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For Sale by Owner Real Estate - Is it a Good Deal?
By Adnan Masood
When searching the internet for real estate for sale, you will come across homes that are often labeled as FSBO. What does this mean? It means for sale by owner. For sale by owner real estate is increasing in frequency; it appears more properties are being sold without the assistance of a real estate agent. Why is this? Does it mean you can get a better deal? Yes and no. In all honesty, it depends on the property in question
When it comes to deciding if you should buy for sale by owner real estate, like a home or a plot of land, there are some important factors that you will want to take into consideration. Like what?
Why No Agent?: You can ask this question or not. In most cases, a real estate agent isn't used for two reasons. First, the property owner wants to reap all profits and not have a percentage of the sale price go to a third-party realtor. Second, the property owner is in full-control of their sale; they can choose the buyer, decide when to have showings, and so forth.
Assessed Value: You can find the assessed value of a property whether it is being sold by the owner or a realtor. How do you do this? Most times it is as simple as moseying on down to your local government office. Unless the current owners did a whole lot of remodeling, repairing, and upgrading, the selling price should be in line or slightly below the last assessment figure.
Fair Market Value: In addition to comparing for sale by owner real estate prices with the last assessment, also compare it with other homes in the area. If the home is similar in style and size to other for sale homes in the area, how does the price compare? A few thousand dollar difference is common, but that different shouldn't be $20,000 or more. Some property owners justify an increase in costs by saying they need to be paid for handling all the work (marketing, showing, and so forth) themselves. However, this honestly is not your problem.
Inspection?: As always, a home should be inspected by a professional before you make an official offer. A problem that some buyers are running into is the fact that they are getting the run around from for sale by owner real estate sellers. Why? Most likely, they have something to hide. Regardless of whether you are buying a for sale by owner property or a realtor sold home, a proper inspection is key. Run for the hills and fast if you are not given the option to have one performed.
Visit SpotThings.com to perform a real estate search. Search thousands of websites at once to find for sale by owner real estate and realtor sold properties as well.
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