5 Most Important Things to Look for When Buying Directly from the Owner

Real estate is one of the most important purchases that an individual makes in his or her lifetime. While a majority of people searching for houses outsource the transaction to real estate agents, there are those who do it the other way around and buy direct from owner. This is regarded as a for sale by the owner (FSBO) strategy and has the benefits of cutting down expenses and directly speaking with the owner, however, there are drawbacks too. Here are some considerable factors that will be useful when deciding to buy a property directly from its owner.

Fair Market Price

Being that you’re buying the property from the owner, one of the most important things to consider is the price. Normally, when there are difficulties in pricing the property, real estate agents help out by determining the price based on the market stats of nearby properties. But it won’t work this way with you as there is no Agency so you will have to do this by yourself.

Expertise of Real Estate Agent

Buying a property involves a lot of paperwork and legalities. When buying a property directly from an owner, you must involve a real estate agent. A real estate agent has a better understanding of all the procedures and can guide you better with legal documentation.

It is important to review all the contracts to ensure that all terms are fair and transparent. You will also need the help of a real estate lawyer to mention and cover all the important details such as the purchase price, closing date, inspections or financing. A legal contract also ensures compliance with local real estate laws. With a clear and transparent contract, you are well protected against penalties. A real estate agent guides you through all this process ensuring nothing is left overlooked.

Property Evaluation

When buying a property directly from the owner, you must ensure that it is in perfect condition. You will probably see the property stages in a perfect setting as the sellers try their best to conceal the potential flaws. You must not rely solely on the seller’s word. To ensure everything is in perfect order, engage a licensed inspector or professional to inspect the property.

A home inspection may include assessing critical systems such as HVAC, roofing, plumbing, electrical wiring, drainage systems, etc. You can also take the advice of pest management companies at this stage to assess the risk of pest invasion in the house. Based on the property evaluation, you can negotiate the price further with the seller.

At A Land, we understand that buying a home is a complex process and must involve the expertise of a top Real Estate company Dubai. Reach out to us and let’s finalize your home buying process.

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