Philadelphia, Bucks and Montgomery Counties Real Estate. Tips for home buyers, home sellers by Gita Bantwal,Realtor at Re/Max Centre Realtors.: Five Biggest Mistakes made by Home buyers when buying from FSBO

Five Biggest Mistakes made by Home buyers when buying from FSBO

Most home owners try to sell their home on their own without hiring a real estate agent in order to save the commission. 

Home buyers look to buy a home directly from home owners to save money .

 

There are some home owners who will pay the buyer agent's fees. If you are a home buyer and would like to buy a home that is not listed with an agent , you should ask the seller if he will pay the buyer agent's fees. Some of them do pay the agent's fees.

If you want to buy a home that is FOR SALE BY OWNER read these tips :

If you are looking to buy in Bucks county Pa and need an agent to represent you call Gita Bantwal at Re/Max Centre Realtors 215-343-8200x124 or 215-275-8491 cell.

I am an Accredited Buyer Representative and hold the ABR designation.

If you are lookingt buy in other areas I can refer you to an agent in the area.

 

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 gita01@aol.com

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.

IF YOU WOULD LIKE TO SUBSCRIBE TO MY BLOG         CLICK HERE   OR EMAIL ME AT Gita01@aol.com

 

Comment balloon 38 commentsGita Bantwal • April 28 2016 05:19AM

Comments

Great post - I am definitely bookmarking this one to share with buyers who think they can do it themselves! 

Posted by Lise Howe, Assoc. Broker and Attorney Licensed in DC, MD, VA, (Keller Williams Capital Properties) over 2 years ago

Good morning Gita. I cringe when someone comes to me for a mortgage that is unrepresented or worse is buying a FSBO.

Posted by Joe Petrowsky, Your Mortgage Consultant for Life (Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709) over 2 years ago

Good Morning Gita - this is an excellent post.  Yes, let the person who sells on their own or buys on their own beware.

Posted by Grant Schneider, Your Coach Helping You Create Successful Outcomes (Performance Development Strategies) over 2 years ago

Hi Gita.  Great list of some of the many perils involved when buying an FSBO home.

Posted by Gabe Sanders, Stuart Florida Real Estate (Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales) over 2 years ago

Yes Gita, I lost one client who worked with me because the husband who wanted a FSBO property (who would not pay me a commission) went into agreement with the fsbo...I heard what they are paying which is about $15k over market..understand the appraisal was a problem.  House was for sale for many months in a good market...yes, when you act like a bull in  a china shop look out!

Posted by Ginny Gorman, Homes for Sale in North Kingstown RI and beyond (RI Real Estate Services ~ 401-529-7849~ RI Waterfront Real Estate) over 2 years ago

Lise, Thank you.

Posted by Gita Bantwal, REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel (RE/MAX Centre Realtors) over 2 years ago

Joe, Buyers and sellers should consult an attorney to write the contract if it is a fsbo transaction.

Posted by Gita Bantwal, REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel (RE/MAX Centre Realtors) over 2 years ago

Grant, They should be careful.

Posted by Gita Bantwal, REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel (RE/MAX Centre Realtors) over 2 years ago

Gabe, thank you.

Posted by Gita Bantwal, REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel (RE/MAX Centre Realtors) over 2 years ago

Ginny, I am sorry you lost the client. 

Posted by Gita Bantwal, REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel (RE/MAX Centre Realtors) over 2 years ago

Gita, great information for those trying to go the Home purchase process alone. 

Posted by Frank Rubi, FrankRubiRealEstate.com (Frank Rubi Real Estate, LLC) over 2 years ago

I have a local FSBO sending me incessant emails about open houses he is doing. Not well represented and he was so over priced that he is not being found. Now that he is finally at the price point he should be, nobody knows about it. It took him two years to get here and he lost an offer. 

Posted by Janis Borgueta, LIC RE Salesperson (Key Properties of the Hudson Valley ) over 2 years ago

 A classic case of the blind leading the blind thinking they are both saving money and they may both be costing themselves far more !

Posted by Sally K. & David L. Hanson, WI Realtors - Luxury - Divorce (EXP Realty 414-525-0563) over 2 years ago

Frank, thank you.

Posted by Gita Bantwal, REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel (RE/MAX Centre Realtors) over 2 years ago

Janis, I hope he will list with you.

