How to Buy a Home For Sale By Owner

Video Transcript

"How to buy a home for sale by owner, is not a difficult task. I'm Richard Blake, and I'm here to tell you, how you can purchase a home, from the owner himself. The first thing that you want to do, is locate the property. The most important item is going to be the location of the property, obviously, because that's something you can't change. Once you've narrowed it down to a specific neighborhood or community that you're interested in, then you're going to narrow down the properties by the size, as well as how many bedrooms, bathrooms, that sort of thing. Once you've narrowed it down to that perfect property, and you're ready to make the offer, what you want to do is contact your local lawyer, to write up the offer for you. It's very important that the offer is written correctly, and in today's legal terms, and according to each state, is a little bit different, so it will be important, to use a local lawyer for this transaction. Once the offer is submitted, generally, you're going to have a two week due diligence period of time, which allows for you to do your inspections, make sure that your financing is strong. All of these items that are important to make the deal actually go through, will be done in this two week period of time. At the end of the two week period of time, you will then choose a closing date ,at which time, the lawyer will facilitate. The closing will actually take place at the lawyer's office, and then you will get the keys to the home, at that time. Making an offer on a for sale by owner, is no different than making an offer on any other home. Really, just the most important thing that you want to do, is make sure that you have the correct values of the neighborhood, and of the home that you're making the offer on, so you're sure not to overpay it. Again, contact your local lawyer. Make sure that he can do the paperwork for you, and it should be a very smooth process. I'm Richard Blake, and have a great day."