For Sale By Owner

You must have noticed the “for sale” advertisements of housing properties in MLS listing services; FSBO category or flat-fee brokerage listings.  The details given there are the version of mostly the seasoned real estate agent, assisting the home seller.

As it is a basic requisite for any marketing, home sellers are helped in painting a rosy picture about the housing property coming up for sale.  It can’t be blamed.  The responsibility lies with the home buyer, to see through the narratives.  It is not that every property will contain particulars far from truth.  The point is there is chance for exaggeration or hype in the descriptions from a home seller’s angle.

So what the home buyer should do? Before making a final offer on closing price and actually finishing the buying transaction, generally they should enter into a written contract of buying making conditions for buying.  The predominant clause is home inspection.  This is to ascertain by physical inspection of the property, to cross check the details given.

A major portion of prospective home buyers who search MLS listings; FSBO category advertisements and flat-fee brokerage arrangement listings intend to buy a home for their living, at least for some years.  Some of them may wish to make an investment on the property for gaining a steady monthly income by renting.  In any case, home inspection by an expert known as “Home Inspector” is a must.  These professionals on charge basis can be sought after through varied sources – looking for them from their Associations; realtors who assist the buyers; friends or relatives who have previous experience in availing their services.

What they do is to thoroughly inspect the said property to provide the home buyer an unbiased, third party expert opinion in the form of a report. Normally it should contain every detail from the structural soundness, adherence to the government rules for construction, visible and non-visible defects found inside and outside of the property from foundation to the roof-top. All electrical and technical features of the property will be included for scrutiny.

The report as a whole will give the buyer a chance to make the right decision whether to buy the property or not.  The deficiencies that are noted in that report can be fixed, repaired or changed and the cost should be borne by the home seller because the sale price is going to be received in money by them.  The sale contract should contain this as a pre-condition for sale and it gives the buyer the option to withdraw from the deal, in case of failure.