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How to Find Houses for Sale by Owner

by What's Hot

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The possibility of saving money drives some buyers to seek out homes "for sale by owner."

In an effort to save on brokerage fees, some homeowners attempt to sell their homes themselves rather than hire real estate brokers to list the homes for them. Would-be buyers seek out these "for sale by owners"--commonly referred to as FSBOs--in the hope that the sellers will pass along the savings. Both solo buyers and buyers represented by real estate agents may purchase FSBOs. When a buyer is represented, her agent negotiates directly with the FSBO seller. FSBOs can found through a variety of media.

1

Search FSBO websites. Real estate websites that focus on FSBOs meet the needs of home buyers who search for homes online. The most comprehensive offer advanced search tools, consumer guides for buyers, and city, neighborhood and school information.

Browse Craigslist. Begin at the Craigslist.org homepage. Find your state in the list on the right side of the screen, and then navigate to your city or region. Once you arrive at your local Craigslist page, find the heading for Housing, and then click Real Estate for Sale. Ads for FSBOs are identifiable by the word "owner" at the end of the headlines.

3

Read newspaper classifieds. The Sunday paper has the most ads, but chances are your paper publishes new ads nearly every day. Since many states require real estate brokers to include information in their ads that identifies them as brokers, ads without this information likely are from private sellers.

4

Tour desired neighborhoods to look for FSBO yard signs. The signs usually have a phone number passers-by can use to call owners for more information about the homes and to schedule showing appointments.

5

Work with a buyer agent, who can search for FSBOs on your behalf and save you time and effort by screening the results. An agent can also access FSBO homes listed in the MLS by brokers that offer a la carte listing services. Since the buyer agent receives a percentage of the commission paid by the seller to the listing agent, the buyer pays no additional fee for the buyer agent's services.

Tip

• If you're not represented by an agent, search a legal site like Nolo.com for the forms your state requires for the sale of real estate.
• Search comparables--local homes similar to the one you're interested in that have sold recently--on consumer real estate sites like Zillow.com to get a sense of the market value. The data on these sites may not always be 100 percent accurate or up-do-date, but they can provide you with a good starting point for deciding how much to offer.

Warning

• The disclosures, contracts and addenda used in real estate transactions are complex legal documents. Don't sign anything you don't understand. When in doubt, consult an attorney.

References

• ForSaleByOwner.com

Resources

• Bankrate.com: How to Buy a FSBO home
• Realtor.com

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