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"For Sale By Owner" has the lure of saving
commissions. Sellers can place their own sign in the yard and list
their home on internet sites. Buyers have the option of peering
inside through those internet sites and deciding on which houses
interest them most before making that call. You can even download
contracts for your personal use. But before venturing out on your
own, you might want to give some serious thought to the risks. There
are more than a few dangers hidden behind the enticement.
It's unfortunate, but there has been an
increase in the number of claims in residential transactions. Buyers
and Sellers alike are probably not going to be aware of the many
legal issues involved and this lack of knowledge can end up costing
much more than a commission. All it takes is a simple
misunderstanding or mistake in drafting the contract.
The dangers increase when the deal
includes assuming a loan or agreeing to a 'carry-back' note. Failure
to disclose previous repairs, damages or even the presence of mold,
can lead to a less than satisfying experience, to say the least.
Liens against the property can become the buyer's responsibility if
not taken care of at or before the closing. Add to that the fact
that Buyers will want to offer less and Sellers may or may not
provide accurate information on a home's condition.
The experience of your professional Real Estate
representative can help minimize these risks. It's important to know
what to look for and how to prevent a problem before it occurs. That
is a nearly impossible task to assign to someone who has little or
no previous real estate dealings. With an organized community of
experts to call upon and an eye for detail, your agent can guide you
through the process and make it a win-win for all. Now, isn't that a
good deal?
Copyright 2008 PropertySource Network
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