What You Need to Know About Buying a Home for Sale by Owner

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When buying a home for sale by owner, be represented by a real estate agent to help with the negotiations and look for properties for sale in the local newspapers. Purchase a home from the owner with information from a Massachusetts Realtor in this free video on real estate.

Part of the Video Series: Real Estate: Buying, Renting & Selling
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Video Transcript

What you need to know about purchasing a property that is for sale by owner. For sale by owner properties are not much different than properties that are listed in the MLS system. They the the only difference is they are not represented by a Realtor, and that is absolutely fine. The most important thing to think about when you're, when you're finding these listings is is if you're working with a Realtor already can you bring them into the, into the process? This is something you can ask your Realtor about. They'll be happy to talk to your for sale, or to the for sale by owner people. They'll talk to the owner directly, and ask if it's something that they can get involved with, and if not, you and your Realtor can definitely make a decision on whether you want to pursue that property or not. The best place to look for for sale by owner properties are in the newspaper, or other real estate listing magazines sometimes will have for sale by owners, but in most places they will be in the, in in the local newspaper. There can be advantages to working directly with a sale, or directly with the owner of the house. Overall, the I feel like you are put at a little bit of a dis dis disadvantage by not being represented. There's a lot of ins and outs involved in the real estate process, and it is it is a little tricky, especially towards the time where you're actually closing on the place, and in the time when you're actually negotiating specifics of the house. So, I tell my clients that they they really should be represented by a Realtor at all times, even when dealing with a property that is for sale by owner. Other then that, it's not really, it's not really too much different than working with a listed property, and as far as other things to be concerned about with for sale by owner, would probably, would probably be the level of competition that is involved in the actual property. This is something you might not know too much about while you're dealing with the actual negotiation of the property, and it's something that can be, that can be a little bit tricky to deal with if you're, if you're working on your own. And that's what you need to know.

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