Price The Primary Advantage

As with foreclosure properties, you should not buy a FSBO home at its market price. If you are buying it at its market value, you might as well go through an experienced real estate agent—who can probably get you a better and more secure deal.

The advantage of FSBO properties for the seller is that the seller avoids paying 4%-7% commission to the real estate agents involved with the listing and sale of the property. It's only fair that the seller passes on some of that savings to you.

Unfortunately, many FSBO sellers are more aware of how much the property is worth to them, rather than to the market. If you wish to proceed with negotiations in such cases, then you should have some appraisal values or recent sales listings of comparable properties with which to back up your arguments. Use facts about recent sales in the area to persuade the FSBO sellers to lower their asking price to a more realistic level.

The only exception to this rule, of never buying FSBO homes at market prices, is if you really want that particular property. Yes, it's the age old dilemma: should you follow your head or your heart? Considering that this is probably one of the most expensive investments you will ever make, it is highly recommended that you rein in your heart for something less costly.

Real Estate Essentials

Real Estate Essentials

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