When you buy FSBO real estate or houses for sale by owner, then it has its own particular problems and opportunities. Dealing with an uninformed seller who thought he knew enough to handle everything by himself can be frustrating, but it can also be very profitable if you are prepared. First you need to understand the FSBO seller.
There is one primary reason why people try to sell a house on their own. To save the sales commission. The bad news is that usually, they underestimate the cost and complexity of going it alone. Most of the time, they will get frustrated and tired of the process, and be ready to drop the price and be done with it. Your reward can be a good price on a good investment if you help them solve their problems. What you need to do now is keep these things in mind.
A seller isn?t an agent. What you need to do is be more careful in what you say and ask. Avoid negative comments about the house. Like it or not, the truth is that it?s difficult to get a good deal if the seller doesn?t like you.
Perhaps the sellers think that you are being smart. As long as you encourage that belief, then they will be more open to your offer. If you think that they have a good idea, then let them know. Making people feel good about themselves when negotiating is not really considered as unethical.
Often been on the market for a long time is FSBO real estate. Sellers would want the process to be done since they are usually tired of it. This means you?ll get a better price if you are willing to close quickly and easily.
Sellers don?t have a plan most of the time. They are not familiar where to close, where to buy a title policy, where to keep a good faith deposit, etc. Having simple solutions ready for all of these problems is a must. If you walk the seller through the process while letting him feel in control, you?ll both be happier.
Skip over problems and return later. When the seller has invested more time with you in a negotiation, he will then be more inclined to give you what you want.
Often, sellers have spent more than anticipated. For classified advertising and other costs, they have already eaten into their imagined extra FSBO profit. As long as you are able to get your price and terms, then you may want to be generous in negotiating the many closing costs.
Real estate professionals will tell you that most houses ?for sale by owner? net the seller less than those sold by an agent. By the time a seller realizes this, it?s often too late to recover his money and time spent. At this point, what usually happens is that he just wants to get the thing sold as easily and quickly as possible. Helping the sellers with that would mean that you can get a good deal on FSBO real estate.
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Source: http://thetradereview.com/2012/02/20/what-is-fsbo-real-estate/
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