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In the market to purchase a home? Think you may get a better deal by buying directly from the Seller? Well there is a lot you should know. You should understand some of the dangers when purchasing a home by a "For Sale By Owner" (FSBO) without a REALTOR®.
How did the Seller get to his asking price? Did the "For Sale By Owner", analyze the most recent sales in the area in a thorough Competitive Market Analysis on their home from a professional Realtor®? I think not. Usually the seller´s got wind that Joe down the street got X dollars for his property and anyone with a brain could see that the FSBOs house was twice the house that Joe's was. Joe's updated kitchen and baths were over-rated. FSBO pricing is generally inflated, speculative and based more on what the Seller wants than real data. If you are not represented by a REALTOR®, who is a local market specialist possessing valuable up-to-date market information, there is a very good chance you will overpay for the home.
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In the day it was "buyer beware," . The burden of discovering property defects was placed completely on the buyer. But not anymore, not in California. |
California requires a state-mandated seller disclosure statement, called The Real Estate Transfer Disclosure Statement, or TDS. The TDS gives the sellers a chance to disclose property defects they are aware of. If the buyers haven't already signed off on a completed TDS before entering into a purchase contract, they have the right to cancel the contract within 3 days after the TDS is delivered to them, or within 5 days if it's mailed.
The California Association of Realtors has recently added yet another disclosure to help the Buyer know exactly what she is buying. The new form is called the Seller's Property Questionnaire. Most Sellers do not want to complete this in-depth form and as of yet it is not mandated but a savvy Realtor® will include it in the offer and make it a part of the contract forcing the Seller to FULLY DISCLOSE.
| Purchasing a home is one of the biggest investments you will ever make. It is important knowledgeable have knowledgable representation. A REALTOR® can represent and protect you from the beginning to the end: negotiating the best price, explain the details in the contract, terms, conditions, inclusions, exclusions, disclosure and area information. When you purchase directly from a FSBO, well, you are on your own. |
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Quite often, FSBO transactions fall through because emotions get in the way. A REALTOR® is a "non-emotionally involved third party" who can help work through any issues. The Agent can also be present for the home inspection, manage all the details of the transaction.
So why pay more and get less? Use a Realtor®, we are worth it. |
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