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Working With "For Sale By Owner" Properties? "FSBO's"

Not Working With an APPROVED Buyers Agent? Are You Looking For Properties on Your Own?  

That's Great!  However, We Would Like To Give You Some Insight on Working With "For Sale Buy Owner" Properties or "FSBO's."

Here Are Some Things That You'll Want To Look For When Searching For A Home:

Flexible Sellers:

• Look for properties that indicate a "flexible seller"

This is someone that may have some equity in the property and be willing to arrange terms to help you buy the home.  An example of this would be a seller that is willing to pay some of your closing costs and/or offer some seller financing.

Indicators of a flexible seller would be an advertisement that says:

• Flexible Seller
• Motivated Seller
• Must Sell
• Owner Relocating
• Seller Financing Available
• Lease With Option to Purchase
• Rent to Own
• Seller Will Pay Closing Costs

Property Type:

This program works best with the following property types

• Single Family Residences (SFR) - A Regular House
• Town Homes
• Condominiums

NO MOBILE HOMES!

Property Features:

Of course you will want to make sure the property meets your basic needs such as:

• Location
• Construction (Concrete Block is Best)
• Number of Bedrooms And Baths 
• Size - Should Be At Least 900 Square Feet
• Other Features Like A Garage or Pool

Length of Ownership:

The seller MUST have owned the property for at least 12 months prior to selling it to you.

Lenders are cracking down on "flippers" and "flip" properties.  This is where someone buys a property for $50,000 a month ago and puts a coat of paint on the house and a new mailbox then tries to sell it for $120,000 one month later.

**The lender will turn down the loan so make sure you ask this question - up front so you are not wasting your time.

Purchase Price:

After you have determined whether or not this property meets your basic needs, the next thing you'll need to do is negotiate price.  You can use the following to help you determine what other homes are selling for in the neighborhood:

• County Property Appraiser's Web Site
• County Tax Collector's Web Site
• Check With A Local Appraiser
• Check Recent Sales History Published in Local Papers

**We can also help you to determine a value as we can have an approved  appraiser give us a value indication based on recent neighborhood sales. 

Special Terms and Contingencies:

You'll want to have a contract that protects you as well as the seller.  You'll want some specific language in the contract regarding:

• Purchase Price
• Seller Financing Concessions
• Closing Costs To Be Paid By The Seller
• Building Inspections
• Pest Inspection
• Title Companies & Escrow Agents
• Personal Property Included In The Sale
• Ways to Cancel The Contract (A "Weasel" Clause)

**We can also guide you regarding the items above that you'll want to have included in the contract that can help you get more favorable purchase terms.

**NOTE: These services are available to PRE-QUALIFIED borrowers ONLY who have applied through our web site.

Apply Now! Application Takes 10 Minutes! 

Get Immediate Approvals!

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Last modified: January 08, 2005