For Sale By Owner:

Buyer Options for FSBO Property

A popular neighborhood regularly has a waiting list for its elementary school – and also has many families who drive across town for the benefits of the area middle and high schools. A certain price point of homes in this school district is seeing success with For Sale By Owner transactions. Interested buyers are asking “What is the next step in a for sale by owner?” The best answer: It depends – of course. 😉

•  The Buyer and Seller may put the transaction together and close with minimal to no third party assistance.

Informed buyers and sellers can visit and discuss the terms that will work best for both parties. The document preparation can be done by either party. Naturally, the documents will be reviewed no matter who prepares them. A cash transaction is greatly simplified and the easiest to accommodate with the most flexibility. A mortgage company will also have a list of requirements that can be arranged as needed. This arrangement has the most potential for $$$ savings – but it requires buyers who are comfortable and willing to work directly with the sellers. Experienced home buyers are most likely to be comfortable with this approach.

•  The Buyer may choose to work with a real estate agent.

The Buyer can select a real estate agent to represent them with their FSBO transaction. The Buyer’s time to consider terms, review, and sign documents may not be reduced – but an inexperienced home buyer may like the prospect of having their own representation. Depending upon the demand for the property – the Buyer may have to independently negotiate and pay their broker’s fee – or the FSBO Seller may contribute an agreed upon amount toward the Buyer’s Agent.

• The Buyer may choose to work with a lawyer.

Many home buyers choose to use an attorney to review, prepare, or help negotiate a home purchase. The legal services may be in addition to those of a Buyer’s real estate agent – or the Buyer may choose to use an attorney and little to no other third party assistance in a residential real estate transaction.

The answer as to how to approach a for sale by owner residential real estate transaction has options that depend upon the Buyer’s preference. Nebraska does not require a Buyer’s agent – so the Buyer can decide how to best make their offer and realize a successful transaction.