FSBO homes for sale are quite common in the real estate market, as many homeowners often change homes over the years. These houses are, of course, pre-owned, but some sellers would first make repairs before selling.
FSBO Purchase
When considering FSBO home sales, be sure to get comparable prices for similar homes in the same location. You can get this from a local estate agent for free and this will give you an idea of whether you are really getting a good price on the house you are considering.
You will have the opportunity to interview the seller about the house, so take advantage of this opportunity to ask the right questions. Ask how long they have been trying to sell the house. Ask about the conditions of the house as well as its history or when it was built, what repairs were made. Also ask why the owners are selling their property.
You should not simply rely on the information provided by the seller and do your own research yourself. Make sure you get a proper home inspection done by a professional you personally hire.
Base your offer on comparable values of similar homes in the neighborhood rather than the list price. You can also retain the services of a lawyer to review contracts and other documents before committing to the sale.
You should be able to determine how much you can spend on FSBO home sales and if you plan to use financing to pay for the home, you should be pre-qualified for a loan from 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 also reassure your seller that you are serious about buying your home.