All Topics / Help Needed! / Difference between buying a home for sale by owner?
- rsubax72Member@rsubax72Join Date: 2012Post Count: 3and buying a home where the sellers use a realty company.
I'm wondering, if you are a buying and looking at buying home and you are interested in one that is for sale by owner, what are the differences you will incur as a buyer, versus buying a home that is for sale through a realty company?Difference between buying a home for sale by owner?CatalystParticipant@catalystJoin Date: 2008Post Count: 1,404
There's no difference in the process. The owner has a contract of sale either way.
The only thing you need to be sure of is the price. Is it a fair market price? If you know your area you will know what it is worth. Some vendors are unrealistic about the sell price. Some just don't like forking out %15-20K when they know their house will easily sell). Ask why they are selling privately.
Ask for agent appraisals first (they would have had agents out I'm assuming) then get a bank valuation.mattstaParticipant@mattstaJoin Date: 2011Post Count: 604
I think one thing to remember is that when vendors sell their home via a realty company, then they will have to pay a commission to the agent, which can often be thousands of dollars.
Therefore, I think when vendors sell their home on their own, they have minimised their costs and therefore, are generally more flexible and willing to negotiate down a lower price.kentotooleMember@kentotooleJoin Date: 2012Post Count: 19
Indeed. You can easily make negotiations with the person selling the property directly than through the realty company. The problem is that, you can never be sure if the price is really high or too low or something just right for that specific property according to the person who sells it. On the other hand, realty company knows well.
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