For anyone looking at properties on real estate websites like Realtor.com, Zillow.com, etc, you will of course have seen many For Sale By Owner Properties online. But what do you need to know before you really get locked into a property emotionally? If you like a FSBO property and don't know where to start (or want to be sure you are on the right path), give me a call to help you navigate the first steps!
Marisa Owen - Realtor
Cell: (925) 785-2596
Email Address: Marisa@BuyBozemanHomes.com
Here's a short list of what you should be aware of:
1. How a seller prices their home is a toss up. How did they come up with their list price? How do you know they didn't overprice the home by $5,000, $10,000 or $50,000 over market value? Montana is a non-disclosure state so the public does not have access to sold data unless you are a member of the MLS. It becomes a major issue if you significantly overpay for a property because you will run into some major hurdles with a property not appraising... Contact a reliable Agent to run a sales valuation on the property you are interested in to ensure you are not significantly overpaying.
2. Are Zestimates accurate? NO NO NO, they are not. Zillow may now recently have access to our sold data as of this year (2020) but they do not have a pulse on how to price our HOT properties in this market. Therefore when not able to know how to use comps accordingly, zestimates will often times be significantly below market value. Contact me to confirm the property of interest has solid sold comps to back the value.
3. Understand that the property information being marketed is only from the seller's perspective. Ask yourself if you would be uncomfortable if a seller did not disclose certain things about the home that you think one should. For example, would you be upset if there was a flood that resulted in mold throughout the home and the seller did not disclose remedies done or not done? Contact me to ensure you know what questions should be asked about the property that will affect your home purchase.
4. Realtors (and sellers) selling on the MLS (Multiple Listing Service) should be forthcoming to adverse materials about the property which is filled out on a Property Disclosure form. For Sale By Owners do not have to conform to the same regulations Realtors do. Contact me to provide examples of what you should be concerned about i.e. mold, flooding, structural issues, age of appliances, etc.
5. Negotiations throughout the entire transaction will be directly with the seller and yourself. Be PREPARED to play hard ball and potentially be in some uncomfortable situations. Know that you might have to involve an attorney if the negotiations go sour. Contact me if you would like representation and to be by your side from start to finish.
If you are at all interested in a For Sale By Owner property and want representation, first start with communicating that interest to a Buyer's Agent.
Give me a call, Realtor, Marisa Owen (925) 785-2596 to help you navigate the process and be by your side to look out for your best interests.
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