Now, here in Florida I can buy sea food from the trunk of a car at the gas station.
Is either of these a good idea?
This rarely turns out well.
Best of success,
Annette Lawrence, Broker/Associate
Remax Realtec Group
Palm Harbor, FL
Additionally, it's common sense that the owner knows the property better than anyone else BUT they normally don't know real estate and have a very poor appreciation relative to the current market and their home. One of the other downsides of purchasing a FSBO is that buyers of these properties usually over pay for these homes.
The decision is yours....but personally, I would want my rights protected!
Just telling it like it is!
In any given real estate marketplace there are always For Sale By Owner (FSBO) properties available for sale. Be careful, though. Purchasing a FSBO requires the kind of skill set real estate professionals have. You'll need to know your market pricing very well as FSBO's are often over-priced. You'll also need to navigate the negotiation process: it's not enough to come to agreement on a price when you make an Offer; there are also the TERMS of the deal to be worked out.
You might consider hiring an exclusive Buyer's Agent to negotiate on your behalf with a FSBO. The Buyer's Agent works for your best interests, not the Seller's, and you'll gain the advantage of that most important skill set to make your experience all that much better.
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How many do you see?
Most houses do get listed with an agent. Because sellers just get overwhelmed with trying to get the best buyer for their property and find it is difficult to get the deal done.
Just as you go to a dentist to pull a tooth, why would you try to buy a house without a good consultant/Broker?
All the best,
Kathryn Lilly, Broker
Realty on the Greene, LLC
You don't need a real estate agent. But as others mentioned, you should. Also, consider getting an Exclusive Buyer Agreement with a real estate agent you would be working with.
It's really simple. The sellers are getting an exclusive seller's agreement, so why should you use an agent that will be working in the seller's best interest. Every time you go to see a property, you sign a disclosure form or an addendum to that disclosure form, stating "I am aware that the real estate agent I am working with is the SELLER'S BROKER'S AGENT".
Confusing? Not really. Every agent works for the sellers, EXCEPT when you have an exclusive BUYER'S agreement with one agent. That agent will work for you and anything he/she finds out will help you to buy the best house for the best money, and the seller still pays for the commission, in most cases.
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Thank you for your valuable time!
Oleg Volfman, CBR, RSSP
Lic. RE Agent, Office Manager
Quick Deal Realty, Inc
As the other answers note, if the owner has listed the property with an agent, the owner has already agreed to pay the commission. So in many cases you won't be saving any money.
Nevertheless, I know plenty of investors who buy directly from owners. And in those cases, they do save.
Hope that helps.