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

Five Mistakes Buyers make when buying a home from a FSBO

Attention Home buyers !

 

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. Check state laws . Many states require seller to provide a seller's disclosure.

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.

If you are thinking of buying a home in Bucks county call me to be your buyer agent. I hold the ABR designation and am an accredited buyer representative.

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 17 commentsGita Bantwal • January 27 2019 01:53PM

Comments

Excellent advice, Gita. I represented buyers once on a FSBO they insisted on buying despite my suggestion they not. Boy did they learn their lesson.

Posted by Nina Hollander, Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor (Coldwell Banker Residential Brokerage ) 3 months ago

Good morning Gita.  Great information.  Buyers and sellers in their quest for "the deal" often end up making some very costly errors.

Posted by Gabe Sanders, Stuart Florida Real Estate (Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales) 3 months ago

Great post and thanks for sharing this information with the rain

Posted by Peter Mohylsky, SoWal Is HOME., Let me help you find your path to the beach. (Gulf Place @ 30A) 3 months ago

Good morning Gita. Sage advice to have people think twice! Enjoy your day 

Posted by Wayne Martin, Real Estate Broker - Retired (Wayne M Martin) 3 months ago

Nina, thank you for the comment.

Posted by Gita Bantwal, REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel (RE/MAX Centre Realtors) 3 months ago

Gabe, I hope they will read this post.

Posted by Gita Bantwal, REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel (RE/MAX Centre Realtors) 3 months ago

Peter , thank you.

Posted by Gita Bantwal, REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel (RE/MAX Centre Realtors) 3 months ago

Wayne, thank you.

Posted by Gita Bantwal, REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel (RE/MAX Centre Realtors) 3 months ago

Gita, it can go so wrong when a buyer doesn't have an idea about the transaction and then going with a FSBO.  You have excellent advice here.

Posted by Joan Cox, Denver Real Estate - Selling One Home at a Time (House to Home, Inc. - Denver Real Estate - 720-231-6373) 3 months ago

Joan, I hope buyers will read this post.

Posted by Gita Bantwal, REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel (RE/MAX Centre Realtors) 3 months ago

Great post, Gita. I hope many buyers read it and heed your advice. Some of the hardest transactions I've closed have been FSBO's and I've surely never heard a buyer say they had a good experience buying a FSBO on their own.

Posted by Amanda S. Davidson, Alexandria Virginia Homes For Sale (Amanda Davidson Real Estate Group ) 3 months ago

Good afternoon Gita - five good points just for starters!  You need representation.

Posted by Grant Schneider, Your Coach Helping You Create Successful Outcomes (Performance Development Strategies) 3 months ago

Amanda, neither have I.

Posted by Gita Bantwal, REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel (RE/MAX Centre Realtors) 3 months ago

Grant, I agree.

Posted by Gita Bantwal, REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel (RE/MAX Centre Realtors) 3 months ago

This is excellent advice to share with prospective home buyers.

Posted by Roy Kelley (Realty Group Referrals) 3 months ago

Roy, thank you 

Posted by Gita Bantwal, REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel (RE/MAX Centre Realtors) 3 months ago

Great information Gita!  YOu sure give great advice to clients!

Posted by Kristin Johnston - REALTOR®, Giving Back With Each Home Sold! (RE/MAX Realty Center ) about 1 month ago

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