For Sale By Owner in Ottawa
Posted on May 29, 2009
Filed Under Buying Your New Home, Valerie Zinger
You are looking for a home in Ottawa. You look on the MLS®. You visit Open Houses and you check the sites for people who sell their homes on their own. You, the Buyer, can do all of those things without having a real estate representative. The For Sale By Owner (FSBO) homes are interesting and somewhat tempting:
- Maybe the Seller doesn’t know current market values and the house is cheap.
- Maybe the Seller has priced the home low because they will not have to pay real estate commission.
- Maybe the Seller is not a savy negotiator and you can use your skills to lowball an agreement.
- Maybe there are problems that a listing agent would have forced the Sellers to disclose.
- Maybe the Seller is hoping that the Buyers will be on their own (no real estate rep to help guide the purchase), be naive and pay over value.
- Maybe the Seller has a lot of home selling experience, knows values, has a good lawyer to do the contracts, has time to show and sell the house and will be fair about negotiations.
If you are buying a home, it is in your best interest to be cautious about buying a FSBO. Not that you shouldn’t buy one but that you take your time and do your homework. Make sure you have an inspection done. If you do not have a real estate representative working with you, you may want to invest in having an appraisal of the home done. Your mortgage lender may require that appraisal when they realize that it is a FSBO. You will want your lawyer to be much more involved, including preparing the offer and helping you set your conditions for purchase and possession.
FSBOs for Buyers and Sellers are sometimes the best options. If you start having concerns as a Buyer, I recommend that you work with a REALTOR® who will help you through the buying process and help determine what is a fair market value for the home.
Photo Credit: For Sale By Owner @ http://www.flickr.com/photos/trommetter/29782314/
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Welcome
My name is Valerie Zinger. I am a Realtor in Ottawa. I look forward to listing your property or helping you find your home.
Phone: 613-859-7759 Click here to contact Valerie by Email at:
OrganiZinger@gmail.com-
