldn't or you even break one of the ordinances or laws for real estate in the area, there's a good chance you will miss something.
Since a real estate agent deals with home inspections, real estate laws and other important details every day, they will make sure nothing is missed. Hiring an agent will help protect you from a potential disaster that may come with a FSBO property.
When it comes to buying a FSBO property, you can still do it through a real estate agent. This will provide you with better protection and negotiating power throughout the transaction.