If you've been looking to buy a home in Albuquerque, you may have seen some homes for sale by the owner, otherwise known as a FSBO. That means they are not selling their home with the help of a real estate agent. You may be tempted to deal with them without an egent of your own, thinking it will save you money.
Here's why buying a FSBO home, or any home, without the help of an agent is a bad idea.
Overpaying for the home
The price of a FSBO home is set by the seller. What are they basing that price on? An experienced real estate agent will set the price based on how much similar homes in the neighborhood have recently sold for. This is called "comps", or comparable market value. They have the experience to know if a home is priced too high or too low. Does the seller have that same experience?
A real estate agent won't base the price of the home on emotions either. Many FSBO sellers tend to price their home too high due to emotional connection. And if you decide to buy that home without an agent on your side, you may not know that the home is overpriced. So any money you thought you were saving on commission just went out the window, and then some.
And don't count on Zillow to guide you. Zillow Zestimates are notoriously inaccurate and do not use the same criteria as an experienced agent will use to determine the price of a home. Having a buyer's agent on your side means you'll be more protected from paying too much for a FSBO.
Inspection problems
Home inspections are critical when buying a home. If you aren't familiar with inspection reports, you may find it hard to decipher. The inspector will list every single potential problem with a home. Some issues will need attention, and some won't.
An experienced Albuquerque real estate agent will be able to read those reports and let you know what should be repaired by the seller before you buy the home. Also, your agent will know what specific types of inspections to order to make sure all types of issues are inspected, such as mold, radon, insects, and other special issues. Buying a home without know all the potential issues is just asking for trouble.
No knowledge of the neighborhood
How much do you know about all the neighborhoods in Albuquerque? An experienced agent will know the neighborhoods, along with the schools, property taxes, HOA rules, commutes, property values, etc. The neighborhood is just as important as the home itself. "Location, location, location" is not just a slogan, it's a fact.
Laws, regulations, and paperwork
There's nothing more relaxing than dealing with laws and regulations, right? Not so much. When dealing with real estate transactions, you need to know the laws inside and out to avoid headaches in the future. You also need to know how to read a contract before you sign it. And you need to fill out all the needed paperwork correctly and submit it by deadlines. Sound exhausting? That's why an experienced Realtor is such a valuable asset when buying a home. They do all of this for you.
There are certainly more reasons than discussed here to hire an experienced Realtor to help you buy a FSBO home, or any home, in Albuquerque. Contact the Sandi Pressley Team today to see how we can help you get into he right home for your needs.