If you’re a Charles River Park condo shopper, you probably keep your eyes peeled on the internet looking For Sale By Owner.
Of course, you probably already know that a For Sale By Owner, or FSBO (say it: “fizz-bo”), is a Charles River Park condo being listed without a Boston real estate agent working on behalf of the seller. According to the National Association of Realtors, the number of home sellers listing without the benefit of a real estate agent has actually declined over the past two decades, but those stubborn DIY-ers still represent about a small portion of Charles River Park condo sales.
Are FSBOs something to look for, or to look out for? Neither, really. However, there are some special issues to consider if you want to make on offer on a Boston condo for sale that’s for sale by owner.
Why Do FSBO?
People typically list a Charles River Park home without a real estate agent for two reasons: To save money on commissions or to avoid disclosing information about the home or property.
The first reason sounds innocuous, but if the seller is unwilling to adjust their price to accommodate their agent’s fees, it probably means that they’re going to be just as inflexible with potential buyers. Also, without a real estate agent to help them “manage expectations” based on actual market conditions in their Portland neighborhood, many sellers will have inflated prices to begin with.
The second reason for FSBOs is the one that keeps real estate agents up at night. Any number of details could be kept out of sight of potential buyers. This could range from liens placed on the property to future assessments.. Buyers must tread very carefully, ask for sellers disclosures, and make sure they have a solid home inspection.
Boston Buyer’s Real Estate Agent
Thankfully, using a buyer’s agent is a great way mitigate both of these issues, and many for sale by owner sellers will agree to pay the buyer’s agent’s requested commission. This will also be a good indication that the seller is willing to negotiate on the price. Your buyer’s agent will do a comparative market analysis to ensure that the price the seller is asking is fair for the dream Charles River Park condo
A buyer’s agent can also recommend appropriate home tests and help you find the best home inspector to unearth any potential problems. Finally, they’ll help you through the paperwork involved in actually purchasing the Charles River Park home, ensuring that everything goes down legally and that the deal closes without any unpleasant surprises.