Working with an experienced real estate agent is a smart idea if you want to be sure that you are getting a fair market deal. Your real estate agent will pay attention to the details, and watch for potential problems, making it as easy as possible to buy and sell a home.
Even if you have a real estate agent to help with your home purchase, how does it work if you want to buy a home listed For Sale by Owner (FSBO)? Usually, there is nothing to worry about in this situation. But, here are a few things that you should consider before you buy a FSBO:
Work with Your Real Estate Agent
Even though the seller isn’t represented by a real estate agent, it is still important that you stay in contact with your agent. Your agent can initiate the conversation, and most sellers will be willing to talk to your agent.
Don’t think of the FSBO home any differently than you would if it was listed by a real estate agent. You will still need to go through the same steps to offer and close on the property. The only distinction is that you will be talking to the homeowner face-to-face instead of dealing directly with another real estate agent. Let your agent do the talking to minimize the emotions that can come up during the negotiation process.
Be Cautious about Pricing
There is one common theme among FSBO sellers: they don’t often have the same understanding about pricing. A FSBO home owner doesn’t have access to the same real estate market data as an agent. As a result, the house could be overpriced. Too often, homeowners set the price high because they are unable to emotionally detach from the home.
Eventually, FSBO homeowners might engage with a real estate agent if they are unable to sell on their own. But, it is a common trend for the home to start out overpriced, and then the price will drop when they hire an agent to help.
If the price is unreasonable and the homeowner isn’t willing to negotiate, you should consider moving on to another option. There are many beautiful homes that are available in our market, and you certainly are not obligated to stick with this property if terms cannot be agreed upon. Keep an eye on the home, so that you can revisit the property in the future if you don’t find anything else that will work for your needs, but don’t get too emotionally invested yourself!
At DUFFY Realty, we manage the real estate transactions in a way that best supports our clients. Our flat-fee listing costs help you to save money without having the headache of a FSBO transaction. If you are looking for a dream home for your family, call us right away. You will have the opportunity to work with the leading real estate team in Atlanta! (678) 318-1700