FSBO homes for sale are quite common in the housing market as many home owners typically change homes through the years. These homes are of course pre-owned but some sellers would undertake repairs first before selling them off.
Buying FSBOs
When considering FSBO homes for sale make sure you obtain comparable prices for similar homes in the same location. You can get this from a local realtor for free and this will give you an idea on whether you are indeed getting a good price for the home you are considering.
You will get a chance to interview the seller about the home so use this opportunity to ask the right questions. Ask how long they have been trying to sell the home. Ask about the conditions of the home as well as its history or when it was built, what are the repairs undertaken. Also ask why the owners are selling their property.
You should not simply trust the information given by the seller and conduct your own investigation yourself. Do not fail to conduct a proper home inspection to be conducted by a professional personally hired by you.
Base the offer you will make on comparable values of like homes in the neighborhood more than the listing price. You may also want to enlist the services of a lawyer to go over the contracts and other documents before committing to the sale.
You should be able to determine just how much you can spend for FSBO homes for sale and if you plan to use financing to pay for the home you need to be pre-qualified for a loan by your bank or any financial institution. This pre-approval will reveal the amount you can borrow, which will be the basis of your search. A pre-approval document will likewise reassure your seller that you seriously intend to purchase their home.