If you are buying a home directly from a seller, please read this :
Here are five biggest mistakes buyers make when buying from FSBO
1. Being unrepresented. Sellers may be experienced and may have sold a house before or may be investors or attorneys. Do you have experience buying houses?. You may have bought a house 10 years ago, but laws may have changed. You might want to ask an attorney or buyer's agent to help you with the transaction.
2. Making the deposit check out to the seller. How will you be protected if the seller cashes the check and you do not get approved for the mortgage and seller refuses to return the deposit.? Your attorney or agent wil guide you about the deposit check.
3.Not knowing market value.You might not know what the homes are selling for and may offer more that what it is worth. an agent will help you with the comparable sales in the area. you can probably look up some sites on the interent, but some of them are not accurate.An agent has upto date information. If you think you are saving buying from FSBO , you might want to think again.The FSBO is probably trying to save the commission.Both of you are going after the same savings.
4.Not knowing how to negotiate.You might feel awkward negotiating and making a low offer or offending the seller. The agent can do this on your behalf.If you have a buyer's agent you can negotiate the fees for buying 'sale by owner,' in advance with the agent ,
5. Failing to have contingencies like inspections, appraisals and obtaining the mortgage in the contract.Failing to ask for seller's disclosure is a mistake as well.
If you know the market well, if you are an attorney yourself or will use an attorney you might get some good deals , if not be careful . Remember BUYER BEWARE.
When you read about events please check the year for the event as some people find information a year later and think it is for that year. . The posts remain online even after the event.
Gita Bantwal is a Realtor with RE/MAX Centre Realtors in Bucks County, a Northern suburb of Philadelphia. You can view 1000s of listings on her web site www.GitaBantwal.com
She can be reached at 215-343-8200x124 or direct 215-275-8491 or via email firstname.lastname@example.org
If you would like a FREE MARKET EVALUATION OF YOUR HOME IN PHILADELPHIA, BUCKS or MONTGOMERY COUNTY call me at 2152758491
Gita specializes in Active adult communities and is a Seniors Real Estate Specialist. She holds the ABR designation (Accredited Buyers Representative) and specializes in selling to first time buyers as well as move up buyers.Gita also hold the CRS designation , Certified Residential Specialist and the CDPE designation as well. Information about real estate market is deemed to be correct but is subject to errors and omissions and should be verified independently.. Opinion expressed by me or others in my post and comments is not to be construed to be legal advice.I am licensed in Pa. Check real estate laws in your state as they may be different than in Pa.