Your real estate agent would have seldom told you about the ‘for sale homes by owner’ that fall within your price range. Isn’t it? But, what exactly are they?
These homes are just like any other residential properties; The only difference that exists is that the seller wishes to list and sell his home agent-free. Although, these homes offer great deals and returns, yet buying them can be a challenging task, especially for a first-time home buyer.
Therefore, it is recommended to follow certain tips that can make the buying process very easy and smooth.
Keep An Agent By Your Side
The seller may not seek the professional help of a real estate agent in the case of ‘for sale by owner’ units. But, this doesn’t restrict you from working with a real estate agent. Do hire an agent to help you with market analysis, inspection services, price negotiation, and more. The agent will make sure that the property you choose is the best-suited option for you in all aspects.
Inspect The Home Well
While you are touring the home, stay focussed and clear about what you like and what you do not like. Most of the buyers shy away from scoffing at bad shower tiles or poor design choices in the seller’s homes for sale, and this is something that you need to pay attention to. Do not shy in putting your opinion in front of the seller. Also, inspect the entire home very well. Ask the seller to open every door, inspect ductwork, mechanical thingies or turn on every light to get better understanding of the home’s condition.
Get pre-approved for a mortgage, rather than just being pre-qualified, if you wish to strengthen your power of negotiation. As pre-qualification does not involve verification of the buyer, therefore, sellers do not consider pre-qualified buyers as ‘ideal’ buyers. On the other hand, when you are pre-approved, the seller gets very confident that you can actually afford the home and that you are ready for business.
Ask for a CLUE
Get a ‘Comprehensive Loss Underwriting Exchange’ (CLUE) report which entails any major damages to the property in the past. If you find any insurance claim in the report, ask the seller to provide you with all the documentation related to the claim. Generating a CLUE report requires the owner’s permission. In case, the seller doesn’t grant permission, he/she is probably hiding something from you.
Using these simple tips, you can easily buy a new home that is for sale by the owner. So, what are you waiting for? Get started today.