3 tips for buying a for-sale-by-owner property

| Jul 16, 2021 | Residential Real Estate

When you want to buy a home, there is a chance that the property you want won’t be listed with a realtor. Maybe a neighbor decided to put the property up for sale locally and posted about it in the newspaper or made a post in your neighborhood group online about the sale.

If you’re interested in buying the property, you need to make sure you’re fully prepared for this type of purchase. It can be riskier to buy a property that is for sale by owner, but you can take steps to make the process better for yourself. Here are three tips that may help.

  1. Work with your own realtor

The first thing to remember is that you have the option of working with a realtor even if the homeowner doesn’t want to have one represent them. When you work with a realtor, they’ll know the ins and outs of making an offer, giving tours and generally representing you as a buyer. Since the realtor is working for you, they’ll be more likely to help you understand the process of buying a home.

  1. Get an inspection

With any home purchase, even one that is for sale by owner, you should get an inspection. Once you’ve made an offer, your contract should have a contingency that allows you to get an inspection. If the inspection does not come back the way you expected, then you should be able to walk away without purchasing the property. It’s not a good idea to sign a contract that doesn’t have contingency agreements, because you could get stuck buying a property you don’t want.

  1. Get legal support

Finally, get legal support before you finalize the purpose. You need to make sure the title is clear and that the purchase is legally binding. Then, you’ll be sure that this purchase was done by the book despite not going through a typical realtor listing process.

These are three tips for buying a for-sale-by-owner property. It’s smart to work with a realtor, get an inspection and double-check the legal aspects of a contract before you finalize the sale.