If you have discovered that the home of your dreams is listed as a For Sale By Owner Albuquerque property, you will need to understand how this real estate transaction is different from a home sale aided by a real estate agent or brokerage firm. The team at Sunwest Escrow has been helping For Sale By Owner sellers and buyers navigate their way around this process for years. We have created a helpful set of guidelines that will aid you as you buy a home that is listed as For Sale By Owner.
Step #1: Decide if you need to hire a real estate agent.
Just as the owner can sell their house without a real estate agent or brokerage firm, the prospective buyer can also enter into this process without representation from a real estate firm.
Step #2: Determine if you need legal representation.
Depending on the state, laws may require the seller or buyer to have legal representation during a For Sale By Owner transaction.
Step #3: See if you can get pre-approval for your mortgage.
In many cases For Sale By Owner sellers need to make quick sales. Getting pre-approved for a mortgage from a financial institution can speed up this process.
Step #4: Hire an escrow service to manage the funds.
Always invite a third party into the real estate transaction that will be responsible for the funds. An escrow account protects both the seller and buyer from a financial standpoint.
Step #5: Consider requesting a C.L.U.E. report.
This Comprehensive Loss Underwriting Exchange report can be obtained by the seller. It details any insurance claims that were made on that property within the last five years.
Step #6: Get an appraisal and inspection completed.
To ensure that you are getting a fair value, as well as a home without significant problems, have a professional appraisal and inspection completed before moving forward with the sale. Ask the seller to repair any areas that you do not believe pass the inspection report.
Purchasing a For Sale By Owner Albuquerque home can be streamlined and safe if you follow the advice in the guidelines above. For more information concerning the For Sale By Owner process, contact Sunwest Escrow today.
Original source: https://sunwestescrow.blogspot.com/2019/02/guidelines-to-buy-house-through-sale-by.html
Sunwest Escrow, Inc. is a customer-oriented servicer of private mortgages, real estate contracts, and other installment type notes. Sunwest Escrow, Inc. was formed by the owners of Sunwest Escrow, LC in order to provide a wider range of financial products.