Buying a FSBO

"Buying or Selling a home involves many hurdles and traps for the unwary in this day when nearly everyone is quick to sue,
and when attorneys are eager to take on any case under the sun for enough money. A Buyer or Seller, unless represented by
an experienced Realtor, must become an instant expert in negotiating, market value, title defects, encumbrances, drafting
contracts with unambiguous language, dealing with contingencies and addendums, surveys, appraisals, home loans,
structural and mechanical inspection concerns, the meaning of answers on your Seller's Disclosure Statement, handling
earnest money, and a thousand and one real-life problems that actually do occur. If your mother didn't tell you, let me: It's a
big dangerous world out there, and many are planning and hoping to take advantage of you, which means simply that they
want to get in your wallet and take as much as possible."

Charles E. Marunde
Retired Real Estate Attorney and now Associate Real Estate Broker

Recommendations If You Are Buying a FSBO

FSBOs are rarely under fair market value, and often are priced
above. See Full Explanation. You can hope to get the best of a
FSBO, but good luck on that. It rarely happens. Anyone who is
going to be a FSBO is going to do their homework, and wants to
save every dollar, including a commission. All legitimate.
Some FSBOs are set in their ways, refuse to negotiate items
normally negotiated, and often have spent a lot of time planning how
to get the better of an unrepresented Buyer. See Full Explanation.
Some FSBOs are actually "dumb like a fox" and are secretly
represented by experts in the real estate business, which could
certainly put a good faith but innocent Buyer at a disadvantage.
And, of course, there are a couple of FSBOs out there who do not
have a clue, and you may be able to take advantage of them.
Almost seems dishonest, but it's not.

If you are in the market to buy a home, you can chose
to work with a Realtor or not. If you find a FSBO, a
for-sale-by-owner, and you want to buy it, there are a
few things to watch out for. These tips may sound
adversarial, but that's because a Seller and a Buyer
are in adversarial roles in a free enterprise market.
You want a low price. The seller wants more. This is
a good thing, but know what role you play and how
you are going to play it.

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