If you want to buy a house, your best bet is to buy it from the owner of the property. This is because real estate for sale by owner offers you many advantages you might not get if you buy property from agents. It does not matter if you are buying residential property, commercial property, or a farm in the suburbs. Once you have direct access to the owner of the property, you should deal directly with him or her. Below are some benefits of buying a property directly from the owner.
Lower Price
If you buy property from the owner, you automatically eliminate the percentage you would have paid to the estate agent. Usually, these agents get a flat five or ten percent of the total cost of the property when you buy through them. In some cases, these agents charge you all sorts of transaction fees even after they have collected a finder’s fee. All these fees add up and increase the cost of the property you are buying.
Flexible Terms
When it comes to buying property, the laws are not cast in stone. However, some real estate agents give you the impression that things must be done in a certain way and they defend this position by insisting they have been doing it that way for ages. On the other hand, the owner of the property will offer you more flexible terms because you can discuss business with him or her in an informal and friendly setting.
Renovations and Remodeling
If you are buying property, the house may not be in pristine shape. Some buildings may require elaborate renovation while others need a bit of remodeling. In some cases, your estate agent might insist on selling the property “as is” even if it is crying out for repairs. In other cases, your agent might insist on certain renovations even if they are not necessary. If you are dealing with the owner of the property, you will not experience any of these problems because he or she can give you some concessions.
Friendly Payment Terms
One of the best things about buying a property directly from the owner is that you can get flexible payment terms. For instance, you can make a small down payment and repay the rest of the cash in convenient installments. It is also possible to get a huge reduction if you can pay all the money in one installment. Real estate for sale by owner and you will enjoy all the benefits I have mentioned in this article.
