| You've been searching for months to find the | | | | eager the seller is to sell will help in negotiations and |
| perfect house. You've seen countless homes that | | | | don't forget that commissions aren't being paid and |
| just don't fit what you're looking for and then you | | | | that at least 3% should be deducted from the |
| find it. It's exactly what you wanted, but it's for sale | | | | purchase price to compensate for the lack of an |
| by the owner. What do you do? Here is a simple and | | | | agent. |
| easy guide to help you through the home buying | | | | 4. Have a lawyer, real estate agent, or title company |
| process. | | | | review any contract before signing any |
| 1. First you need to do your research and make sure | | | | for-sale-by-owner home. |
| the house is worth what the seller is asking for it. | | | | 5. Put down a deposit and obtain a deposit slip. |
| You want to compare apples to apples. Look for | | | | 6. Have a home inspection. Make sure you hire the |
| houses in the surrounding area that are the same | | | | inspector yourself and make sure the contract is |
| amount of bedrooms, baths, square footage, lot size, | | | | contingent upon a clean inspection. If minor repair |
| and have the same quality of amenities. This can be | | | | work needs to be done you can ask the seller to |
| done by driving the area and looking for other | | | | repair it before the close of escrow or provide |
| for-sale signs and by doing research on the internet. | | | | money for the cost of the repairs to you at closing. |
| Houses can be viewed at real estate company's | | | | 7. Work with your lender and the title company to |
| websites. Look for at least three comparable houses | | | | set a timeline and date for closing. Homes typically |
| and talk to the seller about how they arrived at their | | | | close 30 days from the date of signing a contract |
| asking price. | | | | and are contingent upon a home inspection and the |
| 2. Before making any offer on a home, make sure | | | | buyer obtaining financing. |
| that your finances are in order. Check your credit, | | | | 8. Sign documents at the title company, obtain your |
| research home loans, and contact a reputable lender | | | | home keys, move in and celebrate. |
| in your area to pre-qualify for a loan. This will give | | | | Working with real estate agents can take an already |
| you a backing during negotiations. | | | | stressful, home buying experience and make it |
| 3. Draw up an offer based on your research of | | | | worse. Buying a for-sale-by-owner home will require |
| comparable properties. Knowing how long the | | | | hard work, research, and trusting your gut, but in the |
| property has been on the market and sensing how | | | | end it will be well worth your time and energy. |