馃攳
How to buy a FSBO | Buying a house for sale by owner with a Realtor - YouTube
Channel: Fox Valley Real Estate by DiPrima Homes
[0]
Are you a buyer who's interested in
buying a for sale by owner home
[4]
but yet still work with a realtor? Yes you can!
[8]
Hold on and we'll get right into that.
[14]
Hi this is KimberlyDiPrima a Realtor
with Option Realty Group.
[18]
Today we're going to answer some of the
questions; What are the closing costs?
[22]
Can I save any money? Can I still use my realtor?
[26]
I want somebody to advocate for me, how
does that happen?
[30]
Am I at the discretion of whatever the
seller tells me?
[34]
Let's look at some of those questions
right now. So you've driven down the
[38]
street. You see a nice neighborhood you're
[40]
interested in maybe or even
with your Realtor looking at other homes
[45]
and there's a sign in the yard. It has you wondering hmm
[50]
What about that home? I'd like to see that one.
[53]
What does it look like inside? How do I do it? Right!
[57]
You can still do that with the help of your Realtor.
[61]
But how? Let me tell you a little story
about a client that I had.
[65]
They wanted to move to the area to be
close to family.
[68]
So they were doing all this research online.
[72]
They found the perfect home. But it's listed for sale by
[77]
owner, a FSBO. But they wanted to work with
[81]
a Realtor. They knew nothing about buying a home.
[84]
Let me tell you one of the myths. People
think they're going to get
[88]
a deal when they're buying a for sale by owner home.
[92]
They think if the seller were to sell it
[95]
with a Realtor on the open market they
would be asking this amount of money.
[100]
But because they're selling it for sale by owner, they're going to
[103]
save that commission, right! So they're going to sell it for
[106]
lesser and then they're going to split
that cost in the middle and those savings
[111]
for both of them. Sorry, that's not the case. It's just a
[115]
myth. Usually when somebody's selling a home
[117]
for sale by owner, they're doing it for one of a number of reasons.
[120]
And it doesn't usually have anything to
do with you the buyer.
[124]
It has to do with their motives and why
they're selling the home and what money
[127]
they want out of it. So they're not looking to have
[130]
you save any money by buying their home. Consequently most
[134]
for sale by owner homes are overpriced.
So that's why you as a buyer, need
[140]
a buyer's representative, a Realtor,
looking out for your behalf.
[146]
They will do a comparable market analysis.
[149]
Typically people selling their home for
sale by owner are looking at comparables
[153]
in their area of things that are currently on the
[156]
market or have currently sold,
if they're able to find that information.
[161]
There are factors that need to be taken
into consideration,
[164]
such as any concessions a seller may have made.
[168]
That may be an FHA buyer. May have been a cash buyer. There are
[173]
other things to take into consideration
when you're looking at comparables.
[177]
You as the buyer, want to make sure
you're getting that.
[181]
So make sure you get a comparable market analysis
[184]
from your Realtor. The other myth is "oh
no, me as the buyer, I'm going to have to
[190]
pay my Realtors fees" then right!
Not usually! Usually the Realtor
[196]
can negotiate with that seller to be
able to pay their commission
[200]
to represent you as the buyer. They're still saving money
[204]
and they know that when they put their
home on the market for sale by owner
[208]
by not using a listing agent. Most times
they'll still use a buyer's agent
[212]
because they know you are going to come with a Realtor. And
[215]
they will most likely pay that buyer's agent. So don't
[219]
worry about that. That's another myth.
That's something that the agent can
[224]
negotiate. Another reason to use an agent is that
[227]
you know your true costs.
Closing fees, they're not always reduced
[232]
just because you're not using a Realtor on the seller's side. In
[237]
Illinois there are still title companies. We still advise you to
[242]
use attorneys. The seller is still going to have to do
[247]
a survey. All those legal things are still
[250]
required regardless of whether the seller is using an agent
[256]
or selling it by themselves. Don't forgo the
[259]
knowledge, of an agent helping you. Not only can do
[264]
the market analysis, all the different paperwork, all the
[267]
legalities associated.
They bring you the negotiation skills
[272]
and the expertise while they advocate for you. If you see
[278]
that sign in the yard or you see that listing
[280]
in Zillow, don't call that home first. Make sure the
[284]
agent makes that phone call for you.
Otherwise, they won't be working with
[288]
the agent. But if you decide you're going to go-ahead
[292]
and do that transaction on your own. A
couple things
[296]
I want you to be aware of. Make sure you
know all your true costs,
[302]
including your attorney fees. They may be
a little higher
[306]
since your attorney is doing more for you, that the
[309]
Realtor would normally do. Make sure you
understand that you're not having your
[314]
advocate work for you. So you're working directly
[318]
with the seller and nobody advocating on
your behalf.
[322]
The other thing, I want to make sure you
understand is
[325]
what the home is truly worth.
Thanks for watching today. Looking
[330]
forward to talking with you again
soon. Have a great day and God Bless!
Most Recent Videos:
You can go back to the homepage right here: Homepage