Posted by Gita Bantwal, REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel (RE/MAX Centre Realtors) over 2 years ago

Sally, I agree.

Posted by Gita Bantwal, REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel (RE/MAX Centre Realtors) over 2 years ago

This is very good advice to share with prospective home buyers.

Posted by Roy Kelley, Roy and Dolores Kelley Photographs (Realty Group Referrals) over 2 years ago

Good morning Gita Bantwal ,

Excellent tips and advice to share with prospective home buyers who are looking to purchase a FSBO!!

Posted by Dorie Dillard, Serving Buyers & Sellers in NW Austin Real Estate (Coldwell Banker United Realtors® ~ 512.346.1799) over 2 years ago

I love being able to represent a buyer and getting them a steal of a deal because a seller thinks they can save money by not being represented, haha.

Posted by Brian England, MBA, GRI, REALTOR® Real Estate in East Valley AZ (Arizona Focus Realty) over 2 years ago

Most of them are overpriced and soon become listed with a Realtor who really knows the market...

Posted by Lawrence "Larry" & Sheila Agranoff. Cell: 631-805-4400, Long Island Condo & Home Sale Specialists (The Top Team @ Charles Rutenberg Realty 255 Executive Dr, Plainview NY 11803) over 2 years ago

Roy, thank you.

Posted by Gita Bantwal, REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel (RE/MAX Centre Realtors) over 2 years ago

Dorie, I hope they will read it.

Posted by Gita Bantwal, REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel (RE/MAX Centre Realtors) over 2 years ago

Brian, Anyone thinking of buying a home in your area should call you.

Posted by Gita Bantwal, REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel (RE/MAX Centre Realtors) over 2 years ago

Sheila, I agree.

Posted by Gita Bantwal, REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel (RE/MAX Centre Realtors) over 2 years ago

Gita, homeowners do not know the true value of their home, and lots of bumps along the way can prevent a closing.  Always best to have a professional somewhere in the transaction. 

Posted by Joan Cox, Denver Real Estate - Selling One Home at a Time (Metro Brokers - House to Home, Inc. - Denver Real Estate - 720-231-6373) over 2 years ago

Joan, I agree.

Posted by Gita Bantwal, REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel (RE/MAX Centre Realtors) over 2 years ago

Gita Bantwal everyone thinks they are saving money by not having a Real Estate agent involved  but are they ?  Good post

Posted by Hannah Williams, Expertise NE Philadelphia & Bucks 215-953-8818 (Re/Max Eastern inc.) over 2 years ago

Good evening Gita. Excellent summary for having representation. Enjoy your evening!

Posted by Wayne Martin, Real Estate Broker (Wayne M Martin) over 2 years ago

It looks easier than it is...and ohhhh the liability !

Posted by Sally K. & David L. Hanson, WI Realtors - Luxury - Divorce (EXP Realty 414-525-0563) over 2 years ago

Hannah, thank you for the comment.

Posted by Gita Bantwal, REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel (RE/MAX Centre Realtors) over 2 years ago

Wayne, thank you.

Posted by Gita Bantwal, REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel (RE/MAX Centre Realtors) over 2 years ago

Sally, I agree.

Posted by Gita Bantwal, REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel (RE/MAX Centre Realtors) over 2 years ago

Excellent tips for home buyers to know if they try to buy a FSBO Gita Bantwal 

Posted by Lisa Von Domek, ....Experience Isn't Expensive.... It's Priceless! (Lisa Von Domek Team) over 2 years ago

Lisa, thank you.

Posted by Gita Bantwal, REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel (RE/MAX Centre Realtors) over 2 years ago

Gita Bantwal excellent advice for buyers and sellers.  This post should have been Featured. 

Posted by Mary Yonkers, Erie/PA Real Estate Instructor (Alan Kells School of Real Estate/Howard Hanna Real Estate) over 2 years ago

Mary, thank you.

Posted by Gita Bantwal, REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel (RE/MAX Centre Realtors) over 2 years ago

This is a great post Gita! There are so many reasons not to try to sell your own home, safety and trust issues, especially when you are not represented on either side.

Posted by Evelyn Johnston, The People You Know, Like and Trust! (Friends & Neighbors Real Estate) over 2 years ago

Evelyn, thank you for reading.

Posted by Gita Bantwal, REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel (RE/MAX Centre Realtors) over 2 years ago

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