Buying a Home for Sale by Owner

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ForeclosureDataBank.com provides hot tips on avoiding the pitfalls that may accompany a home for sale by owner deal.

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Buying a Home for Sale by Owner

  1. 1. Buying a Homefor Sale byOwner ContentsThese days, many private homeowners areselling their own properties to avoid paying Introduction....…...............……........1 Ask Directly what is Wrong............2commissions and to squeeze the best price. Check out the Price........................2With no estate agent involved, this can be a bed Pay the Deposit Wisely..................2 Chase Down Contingent Clauses...2of thorns, not roses. This is because the Choose the Right Propertypurchaser has to check out the legalities Attorney........................................3themselves.
  2. 2. 2 Ask Directly what is Wrong Federal law required a seller to disclose anything that is wrong. This includes material defects and anything else that might put a potential buyer off too. Don’t be shy. Use your rights. Ask directly, "are you aware of any defects?".Check out the PriceA seller can ask any price they like. A buyer is looking for a bargain. The right price often liessomewhere between these two extremes. Take your time. Check out the asking price in terms ofrecent sales.Pay the Deposit WiselyNever (and that means never ever) pay deposits known asearnest money to private sellers themselves. Pay them to asolicitor’s trust account, a title company, or an escrowcompany instead.Chase Down Contingent ClausesMost sale agreements contain contingent conditions that mustbe met. These could include inspection reports, and insuranceand lender approval as well. These mattered at the time youmade the offer, and they still matter now.
  3. 3. 3Foreclosure DataBank Choose the Right Property Attorney1602 Alton Road #432Miami Beach, FL 33139 Do not be tempted to save a few hundred dollars by playing1-888-596-9279 your own lawyer. Property is a specialized branch of legalcontact@foreclosuredatabank.com knowledge. Remember, it is not what you know, but what youThe biggest foreclosures database on the do not know that counts. The right property attorney is a wiseweb investment too.Find us on the Web:www.ForeclosureDataBank.com Many of the problems that arise from property sales by owner are the consequences of a lack of knowledge on either or both sides. The fact that a seller may decide to do a D.I.Y is not necessarily just to save commissions, it could also be a deliberate attempt to avoid disclosure of material defects. ForeclosureDataBank.com provides this information in the interests of fair play.

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