Buying/Selling a home is a complicated transaction that includes many legal forms required to comply with the law. 
Real Estate Professionals spend hours in class to keep up-to-date on the changes so they can provide the best service and protect their Buyers and Sellers.
Even with all the information on-line it is difficult for non-professionals to completely understand and comply with all the required documents for selling a home.
I have seen many Buyers disappointed when they purchased a home from a for-sale-by-owner.
I hope that this series will help you avoid many pitfalls and give you a quick reference to some of the required documents.
Disadvantages of Buying a home from a for-sale-by-owner:
Pricing: many times the home is over priced
Terms: Many times sellers are less willing to negotiate
Property Condition: many times it is unknown
Contract: many times is not complete and/or one sided in favor of the Seller
If you click on the highlighted area you will find a detailed report.
Good Luck with your new home purchase...
if you have any questions feel free to contact
Brenda Tressler
Click here for answers to your home buying/selling/financing questions.
Brenda Tressler
Loan Officer
Integrity Mortgage Services
(931) 206-1907 Cell
(931) 905-6900 Office
"Let me be your friend in Financing"
Pricing a home to sell is one of the toughest jobs... to decide on the correct price you must know the 
current and local market.
Many home owners put years of hard work and money into their homes; it is very difficult for them to be objective when setting a sales price. Home improvements do not always have a dollar for dollar return... Pricing a home for sale depends on what has sold recently and what is similar to the home being sold.
Sellers normally do not have the data to make a good sound decision. Many times a for-sale-by-owner will disagree with a Realtor and price their home higher than comparable homes in that area.
If you are a Buyer and new to the area then many times you will not know you are paying more for a home than it will appraise for.
If your contract does not have a contingency stating "the property must appraise for the sales price or higher" then you may be required to pay out of pocket for the difference.
A Buyer does not pay a Realtor for their service but having a Realtor represent you can pay you in the long run... by saving you thousands of dollars.
A Realtor can advise you on pricing a home, negotiate a good deal and insure the contract protects your interest!
Good Luck with your new home purchase...
if you have any questions feel free to contact
Brenda Tressler
Click here for answers to your home buying/selling/financing questions.
Click here to return to part 1
Brenda Tressler
Loan Officer
Integrity Mortgage Services
(931) 206-1907 Cell
(931) 905-6900 Office
"Let me be your friend in Financing"
The condition of the property is one of the most important factors deciding ... did you get a good deal!
Buying a home is so exciting but many buyers get caught up in 
the cosmetic appearance of a home. It is the bones of the home that will determine how much it will cost you to maintain your home.
In Tennessee a Seller is required by law to fill out a "Property Condition Form". Many Sellers do not know this is required by law and many For-Sale-By-Owners do not meet this requirement.
This form is the seller telling you about any defects in the property, changes made such as additions, the age items such as roofing, heat & air and any upgrades.
A Realtor will require this form to be filled out completely and correctly plus you have an extra eye to keep you focused on the whole property not just the nice paint.
Also a Realtor has been in hundreds of homes and can point out things you may over look. Again, having a professional on your side is alway good.
I always suggest you hire a home inspector... they will give you adetailed report on your new property. This is another contingency you will want in your contract.
Good Luck with your new home purchase...
if you have any questions feel free to contact
Brenda Tressler
Click here for answers to your home buying/selling/financing questions.
Click here to return to part 1
Brenda Tressler
Loan Officer
Integrity Mortgage Services
(931) 206-1907 Cell
(931) 905-6900 Office
"Let me be your friend in Financing"
The terms of the contract is what will determine how much you will pay for your new home, when you will close and who will pay for what services. 
Each area of the country has different normal terms for real estate deals. Some areas the Seller pays everything; other areas the Seller pay for nothing. The type of loan you are getting also determines who can pay for what and often restricts or limits what can be charged and who is paying.
This is where you need to do your homework and find out what is normal for your area. Why agree to pay for everything if the Seller is willing to pay some of the closing costs and your loan program will allow it.
Again, a For-Sale-By-Owner is trying to make the most possible from their investment; so normally they will not offer to pay for closing costs and/or repairs. But with the right negotiations you may end up with a Seller paying some or all of the closing costs.
I am not saying stay away from For-sale-by-owners but I am saying be cautious and make sure you have a professional on your side. Negotiate for your best home & deal... be a happy home owner!
Good Luck with your new home purchase...
if you have any questions feel free to contact
Brenda Tressler
Click here for answers to your home buying/selling/financing questions.
Click here to return to part 1
Brenda Tressler
Loan Officer
Integrity Mortgage Services
(931) 206-1907 Cell
(931) 905-6900 Office
"Let me be your friend in Financing"
The contract is the heart of the real estate deal!
The contract will state the closing information such as date, where and with whom, sales price, ty
pe of loan, what the buyer & seller will be paying for plus much more.
The contract will also give you an out (if it has the proper contingencies) for things such as: you do not qualify for a loan, that you find the house with a serious defects or the property appraises lower than the sales price.
The contract also will give you options for remedies if thing do not go as planned. (again if it has the proper contingencies)
The contract is a legal document that if you end up in court (because things went very badly)it is what the judge uses to make his judgment. This is the one document that you want to be done correctly and many For-Sale-By-Owners do not understand everything about a contract or they insure the contract protects their interest. When just the buyer & seller are involved then there is no one to insure you, the Buyer is fully protected.
Do not make the mistake of not having a fully signed contract with contingencies to protect you! And be sure to read the fine print!
Many For-Sale-By-Owners will pay a Realtor to represent you in the transaction. So find a Realtor that you trust and let them guide you thru the buying process. Purchasing a home should be a fun & exciting time; just make sure you are represented.
Good Luck with your new home purchase...
if you have any questions feel free to contact
Brenda Tressler
Click here for answers to your home buying/selling/financing questions.
Click here to return to part 1
Brenda Tressler
Loan Officer
Integrity Mortgage Services
(931) 206-1907 Cell
(931) 905-6900 Office
"Let me be your friend in Financing"
Brenda Tressler, Loan Officer with Integrity Mortgage Services, Inc. I provide home loans for purchase & refinance for all of Tennessee; specializing in VA loans. Let me be your friend in Financing!
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