5 Tips on How to Buy Houses For Sale by Owner [FSBO]
Learn before you leap is what we way, especially if you’re considering buying FSBO. Have you considered what’s required when buying houses for sale by owner?
In today’s real estate market, it’s easy to take your house hunting beyond your sought-after neighbourhood when nothing is available for sale. As a homeowner myself, I’ve spent many hours scouring MLS, checking for new houses for sale, worried about missing out on a chance to make an offer.
The way we buy and sell real estate is rather strange – like seeing a must-have pair of shoes in the window, but you can only buy one of the few pairs on the shoe-rack and, even worse, you have to ask a Sales Rep to pick them up for you to try them on.
How to Buy FSBO Homes;
1. Identify neighbourhoods and streets that you’re interested in.
2. Create your home checklist of features that you want.
3. Buying houses for sale by owner privately.
4. Mail letters to homes you’ve identified and invite owners to connect.
5. Follow-up and reply promptly to homeowner messages.
1. Identify neighbourhoods and streets that you’re interested in
I like Neighborhood Scout, a great neighbourhood research tool for looking up information on neighbourhoods including local schools and real estate values.
I store all my favourite neighbourhood addresses on RuListing’s Wishlist -a house hunting tool that maps and pins all entries in one place. Then I take my home searching outside, driving within my target neighbourhoods, looking for the best streets or, if I come across a dream home, I add that home address to my Wishlist too. I can take photos to add to my Wishlist and make notes on some of the features and attributes I like and don’t like.
2. Create your home checklist of features that you want
Genworth offers a house-hunting checklist to keep you focussed and organized. I like to use this tool before open-housing, as it’s easy to be marvelled by great interior design and, all of a sudden, that gorgeous backyard putting green you saw gets on your must-have checklist.
3. Buying houses for sale by owner privately
According to the NAR Home Buyer and Seller Generational Report, only 28% of homes purchased in the U.S. in 2016 was found by an agent meaning we’re finding homes online or through friends and family. I’ve heard buyers go as far as knocking on doors or leaving letters in homeowners mailboxes with photos including the family dog, trying to talk to homeowners and find houses for sale by owner.
As home buyers, all we’ve ever known is compromising, stress and disappointment, choosing among the few meagre houses for sale on MLS. Yet, looking beyond what’s listed, means that you could locate a home that matches to the majority, if not all, of your must-haves. Posting where and what you’re looking for on RuListing.com, let’s homeowners contact you privately. It’s the new way to buy a home privately, contacting owners of homes that aren’t listed for sale yet in your sought-after neighbourhood.You and the homeowner have the choice to continue together privately or hire an agent to move forward with the sale.
If you decide to go ahead privately, there are many online services that can help you go it alone such as:
Bankrate.com: giving you everything you need to know about mortgages, payments, how much you can afford.
Consumer Reports: offering insights and tips on hiring real estate lawyers and ways to save money.
4. Mail letters to homes you’ve identified and invite owners to connect
It’s important to let homeowners know you’re not an agent. RuListing has a free personalized member letter that you can print and mail, that invites homeowners to view your post then they can contact you on privately on RuListing for free. RuListing can mail it on your behalf for a fee. Homeowners need to know you’re not an agent, and you’re looking for homes for sale by owner.
5. Follow-up and reply promptly to homeowner messages
RuListing has a vested interest in buyers and providing services that create opportunities to connect and buy privately before it’s listed on the market.
If a homeowner sends you a message, even if it politely thanks you for your interest, ensure you reply back promptly and thank them for reaching out. Further, why not take the opportunity to invite them to contact you again if they’re ever interested in selling in the future.
I hope this helps you with your home search journey. Whether you’re a first-time home buyer, looking for to owner to owner homes for sale, or just browsing homes for sale on MLS, I hope this helps you along with your home search journey.
This blog helps people learn more about private real estate and share your experience to help others have a successful home buying and selling experience.
Check out our most popular blog posts, ‘How to Sell my Home Privately in 2018?‘, to learn more about private real estate in 2018 and how Owners are buying, renting and selling without agents.
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RuListing.com is a buyers’ want ads where homeowners can search their own or any neighborhood worldwide, find buyers and contact them privately. Homeowners can qualify buyers by viewing profiles, see who they are, where and what they’re looking for, before sending private messages. RuListing® provides free, open access to contact the right buyers without an agent and gives homeowners and home buyers the choice to engage an agent to help complete the sale.
Leave a comment and share what experiences you may have buying and selling your home privately.