It is important to research any home that you are interested in buying whether it is for sale by owner or a listed property. There are some key points to keep in mind when looking for a home that is for sale by owner.
It is easy to overpay for a home that is for sale by owner. People frequently overpay for these properties. It is difficult to compare one house to another in terms of size and amenities when you can’t view other similar homes in the area. There may be information that the seller is legally obligated to tell you about that can impact the value of your property in the future. For example, the empty lot behind the home will have a section 8 housing project built on it. This could negatively affect the value of your property.
Many people think that the seller of the for sale by owner home will automatically reduce the sale price because they don’t have to pay a commission. While this is a possibility, it isn’t something you should rely on.
Some properties come with problems attached. There are two main reasons sellers sell without a broker and both have to do with money. The first reason is that they don’t want to pay a commission to a broker. The second reason is that prospective agents have told the seller that the house won’t sell for the price they are asking and the seller hopes that he/she can fool the buyer into paying what they are asking. The seller might not know what potential resale problems that property may have. Be sure to research any potential neighborhoods.
Be informed. Make sure you know what it is you want and what you are willing to and able to pay for it. Stay firm. Make sure you get all the proper documents and disclosures in order. Be sure to have a professional home inspection and a final walk-through so there are no surprises when you move in.
The Szabo Group offers first class real estate services to clients in the Scottsdale Greater Phoenix Metropolitan Area. If you are looking to buy or sell real estate in Scottsdale, Arizona, contact Scottsdale Real Estate Agent Joe Szabo. Award winning Realtors and Re/MAX top producers for Scottsdale, Arizona, The Szabo Group delivers experience, knowledge, dedication and proven results. Contact Joe Szabo at 480.688.2020 or visit www.scottsdalerealestateteam.com for more information.