If you just forge ahead and disregard the disadvantages of buying a “For Sale by Owner” property, and there are many, you would experience some or all of the common pitfalls of first-time home buyers who did it all on their own.
Instead of the savings you hoped to generate by handling real estate matters on your own, you end up spending more by hiring specialists to do the work separately. Instead of getting your money’s worth on the quality and sustainability of a house you liked at first sight, you end up with a house which appears beautiful on the exterior but is rapidly deteriorating in its interior. And instead of elevating your standard of living by acquiring a new home and a new property, you end up with old debts and old problems which aren’t even yours. They were the seller’s to begin with.
Among the common pitfalls mentioned, this last one could be your downfall, if you’re not careful. As a first-time home buyer who has the enthusiasm for buying a house but lacks the experience in dealing with one, you are most vulnerable to fraud and deception. Through no fault of your own and without underestimating your skills as a buyer, you could be subjected to that risk of serious loss when you become too trusting of people and overconfident with the way you handle things. It becomes even more difficult when you are not used to interacting and transacting with people, especially on money matters.
Remember that, in buying a “For Sale by Owner” property, you will encounter technical and legal issues that any novice at real estate would find difficult to handle. It has been said that a little knowledge can be dangerous, and this is one situation where it definitely applies. On the surface the sale of a property may seem like a common-place thing, but to you it is a unique transaction which you should allow a professional to handle, to the last detail and minus all the loose ends.
In all honesty, can you distinguish a fake deed from a genuine one? Are you dealing with a reasonably-priced property compared to its current market price and in its present condition? Does the lot measure up in size and actual value to that which was mentioned by the seller? Lastly, is the seller meeting all his legal obligations to you as the buyer and to the lender if the property is still under mortgage? Hopefully, you answer yes to all of these questions. Otherwise, these are only a few of the common problems which first-time home buyers have regrets about when buying “For Sale by Owner” properties.
Save yourself from these common pitfalls by forging ahead toward a home purchase with a professional real estate agent. You would not have to deal with fake deeds and forgeries at all. You would be updated on current market prices and listings of choice properties. Someone with extensive contact with banks, mortgage lending agencies, home inspectors, and independent appraisers could do a background check on your prospect. You would not experience any of these pitfalls, because your agent would have your best interest at heart.
The Real estate market can be an enjoyable, satisfying and lucrative experience for you.
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