A Basic Guide To Buying A Home Directly From The Owner

You do not have to work with a real estate agent to buy a home. It is possible to buy a home directly from the owner and this will often work out cheaper for you. However, before you can get the benefits of buying from the owner, you need to know the basics of how to do this.

Know What You Want

When you are buying directly from the owner, you still need to take the time to determine what you want from the property. You should look at the location that you want as well as the type of home that you are looking for. The maximum price that you are able and willing to pay will also need to be considered.

Knowing what you want is the starting point for all real estate purchases. If you do not know what you want, you will not be able to find the owners.

Real estate agent holding house key to his client after signing contractconcept for real estate moving home or renting property

Get Pre-Approved

When buying directly from the owners, it is a good idea to get your financing pre-approved. This will offer you a very strong negotiating point when you deal with the owner. Property owners are also more likely to take your offer seriously if they know you have been pre-approved for your mortgage.

Getting pre-approved will also give you a better idea regarding the homes that you can buy. There is no point in looking at homes that you will not be able to afford. If your lender will not pre-approve you for a set amount, you should not look at homes for this amount.

Search For Homes

The hardest part when you want to buy directly from the owner will be finding homes to view. Fortunately, there are a number of places that you can start your search. The first should be property websites that specialize in for sale by owner properties.

These websites will allow the owner to list their home for a fee. Looking at online listings is ideal because you will generally be able to see the property before you contact the owner for a viewing. There are also some for sale by owner listings on popular real estate websites, but they will generally be harder to find.

You can also look at classifieds and social media for homes. Of course, when you do this you need to be careful. You will generally not be able to see the property before the viewing and will have to go on the word of the poster.

Contact The Owner For A Viewing

Once you have found some properties that you like, you will need to contact the owner. You will generally be able to either email or call them to arrange a viewing of the property. When you contact the owner, you might want to ask any additional questions that you have about the house.

Make An Offer

If you like the home that you have viewed, you will need to make an offer. It is recommended that you hire an attorney before you make an offer because this will speed up the process. The offer you make will either be accepted or rejected by the owner. If it is accepted, you will need to notify your attorney and they will generally take care of the paperwork for you. For more information click here.