For
Sale by Owner
INFORMATION BUYERS SHOULD KNOW ABOUT "FOR SALE BY OWNERS"
When you are in the market to purchase a home, there
is a lot to learn about the process. Review our 10-step process on how to
purchase a home in New Jersey or New York. You should also understand some
of the hidden risks when considering purchasing a home by a "For Sale By Owner"
(FSBO) without a Buyer's Agent.
The "For Sale By Owner", most likely, has not received a thorough Competitive
Market Analysis on their home from a professional Realtor®. As a result,
the seller's pricing is generally inflated, and speculative. Typically the
FSBO theorizes that pricing can always be reduced and consequently, overprices
the home. If you are not represented by a Coldwell Banker Buyer's Agent, who
is a local market specialist possessing valuable up-to-date market information,
chances are you will more than likely overpay for the home.
The Seller's Disclosure is the seller's divulgence, to the best of their knowledge,
of the physical aspects of the property. This includes numerous categories
such as condition of land, structural condition, plumbing, roofing, electrical,
any additions and remodeling of the property. Seller's Disclosure is mandatory
in many states, however, a written Seller's Disclosure is optional in most
states. Unfortunately, FSBOs do not provide a Seller's Disclosure Statement.
Coldwell Banker Residential Brokerage has found through experience that disclosure
in writing is the best way to clearly communicate the physical aspects of
the property. The Seller's Disclosure reduces uncertainty and misunderstandings
thus giving buyers confidence and peace of mind when negotiating on a property.
Your Coldwell Banker Buyer's Agent can assist with having a FSBO fill out
this company form to assist you prior to making an offer to purchase the property.
Purchasing a home is one of the biggest investments you will ever make. It
is important to have the proper representation for that important transaction.
A professional Coldwell Banker Buyer's Agent can represent you in all areas:
negotiating the best price, terms, conditions, inclusions, exclusions, disclosure
and area information. When you purchase directly from a FSBO, no professional
representation is provided.
Quite often, FSBO transactions fall through because of personality conflicts,
overzealous demands by either buyer or seller or the seller's emotional ties
to the property. A Coldwell Banker Buyer's Agent acts as a "non-emotionally
involved third party" who can help work through all sensitive issues. The
Agent can also be present for the home inspection, manage all the details
of the transaction and offer to the buyers our exclusive Concierge™ Services.
