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Buying a Home for Sale by Owner These days, many private homeowners are selling their own properties to avoid paying commissions and to squeeze the best price. With no estate agent involved, this can be a bed of thorns, not roses. This is because the purchaser has to check out the legalities themselves.

Contents

Introduction....…...............……........1 Ask Directly what is Wrong............2 Check out the Price........................2 Pay the Deposit Wisely..................2 Chase Down Contingent Clauses...2 Choose the Right Property Attorney........................................3


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Ask Directly what is Wrong Federal law required a seller to disclose anything that is wrong. This includes material defects and anything else that might put a potential buyer off too. Don’t be shy. Use your rights. Ask directly, "are you aware of any defects?".

Check out the Price A seller can ask any price they like. A buyer is looking for a bargain. The right price often lies somewhere between these two extremes. Take your time. Check out the asking price in terms of recent sales.

Pay the Deposit Wisely Never (and that means never ever) pay deposits known as earnest money to private sellers themselves. Pay them to a solicitor’s trust account, a title company, or an escrow company instead.

Chase Down Contingent Clauses Most sale agreements contain contingent conditions that must be met. These could include inspection reports, and insurance and lender approval as well. These mattered at the time you made the offer, and they still matter now.


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Choose the Right Property Attorney Do not be tempted to save a few hundred dollars by playing your own lawyer. Property is a specialized branch of legal

contact@foreclosuredatabank.com The biggest foreclosures database on the web

knowledge. Remember, it is not what you know, but what you do not know that counts. The right property attorney is a wise investment too.

Find us on the Web: www.ForeclosureDataBank.com

Many of the problems that arise from property sales by owner are the consequences of a lack of knowledge on either or both sides. The fact that a seller may decide to do a D.I.Y is not necessarily just to save commissions, it could also be a deliberate attempt to avoid disclosure of material defects. ForeclosureDataBank.com provides this information in the interests of fair play.

Buying a Home for Sale by Owner  

ForeclosureDataBank.com provides hot tips on avoiding the pitfalls that may accompany a home for sale by owner deal.