Have you been looking for a new place of residence and using traditional real estate agents? Maybe your dream home is not offered by a real estate company, but rather it is for sale by owner. Trinity residents do not need to worry! Here are some tips and information when buying a home for sale by its owner.
First off, do not be thrown off by the fact the it is not being sold by a realtor or realty company. If you do not feel comfortable about inspecting the house yourself or negotiating a price yourself, you can always hire extra help for a second opinion. Just because the owner is not using a realtor company, does not me you have to as well! When dealing with a “for sale by owner,” Trinity residents can be assured that they do not have to make a decision alone when deciding on a home they like.
If you are interested in a home that is for sale by owner, Trinity residents are recommended to get pre-approval for a mortgage; Presenting a pre-approval letter lets the seller know that finances are not a factor in the sale, and could be used as leverage when negotiating. If there are multiple bidding’s on a location, the bidding’s without a pre-approval letter are already out of the running.
Another tip when considering a home that is for sale by owner, Trinity residents should consider obtaining a copy of a C.L.U.E report. A comprehensive loss underwriting exchange report with the buyer a five year history of insurance claims that have been filed. Also, Most insurance companies will use the information in these reports to calculate insurance rates; It would be better to know what exactly you would be paying before you commit to a sale!
If you find a home you really like but it is for sale by owner, Trinity residents do not fret! There are a few extra aspects you need to be aware of, but it is just as easy as using a real estate agent.
*Disclaimer: The views expressed here are those of the authors and do not necessarily represent or reflect the views of The Vision Team*