Sale by owner or FSBO has long been an option that many people consider when it comes time to sell their home. They do it for various reasons. However, it is usually simply because they are trying to save the expense of hiring a real estate agent. Ideally, this means that owner-sold homes should be even less expensive than others, making them more desirable. The price of an FSBO home is typically at least 5% cheaper than a comparable home listed by an agent.
Finding homes that are for sale by owner is not always the easiest thing to do. It takes a little extra work because you can’t just call an agent and give them the specs of what you’re looking for. By putting the following tips into practice, you’ll be well on your way to finding great FSBO home sales in the area you want.
1. Check out websites that offer free classifieds like Craiglist.org and other local real estate websites that offer low-cost for sale ads. Even eBay has a real estate section worth looking into.
2. Check out specialized websites that offer owner-only ads. More of these are getting started and you usually have the option to search by city or even zip code, to tailor your search.
3. Get the local newspaper every day, but especially on Sundays when there are larger featured real estate sections, and check it thoroughly for the owner’s ads.
4. Drive slowly through the areas and neighborhoods you would like to buy in and take notes on houses with a for sale sign that does not have a real estate broker’s information. May or may not say for sale by owner.
5. Check local real estate publications. Often times, there are free real estate magazines available in supermarkets, libraries, and other public places. While most of the listings will be for real estate agent listings, there are often listings for sale by the owner as well.
6. Use your social network. Tell your friends that you are looking to find a home for sale from the owner and if they know of one, please pass on the information. It’s amazing how often someone in your circle may know of a home that isn’t even on the market yet. You can get first dibs. If you have a Facebook, MySpace, or other social network account, mention that you are looking for a FSBO home.
7. Contact a real estate agent. Some FSBO owners will be willing to cooperate with real estate agents and the agents will often be aware of such listings.
8. Check the MLS or Multiple Listing Service because many homeowners will pay the flat fee to list their home there for the additional exposure it provides.
By taking these steps, you will be well on your way to finding all the FSBO homes on the market that you want to buy. These are great ways to find a good deal. Just be sure to involve a real estate attorney so that you have all your bases covered and nothing vital is lost in the transaction.
