If you’re like most people looking at homes for sale in Lakewood or Long Beach, you’ve probaby encountered a few listed as for sale by owner, or FSBO.
But what is a FSBO, and should you buy one?
What is a FSBO?
A home that’s listed as for sale by owner is one that the owner has chosen not to work with a listing agent. Sellers do this for a variety of reasons; sometimes they’re already familiar with the home-listing process and feel they can sell the house themselves, and other times they’d prefer not to pay two real estate agents for closing the deal.
Whatever the reason someone lists a home as a FSBO, you can still purchase it – and it’s basically the same as buying a home listed by a real estate agent.
Do You Need an Agent to Buy a FSBO?
You absolutely still need a real estate agent to buy a FSBO. Your agent will be able to negotiate with the seller on your behalf, and she’ll be able to juggle all the paperwork – crossing all the Ts and dotting all the Is.
Typically, the home-seller pays the buyer’s agent’s commission, as well. Like with any other transaction, it won’t cost you a thing to work with a buyer’s agent.
It’s also important to work with a buyer’s agent because that agent has a fiduciary duty to you, the buyer. What that means is that the agent will look out for your best interests every step of the way.
Is the Process for Buying a FSBO Different From Buying a Traditional Listing?
The process for buying a home that’s listed as for sale by owner is not much different than buying a traditional listing, although your agent will most likely have to do more work than usual. There are several moving parts in any home transaction, and many of them are legal requirements that your agent will have to ensure that the seller has met.
You’ll still tour the home, have a home inspection, and negotiate with the seller on the price if you choose to make an offer. (Your agent will do all the negotiating, though.)
Do You Need to Talk to a Realtor About Buying a Home for Sale in Long Beach or Lakewood?
If you need to talk to a real estate agent about buying your next home in Lakewood or Long Beach, we can help.
Call us at 562-882-1581 right now. Tell us what you’re looking for in a home and we’ll help you find it.
While you're here, check out our:
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