Here, we have an instance of a buyer dealing with a FSBO seller who by definition wants to avoid a commission. The buyer wants advice on how to find comps. Is this advices supposed to be free?
Does the buyer want advice on how to write an offer? Does the buyer know how to obtain contract forms? Does the buyer understand what a â€œcontingencyâ€ is in relation to a real estate contract (several of the responders have used that word)? Does the buyer understand the importance of an appraisalâ€¦how much an appraisal costsâ€¦what can happen if the property does not appraise, assuming the contract was properly writtenâ€¦what the buyerâ€™s obligation might be if the property does appraise? Does the buyer know how to open escrowâ€¦read and understand a preliminary title policyâ€¦provide escrow instructionsâ€¦manage an escrow transaction? Does the buyer understand the importance of inspectionsâ€¦how to get themâ€¦what they costâ€¦what to do when inspections have been done and received? Does the buyer know what disclosures about the property to expect from the seller?
Should the buyer be educated in all of these matters, and more, here on Trulia.com or elsewhere or, perhaps, by a professional Realtor, free of charge?
Montyp; you can get the best comps by aligning yourself with a local Realtor. Your FSBO seller may be willing the pay a commission to your Realtorâ€¦or you can agree to pay your Realtor. This is another thing that is negotiable between or among you the FSBO seller and your Realtor.
You always can ask a real estate agent to do a comparative market analysis, but you should be honest with the agent, especially if you plan to purchase the home without the agent's help. In this case, there might be a charge. You also can ask the owner to let you get a full appraisal from a certified appraiser, but this will cost you a few hundred dollars. However, if the home is overpriced, a full appraisal can be a good negotiating tool. A third option would be for you to look into the selling prices of comparable properties at the local county courthouse (these numbers may be online in your county). But be careful. Figuring out an accurate fair price for a home involves more than coming up with a square-footage formula. There is a lot to the process and a pro will usually do a better job of factoring in things like location, improvements, number of bedrooms, basement size, layout, etc.
Prudential Real Estate of the Rockies
It does not matter what a FSBO wants for their property if you submit an agreement of sale that has the proper mortgage clause.
If the place does not appraise, you are out of the deal or they lower their price.
Get a real estate professional to represent you who knows how to do this and you'll be a happier home buyer!
You can find comparable sales on sites such as zillow , but there have been times when their estimate is not accurate.
You can check sale records at courthouse .Some agent sites offer free online evaluations .
You can order an appraisal and see if the seller will allow you to get an appraisal before you make the offer.
You can hire a buyer's agent to represent you and pay the agent a negotiable fee or you can ask the seller if they will honor buyer's agents.