Extra Steps You Will Need To Take If Buying A House For Sale By Owner

Posted on: 18 July 2017

As you search for the right home to buy, you might see a few that are listed for sale by owner. These homes are listed for sale by the people that own them, and there are no real estate agents involved. Homeowners list homes like this to save on commissions; however, you may need to go through additional steps if you want to buy real estate for sale by the owner.

Research the Home

If you find a home you really like, the first step you may want to take is researching the home to find out some background information. By doing this, you can find out information about the home's size, year it was built, and tax information.

As you research it, you will also need to look at comparable homes to see if the asking price is fair. To do this, simply find a few similar homes in the area that sold. Look at the prices the homes sold for and compare these prices to the house you are considering buying.

Get the Home Inspected

While getting a home inspection is optional whether you buy a house through a realtor or through an owner, getting an inspection is always a good thing. A home inspection will reveal a lot of important details about the home, and it will help you know if the home will need any repairs or upgrades in the near future.

If you really like the home, make an offer on it before completing the home inspection. When you do this, add a contingency to the purchase offer that states that you have the right to back out of the deal if the inspection reveals major issues.

Hire an Attorney

There are times when homeowners agree to pay real estate commissions to the buyer's agent, but there are times when they will not agree to this. If the seller allows you to have a real estate agent and agrees to pay a commission to your agent, you will probably not need an attorney. If the seller will not agree to this, you should hire an attorney to help you complete the entire home-buying process.

Buying a house without a real estate agent is much harder to do, which is why most people avoid shopping for homes listed for sale by owner. If you are interested in buying a home right now and want to begin shopping for one, contact a local real estate agency, such as Amy Willis & Associates LLC, today.