Choosing to buy a home is one of the most important decisions that you could make. Not only will this purchase be the largest of your life but it will be a decision that you must live with for years to come. Navigating the waters of home ownership can be treacherous and very daunting. Along the way, you are likely to encounter a home that has been listed for sale by owner. While this particular scenario can offer a few benefits it can also be a road littered with land mines. Knowing what to look for and the right questions to ask will make all the difference. As you search for homes for sale in Orlando do not be afraid to venture into the “For sale by owner” category.
What is “For Sale by Owner”?
When a home is listed with a real estate agent the seller is responsible for paying the fees of both the sellers agent and the buyers agent. This can result in a much higher price for all parties involved. In order to avoid this, many people decide to try and sell their home all on their own. This can result in better prices for both parties. However, you must remember that you will not have the benefit of a trained agent that will serve as your liaison during the process.
You Will Not Have an Agent to Represent You
There are many homes for sale in Orlando and the surrounding areas. The market is always changing and there are new homes coming into the market every day. Real estate agents have a system known as the “MLS” at their disposal at all times. These agents are able to navigate the waters of home buying and they can help steer you towards the homes you are most interested in. They are also skilled at helping you spot potential issues. Buying a home that is not listed with an agent is not a bad option but it is one that will leave you to navigate the process all on your own.
Real estate agents are known for their connections within the industry, such as home inspectors and appraisers. Agents will also search city records to make sure the property does not have assessments or even liens attached. Without an agent, these options will be left at your feet and you will be required to do your proper due diligence.
What Should You Look for?
There are many things that a prospective buyer needs to know before finishing the search for homes for sale in Orlando. It is always important that you take the time to pre-approve for a home loan. The majority of buyers will be forced to secure a loan for their purchase and this process can take weeks and sometimes longer. Pre-approval will let you know what you can afford. This step will save you time as you narrow your search for your next home.
It is also important that you take the time to have the potential home inspected. When buying a home that has been listed for sale by the owner this step is critical. The potential home might look great and there may not be any fears at all associated with this purchase. However, you can never be too safe. Having a professional to crawl around the home and inspect every aspect of the home could save you hundreds or even thousands of dollars in the long run. Further, a poor inspection result will give you the option to walk away or to purchase the home at a much lower price.
Finally, always make sure to utilize every tool at your disposal. One of the most overlooked aspects is a great real estate attorney. Buying a home is a legal matter as well as a financial matter. Having the proper counsel will go a long way towards making sure both parties are satisfied. With so many homes for sale in Orlando and the surrounding areas, you might feel overwhelmed. Take your time in the process and do not rush into your decision.