Key Factors to Consider When Buying a For Sale By Owner Home

 

Are you looking into homes for sale by the owner in MN? Buying one can be convenient if you want to skip the commission fees of real estate agents. However, some factors require careful consideration before you buy an FSBO (for sale by owner) home:

The benefits of buying an FSBO home

Buying an FSBO home means you don’t have to pay the 3% commission fee to an agent representing the seller. This means the seller can sell their house for less and welcome negotiations. Plus, you get to communicate directly with the homeowner instead of an intermediary, so you can get more details about the house.

The disadvantages of buying an FSBO home

When buying a home for sale by the owner in MN, note that many properties might not be listed at the right price. That’s because the owners likely didn’t do a comparative market analysis or lacked the resources available only to licensed real estate agents. Moreover, some homeowners find it difficult to navigate the necessary paperwork by themselves. Since they’re doing all the work, you might have to wait longer for them to settle before you can finalize and close the sale.

Get a professional inspection.

A seller might choose not to disclose all relevant information about their property, including the need for repairs and existing problems. So it’s best to request a professional appraisal or inspection before buying a home for sale by owner in MN. Additionally, a real estate attorney can help with the legal paperwork involved in the transaction.

Request the CLUE

Ask the seller to get and pay for the Comprehensive Loss Underwriting Exchange (CLUE) document. It details the 7-year history of the losses on their property reported as insurance claims.

Do your homework

Buying an FSBO home means you will do everything yourself, too, such as researching the property and asking important questions to the owner. Don’t forget to create a purchase contract and determine your offer.

Need help?

At Real Estate Corners, we make it easier for buyers to find and purchase a home for sale by owner in MN. As licensed real estate brokers, we are qualified to represent you and help you save money and time when buying a home. Contact us now!

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