Eyeing the Disadvantages of Buying a “For Sale by Owner”
All of us have an eye for beauty, and people do tend to presume the best in everything they see. But when it comes to such a major investment like purchasing a house, it is not enough to eye a property and to presume it to be okay. You have to see things in a better perspective in order to consider the possibility that there are, indeed, disadvantages to buying a 'For Sale by owner' property.
We're not encouraging an attitude which is paranoid and pessimistic. Rather, we are taking that positive stand that you should be more objective and logical in decision-making, especially when you are a first-time home buyer looking at houses which are 'For Sale by Owner'.
To an untrained eye, a house may look so lovely and attractive on the exterior. It leaves a positive first impression on you and you start to fancy owning and living in it. Without experience in looking at real estate and assessing its true condition, you could be unaware that this same house needs so much work in terms of repairs, pest control, and maintenance. When this translates into dollars that drain your finances, the picture won't look so lovely after all.
To an inexperienced buyer, the praises and ravings of a seller who is biased toward his property could be so contagious that you get carried away by these sentiments without evaluating your own set of priorities, needs, and wants. Once you get too emotional, you tend to become impulsive in your decisions. If you make sudden commitments to close a sale on a house, these should be deals you can afford. Otherwise, they will be mistakes to live with.
Dealing with a real estate agent sets things in a whole new perspective. With a trained, professional eye, this expert can assess the condition of a house as to both its assets and defects. He can explain them to you in terms of pros and cons you can understand. You receive a solid, valid second opinion presented to you in an objective and honest fashion. With the help of a real estate agent, you can strike a balance between what you like and what you can afford without giving up your dream house.
Dealing with a real estate agent also sets things in motion. He will come up with the results of a home inspection and share them with you. He will arrange for a third-party assessment to appraise the property. From years of experience in dealing with people, not only can he express your needs as a buyer, but he can also read your seller's signals and body language and work them to your advantage in closing a deal. Whether your seller is intentionally or unintentionally withholding important information from you, your real estate agent is bound to find out anyway and he will protect your interests.
