In the first part of this multi-part series, we began to take a look at some of the first steps a buyer will likely need to consider as part of a "for sale by owner" transaction. These types of real estate transactions can save both buyers and sellers time and money, as long as they take the right steps.
Once a prospective buyer finds a home that they are interested in, it is time to contact the seller directly. The first contact may be a request for more information, or more pictures. But, the seller can also give a prospective buyer an idea of when a good time will be to set up a visit to the home. In many cases, the seller will be there in person to give a prospective buyer a tour of the home and property, hopefully pointing out anything that would need to be disclosed to a potential buyer as well as pointing out the most positive aspects the seller has enjoyed about the home.
If, as a buyer, you get through the home visit and you are definitely interested in submitting an offer, there is an important step to take first - get a valuation report. This report is similar to the type of analysis that a real estate agent would use to determine whether or not the home is valued correctly and the asking price is not too high. This is crucial information to have on hand before an offer is submitted.
Assuming the price is right - or close to it - you are getting closer to the point where you can tender an offer for the home. But, there is yet another step that can provide a huge benefit before taking the leap - have all of the details reviewed by an attorney who is familiar with real estate law. In our next post, the last part of this series, we will take our readers all the way through the remaining steps toward closing.
Source: forsalebyowner.com, "How to Buy a Home Directly from the Owner," Accessed Sept. 12, 2015