If you already started searching for a new house to but, then you probably have stumbled upon one with a sign in front saying, "For Sale by Owner." Now supposed you happen to like one of them houses with that sign, you're probably wondering what it really means and if it is any different to other homes without that sign.
The first thing you want to remind yourself is that when you buy a house being sold by the owner and without a middle man poses some risks but very enticing advantages as well.
In the traditional means of selling a property, the owner usually lists it through a real estate agent. The tradition also includes the responsibility of the homeowner/seller to pay his or her realtor as well as the realtor who represents the buyer. So in order to save money by not being forced to pay a realtor, some people decide to list and sell their own home or property. This is why you see some homes being sold with a yard sign saying, "For Sale by Owner." Search for real estate for sale by owner San Diego options easier by doing it online.
So if you want to learn how to take advantage of this type of real estate deal, read the tips below.
1 - Be reminded that some typical services are no longer there if there's no realtor involved.
So you've been working with a buyer's agent while searching for a house to buy, but what if you eventually decide to get the one with the "FSBO" sign? The thing is when you decide to purchase the home with an FSBO sign, it means you can never continue working with the realtor for the simple reason that the seller won't be giving any commissions.
2 - Get a mortgage pre-approval first.
If you have been looking for houses at this moment, it means you already got your pre-approval for a mortgage. But if you still don't have one, it means you should stop looking for houses to buy and instead make sure you get a pre-approval first. Try talking to the owner/seller of the house without a pre-approval letter to show and you'll easily get rejected or perceived to be someone who's not really intent on buying their property.
3 - Don't forget or skip the home inspection part.
Keep in mind as well that even though there is no realtor involved, you still have to go through the important processes in home buying. One of those steps is the home inspection. Problems, minor or major, may have been missed out or purposely hidden by the owner, so the only way to discover them is by having a professional home inspector check it.
So those are just some of the few things you need to do when you're buying a house for sale by its owner. For more information and to get started, simply look up real estate for sale by owner California using any online search engine.