Buying Directly From A Vendor

For Sale By Owner puts the sale of property in the hands of the seller. Buying directly from an owner isn’t hard, you just need to do your homework beforehand and follow the steps outlined below.

In addition to following these steps, you’ll certainly need to inspect the property of interest and be required to negotiate confidently with sellers yourself. Without inspecting there is no point in moving forward. Read on for our guide as to how to sell your home easily.

The Two Key Factors: Cost and Location

It’s time to store away your housing dreams for later and to answer two very important questions honestly: how much can you afford to pay for your new home and where do you want to live? You need to answer these two questions before you can do anything else.

Pre-approval

Remember, sellers don’t personally know you so getting pre-approved for a loan puts their mind at ease because it means that you can actually afford to buy their home and that you’re not just wasting their time. Pre-approval is an important negotiation tool because it signifies that you’re serious about buying.
Its nice and empowering to know exactly what you can afford.

Find your Ideal Home

Internet is usually the best place to find and locate property for sale.

Make Contact with Sellers

This is where the true value of For Sale By Owner really kicks into gear. Skip the long-winded process of contacting an agent when you’re interested in a house. Speak straight to the seller to determine whether the property listed is a viable option for you.

Obtain a Valuation Report

Getting a valuation or property report should be done before or after you view the home. This computer-generated valuation report is similar to a real estate agent’s comparative market analysis (CMA). It’s important to remember that this is just a snapshot of the likely value of the house. If you are really unsure on the other hand, an appraiser considers all factors when valuing a property. Maybe get a Property valuer to help you work out the value.

Making an Offer

Now that you’ve seen the property and have obtained a property valuation report, it’s time to make an offer to the seller. Your offer should be based on all of the research that you’ve completed so far and should factor in any observations you’ve made. Before signing any paperwork have your conveyancer read over the documentation. You are going to need a conveyancer so you may as well get them involved before you sign anything!!