Individuals shopping for a home might find one or more houses for sale with the FSBO designation. FSBO stands for “for sale by owner”, which means the homeowner isn’t using an agent to assist with the transaction. Many people assume this means they can’t have a real estate agent working on their behalf, but that isn’t the case. What does a person need to know when they wish to purchase a home with the FSBO designation? 

Using a Real Estate Agent

If a buyer is already working with an agent, they may have signed a buyer’s agent agreement. This means they must work with the agent regardless of which home they choose to buy. Most agreements have a six-month time frame, but the buyer must review the contract they signed to know how long they must work with the agent on buying a home. To learn more about the agreement, check this out. 

A buyer may question whether they can cancel the contract. Although this option remains available, a person should only use it when the agent has acted in an unprofessional manner or they aren’t fulfilling their duties as a buyer’s agent. Don’t cancel the contract simply to purchase an FSBO property. 

Help From an Agent 

Ask the agent if You Buy an FSBO Home With a Real Estate Agent?  Sellers may choose to go the FSBO route to save on commission fees. When a commission is paid, the buyer’s and seller’s agents often split the fee. The homebuyer doesn’t pay the commission, so there is no reason to release the agent before completing the transaction. In fact, when buying an FSBO, most experts recommend using an agent for an additional layer of protection. The seller is looking out for their interests and the buyer’s agent looks out for the interests of their client. 

Purchasing an FSBO Property Using an Agent

According to Realtimecampaign.com, a person should begin buying an FSBO property by contacting their agent. Have them speak to the seller to sign a fee agreement. Many owners will refuse to pay any of this fee, but some may pay part or all of the fee to sell the home. They do so because they are saving on the seller’s agent fees. 

However, if the seller refuses to pay the fee, doing so might fall on the buyer. A buyer must decide whether they will pay this premium to own the property. If they wish to pay the fee, they should work with the agent to ensure they get the best deal possible. If neither scenario works, speak to someone from a site like Vulcan7 to see if they have another solution. 

The Purchase Agreement

The purchase agreement outlines all terms related to the transaction. Both parties must carefully review this document to ensure all information is accurate. Once they sign the contract, they are legally bound to these terms. 

Regardless of what type of home a buyer wants to purchase, they should use an experienced agent to guide them through the process. FSBO properties differ from conventional transactions, and the agent overlooks nothing in the transaction. They ensure the process runs smoothly from start to finish. 

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