Advantages of Buying a for Sale by Owner Home

Purchasing a for sale by owner home can provide you with a number of unique benefits. Many buyers do not consider for sale by owner homes because they are working with a real estate agent. However, if you do not consider them, you could potentially be missing out on a great opportunity. Here are some of the advantages of buying a for sale by owner home.

No Commission

Perhaps the biggest advantage of purchasing a for sale by owner home is the lack of commission. When you purchase a home through the typical route, you will end up paying a real estate agent commission. In many cases, the real estate agent is going to make 6 percent of the price of the sale. Although it may not seem as if you are paying this as a buyer, this percentage is simply factored into the listing price.

When a homeowner sells her property, she does not have to factor this percentage into the sale price. For every $100,000 in the price of the house, this saves you $6000. This can be a very substantial savings that will allow you to purchase a home for less than what you would ordinarily be able to purchase it for. This means that you can purchase more home, or you can simply get the same size house that you have planned on but spend less for it.

Scheduling

When you want to look at a typical home on the market, you have to schedule everything through a real estate agent. You will be working with a buyer's agent, who then has to contact the seller's agent. The seller's agent then has to contact the seller so that she can make sure that the property is ready to show. This process can sometimes be very burdensome, and it can be inconvenient as well.

When you work with a seller who is selling his home directly, you will not have to go through two other people to schedule something. You will simply be able to contact the seller directly and ask him when a good time would be to see the home. He will look at his schedule and will probably immediately be able to give you a date and time. This can save you a lot of time in planning and make the entire process easier.

Negotiating

When you are purchasing a for sale by owner home, the process of negotiation is much simpler as well. With a typical real estate transaction, you have to go through buyer's and seller's agents. You make an offer, and then it eventually gets relayed to the seller. The seller can then counteroffer, and it will go through both real estate agents again before you hear the offer. This can make the process last a lot longer than it should. By directly negotiating with the seller face to face, you can come up with a deal that works for both parties in a timely manner.

blog comments powered by Disqus