Buying a house for sale by owner.

Whitepony · 2010-12-26T20:46:24-05:00

What are some things to consider when buying a house for sale by owner? I really like a house, but I am not sure the next step for making an offer without an agent.

sayer - Sorry dude, I have never had a RE license. My experience comes from being a major player in a large Corp and having been transferred all over the country. We probably bought ten houses over that period and sold about half ourselves. . Let me simplify my point, most FSBOs are honest just like everyone else. No more, no less. And yes, they often over price their homes but the savvy buyer makes an offer accordingly.

We need to remember that REAs are not our new best friend. Their job is to sell you home as quickly as possible to cut down on their expenses in trying to sell that home. Believe me, their goal is not to get you the best price out there. And who can blame them. They want the commission and move on. So it often puts the seller in a quandary. This is my last post on this and I hope it appears to you as civil.. But believe me, I have much more experience on this than you do. Have a great weekend.

The Most Obvious wrote:
I would consider if the house is overpriced. That's very typical with "for sale by owner" homes.
I am not a fan of Realtors, as a group, but I am highly suspicious of the motives and/or pricing of most FSBO sellers.
I wrote a booklet on the FSBO process, helping people to avoid dealing with Realtors. In doing the research on it, I found something quite unexpected. Many FSBO sellers are just the sort of people you wouldn't want to buy anything from, let alone a house. Oftentimes, they didn't do expected maintenance on the property and played dumb when they were hiding something. FSBO sellers are oftentimes the greediest and most stubborn people in a neighborhood.
Ideally, you want to buy from someone who doesn't know what their home is worth and has a Realtor who prices the house low for a quick sale and commission. The FSBO seller is fighting you for every dollar, and the FSBO homes are rarely priced low.

This is 100% true. People tend to significantly overestimate the value of their homes and their cars. It doesn't mean they have bad intentions though. Real estate valuation can be largely subjective. Combine that with the fact that most people have 50% or more of their total net worth tied up in a house and pride and delusion can collude and generate some interesting sell prices. An informed buyer should have no problem with this though. Just make a realistic offer and be prepared to walk away.

Buying a house for sale by owner.

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