What to Know about Buying a FSBO Home in Tampa

Posted by Mike & Michelle Grizzell on Wednesday, July 5th, 2017 at 1:15pm.

Are you considering buying a home in Tampa this year that is being sold by the owner himself? Sometimes a dream home comes up and everything checks out, but you’re not sure what to think about it being sold by the owner rather than a realtor working on his behalf.

You may wonder if the process is actually going to be easier or if the opposite will be the reality and the process will be riskier. With so many homes that may catch your eye on the market, you’ll hardly ever see a FSBO, but when they happen to pop up, be sure that you understand a few things about these listings.

The home isn’t different than ones with an agent

While you may tempted to look at the home differently, keep in mind that you don’t need to think of the home different than homes listed by an agent. If it meets your wishlist, don’t feel that you can’t consider this home just because it’s FSBO. One difference that will come up though, is that you will meet the owner face-to-face, just like buying a used vehicle.

For some, going through the experience of buying a home is more comfortable when things remain anonymous and the new owners don’t have to envision the previous owners living in this space. If it would make you uncomfortable to meet and work with the current owner of the home, you may want to look for something else. Consider if this being your dream home is worth the discomfort that you will interact with the owner.

The law will still be at play

Even though it’s being sold by the owner, the owner is still legally obligated to things that a realtor would be obligated to. For example, the owner must disclose problems and perform an inspection before selling you the home.

For some FSBO properties, the owner isn’t aware of some of these stipulations or they simply think the law doesn’t apply. Make sure that you or your realtor is aware of the legalities and that they are being applied with this FSBO transaction.

Pricing may be off, but sellers will work with your agent

You don’t have to worry about owners not wanting to work with your agent and only want to work directly with a buyer. Home sellers are likely to work closely with a buyer’s agent and compensate the buyer’s agent for the weeks or months or work.

Your agent shouldn’t hesitate to work with a FSBO opportunity because they know they will get paid for their efforts to work with you and the seller. You may notice that the FSBO properties are priced curiously though, since many don’t like to use local agent’s opinions on the home value. Be prepared to deal with someone who is more emotionally attached to the home and has a tendency to overprice it. Simply move on if the buyer didn’t price the home correctly.

Make sure you understand these tips when it comes to potentially buying a FSBO property in Tampa. 

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