Some sellers try to sell their home on their own and this is referred to as “For Sale By Owner”, or FSBO for short. Some sellers have success with this and others have very little. Always ask me first before contacting a FSBO as I can do some background work and contact them on your behalf. It is important to know that we are actually dealing with the owner with as many scams as there are out there these days.
Why use a REALTOR® for FSBO?
As a buyer, if you see a property that has a sign in the window, online or in the newspaper that is being sold by its owner do not hesitate to ask me about the house. I have the ability to do additional research on the house for you as well contact the seller on your behalf and negotiate the terms for you. We can work my commissions into the price so that I am compensated for my work with you on all houses previously shown and it will not make much of a difference on your payments. That will need to be discussed on a case by case basis.
With a market as busy as the Vancouver Island real estate market we do see some “For sale by owner” listings. As a buyer you need to be aware of potential risks with buying privately. From a buyer/seller perspective you as the buyer is the one taking all of the risk in the deal. By working with a REALTOR® you are protected as all of our forms are legal and we make all sellers fill out and sign a Property Disclosure Statement which gives you ALL the information they are aware of, and if they lie, you are protected under the contract and your lawyer has the ability to fight on your behalf. If a vendor refuses to sign this form there may be a reasonable explanation (revenue property therefore they don’t know as much about it). We, as agents, will do research on the property as research is essential.
So be aware of For Sale By Owner homes in Victoria and the surrounding area and know they are not out of the norm for us to view but there are some extra steps. Also know that I can help protect you in this large investment. I would not rely solely on a seller to look out for your best interests as they are usually listing privately to save money/make more money so their interests are their own.
We can help you with financing options, help you locate potential properties, provide you with objective information about the property and the area in which it is located, negotiate on your behalf with things such as price, financing, inclusion/exclusion of repairs, furnishing, fixtures, etc. and all of the final closing procedures such as communicating with the lenders, lawyers, vendors, and so on. We still take care of you throughout the whole process no matter who the seller is.
For any other information or questions you may have about “For Sale By Owner” or else other questions in regards to the Vancouver Island real estate market please contact me.