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Tips For Buying “For Sale by Owner” Homes in Colorado Springs


June 14, 2017

Most people hire real estate agents when they decide to sell their homes, but there are some people who decide to try to sell their homes without the help of a professional. If a seller is not working with a real estate agent, the home is said to be “for sale by owner.” You may fall in love with one of these for sale by owner homes in Colorado Springs, and if you do, it’s important to keep these tips in mind:

Don’t submit a low-ball offer.

The reason why sellers choose to list their homes without an agent is usually to save money. If they don’t hire an agent, they won’t have to pay the agent’s commission when the sale goes through. Therefore, these sellers are usually very focused on getting as much money as possible from the deal and are not willing to negotiate. If you submit a low-ball offer, you probably won’t be taken seriously by the seller.

You should always use an agent.

Don’t let the seller’s decision to not use a real estate agent impact how you go about buying a home. It’s perfectly fine to use a real estate agent to purchase a home that is for sale by owner. In fact, it’s strongly recommended that you do work with an agent to ensure all of the paperwork is done correctly and the seller isn’t hiding anything.

Always get a home inspection.

Don’t let a seller talk you out of getting a home inspection if the home is listed as for sale by owner. It’s possible that there are major issues with the home that will be your responsibility once the deal goes through. You should be informed about these issues prior to closing, but you shouldn’t trust a seller that is listing his home for sale by owner to fill you in on everything. Instead, rely on a home inspector to uncover any potential problems with the home. Here’s what to know about the home inspection.

Check the pricing.

One of the benefits of working with a real estate agent as a seller is getting an expert opinion on the value of your home. Because the seller is not working with a real estate agent when he chooses to list his home as for sale by owner, he probably has not pulled comps to see the value of other homes in his area. As a result, he may have listed his home far above the market value. It’s important that you ask your agent to look into whether the listing price is fair or not prior to making an offer.
 
Now that you know everything about buying a home that is for sale by owner, contact Farrell’s Sales to get started on your home buying journey. Marianne Farrell has lived in the Colorado Springs area for over three decades, and over that time, she has become the go-to real estate agent for both homebuyers and sellers. Call 303-796-7000 today to get started on your search!