Realty Executives Gateway Realty


Things to Know When Buying a For Sale By Owner

Things to Know When Buying a For Sale By Owner

Buying a “for sale by owner” or FSBO can save you around 6% of the cost of the house. However, there are a few things buyers should know about buying a for sale by owner.

What do you save on commission?

As a buyer, you don’t pay for either the listing or selling agents commission, the seller pays for both. Does that mean that commission fees don’t affect the buyer? Well, commission fees are sometimes factored into the price of a home, by the sellers.

No access to the Multiple Listing Service

Without an agent, you won’t have access to the Multiple Listing Service (or MLS), which is a tool only agents can use to find homes for sale. The MLS also helps to sell homes faster.

You’re losing an advocate

Things like a home inspection, appraisal, title to the home, getting the best mortgage rates will pop-up during this process. Having an agent to help you through this process may be worth the fees. Realtors have knowledge about fair market home prices, and many contracts are voided when a buyer and seller are negotiating because they cannot come to an agreement. 

FSBO homes could be overpriced

A buyer's agent will confirm the property’s value and help you come to the best negotiating price. A for sale by owner us most likely trying to avoid seller’s commission and so tries to sell on their own, being so focused on money, they are often overpriced.  

Be knowledgeable

If you are a good negotiator and can form a good relationship with the seller, than a FSBO home will be a whole lot easier for  you. 


No comments

Post Your Comment:

Your email will not be published
The Saskatchewan REALTORS® Association (SRA) IDX Reciprocity listings are displayed in accordance with SRA's MLS® Data Access Agreement and are copyright of the Saskatchewan REALTORS® Association (SRA).
The above information is from sources deemed reliable but should not be relied upon without independent verification. The information presented here is for general interest only, no guarantees apply.
Trademarks are owned and controlled by the Canadian Real Estate Association (CREA). Used under license.
MLS® System data of the Saskatchewan REALTORS® Association (SRA) displayed on this site is refreshed every 2 hours.