Reasons to Team
With a Buyer’s Agent for
FSBO Buys
According
to the National Association of Realtors, last year there was a 14% decline in
the number of For Sale By Owner (FSBO) properties. Despite that decline, FSBO
properties are still available in Salt Lake City – and
in an inventory-challenged market, you might find one of them is a pretty
tempting buying opportunity.
But
here is where caution is warranted — and where you may be amply rewarded by
seeking a buyer’s agent to represent
you. There’s more than one reason why:
FSBO
owners may, er, hide things
It
can be tempting for FSBO sellers to cover up problems that would have been
picked up if a seller's agent had been involved. By using an experienced
buyer's agent, you stand a much better chance of identifying those common
problems. A qualified inspector (your agent will recommend a good one) can help
you spot the more well-hidden ones.
FSBO
properties usually cost more!
Statistics
bear it out: it’s estimated that FSBO properties can cost 10 to 20% more than
those listed via real estate agents. Owners in Salt Lake City
just tend to overestimate their property's worth and selling potential. And
without the counsel and guidance of a real estate professional, sellers usually
establish a stronger emotional attachment to their first listing price. The
presence of your buyer’s agent (with a notebook full of comps) is sure to power
up your negotiating stance!
Legal
issues
One
of the main reasons to team with an agent is the plethora of legal issues that
are interwoven with residential real estate sale transactions. By using an
agent, you stand to identify any contractual mishaps before they are executed —
and well before costly repercussions materialize. Since many owners who take
the FSBO route in Sat Lake City are usually short when
it comes to real estate transactional expertise, there may be required
disclosures and important paperwork that they have missed. You don’t want to
find that out too late.
If
you wind up seriously eyeing a Salt Lake City FSBO
home this summer, save future headaches by
including your buyer’s agent commission in your offer.
More questions? I’m
available for consults this week! or call our 24-7 hotline to receive a free FSBO packet: 800.516.3416 X 1020
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