Imagine finding the home of your dreams and then realizing it’s a FSBO (For Sale By Owner). Before you decide to forego this great home, let us give you some tips on working with your Buyer’s Agent to buy a home that’s not listed through a licensed real estate agent. It might feel a little scary, but it doesn’t have to be.
Here are the top three things you need to know to buy a FSBO home with your Buyer’s Agent
Tell the Seller You Have a Buyer’s Agent
As soon as you meet with the seller, be sure they understand you are represented by a buyer’s agent. This is very important upfront. Typically when an owner lists their own home, they do so because they want to save “some” money on commission. It is not at all uncommon for them to expect to pay the commission of a buyer’s agent. The seller will very often be willing to pay the commission of your buyer’s agent, so don’t be afraid to ask.
Allow Your Agent To Drive The Process
Sure the seller will want to call the shots, but that’s not really in your best interest. As the buyer, you have the right to follow a secure and logical home buying process that includes
- a written offer
- the option to have a home inspection
- the option to secure a mortgage
- the option to have a final walkthrough the day of your purchase
In short, you’re buying a FSBO home with a buyer’s agent, so trust your agent. That’s what they are getting paid for.
Closing The Deal
A big part of buying any home is closing the deal. There are critical steps involved in this which must be left to professionals. You will want an impartial party to represent this deal for everyone. Your agent may recommend a real estate attorney and/or a title company to handle these details for you. Having this piece of the buying puzzle in place will give you a great sense of security when you get to the closing table.
If you are looking to buy a home, we’d love to get to know you and help you find what you are looking for. And if that dream home happens to be listed as a For Sale by Owner, just know we are ready to walk through the process with you! Our Buyer’s Agents are always ready to help you find the home of your dreams.
Keeping it real,
The Cloninger Properties Team