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The Turth About Houses For Sale By Owner

Oct 13, 2007
Buying a house for sale by owner is a pretty mixed bag. On the one hand, there are some decided advantages. With houses for sale by owner, you get to talk to someone with an intimate knowledge of the property. He or she will know basically everything that has happened with the house including any repairs done in the past. They might even know the history of the house before they owned it, as well as the details of any work that still needs to be done. People selling their own homes can sometimes be more down to earth and straightforward than real estate agents, allowing you to get a more realistic picture of the property and its overall quality. Besides that, some of them are less likely to drive a hard bargain, making it easier for you to get a good deal.

Unfortunately, looking at houses for sale by owner can have some really serious drawbacks. Often, private owners who put up house listings don't have a very realistic understanding of the market value of their home. They might stubbornly cling to a higher figure, try to disguise the drawbacks of the house, or even become personally insulted by a low offer that you make. In general, the best houses to buy have a real estate agent representing them. An owner might simply enjoy selling his own home, but there's a good chance that he is doing it because he can't afford the services of a reason agents. If he is destitute, it is likely that his home is also in poor repair.

As a matter of fact, one of my best friend who is a very conservative real estate investor will not even look at houses for sale by owner. He says it is simply not worth the bother. With a real estate agent, you can talk business. Your average real estate agent knows all about the market and what can be demanded as a fair price for a home. With houses for sale by owner, however, you have to deal with the personal ego of the proud homeowner. Sometimes you can get a pretty good deal, but other times it is not even worth the bother. Nonetheless, you might as well take a look anyway. In the end, who knows where you will find your dream house. There is certainly no rule that says houses for sale by owners can't be great homes!
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