FSBO or For Sale By Owner homes are cropping up everywhere. For the seller, it can save them many thousands of dollars and the Internet has certainly made the marketing of these properties a lot easier. There are several myths surrounding FSBO homes, both for and against, and while the seller may not wish to engage a real estate agent, that doesn’t mean you have to go into the buying process alone as well. There are plenty of real estate attorneys available, and you should engage their services as a bare minimum if you are going to negotiate on an FSBO home.

When it comes to myths related to FSBO homes, there are plenty around. The most common is that a home that is being sold by the owner is going to be either cheap or too over priced. It is possible, however, the sales price is what you negotiate, and if you do your homework, then you shouldn’t be paying over the market price.  When there are problems with FSBO homes is when the seller is not prepared. Just because they are selling the home themselves, it doesn’t mean they are exempt from home sales laws.

All the normal real estate and contract forms need to be filled out correctly, and for this reason alone we suggest a real estate lawyer. You will also need to check that your mortgage provider is willing to provide finance to an FSBO home sale – this is generally not going to be a problem if you have engaged a real estate lawyer.

Should you buy and FSBO home? It’s up to you. Caution is important, and remember, this is a big ticket item you are buying, not a second hand car from down the road. You can find yourself with huge financial difficulties if the paper work and legal forms are not completed correctly, and you may find you have little recourse to the seller should you find major problems after your purchase. The big question really is simple – is the home buying process going to be easier and less expensive by buying an FSBO home?

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