When making a for-sale-by-owner real estate purchase, it's important to have a real estate attorney who can assist you in the process and put together an "offer to purchase" contract. An attorney can ensure that the proper information is included in an offer to purchase contract. The attorney will provide legal advice about the offer to purchase contract and navigate other concerns when purchasing real estate that is for sale by owner.
For sale by owner is one way to try selling property. When you choose to sell your property for sale by owner, you don't hire a real estate agent to help you. The buyer and the seller can save 6 percent commissions that would otherwise go to a real estate agency. But who gets the for sale by owner commission savings? A buyer of a for sale by owner property should not enter the transaction expecting to get a lower price.
When you're ready to sell your home you may debate whether to hire a real estate agent or sell the home yourself in a for sale by owner transaction. For sale by owner transactions require more work on the part of the seller but the seller can save money on the real estate agent commission, which can run 5 to 7 percent of the sale price of the home. Learn how the type of housing or real estate market affects this decision.