ForeclosureDataBank.com provides hot tips on avoiding the pitfalls that may accompany a home for sale by owner deal.

1. Buying a Home
for Sale by
Owner
Contents
These days, many private homeowners are
selling their own properties to avoid paying Introduction....…...............……........1
Ask Directly what is Wrong............2
commissions and to squeeze the best price. Check out the Price........................2
With no estate agent involved, this can be a bed Pay the Deposit Wisely..................2
Chase Down Contingent Clauses...2
of thorns, not roses. This is because the
Choose the Right Property
purchaser has to check out the legalities Attorney........................................3
themselves.

2. 2
Ask Directly what is Wrong
Federal law required a seller to disclose anything that is wrong.
This includes material defects and anything else that might put
a potential buyer off too. Don’t be shy. Use your rights. Ask
directly, "are you aware of any defects?".
Check out the Price
A seller can ask any price they like. A buyer is looking for a bargain. The right price often lies
somewhere between these two extremes. Take your time. Check out the asking price in terms of
recent sales.
Pay the Deposit Wisely
Never (and that means never ever) pay deposits known as
earnest money to private sellers themselves. Pay them to a
solicitor’s trust account, a title company, or an escrow
company instead.
Chase Down Contingent Clauses
Most sale agreements contain contingent conditions that must
be met. These could include inspection reports, and insurance
and lender approval as well. These mattered at the time you
made the offer, and they still matter now.

3. 3
Foreclosure DataBank
Choose the Right Property Attorney
1602 Alton Road #432
Miami Beach, FL 33139
Do not be tempted to save a few hundred dollars by playing
1-888-596-9279
your own lawyer. Property is a specialized branch of legal
contact@foreclosuredatabank.com
knowledge. Remember, it is not what you know, but what you
The biggest foreclosures database on the do not know that counts. The right property attorney is a wise
web
investment too.
Find us on the Web:
www.ForeclosureDataBank.com
Many of the problems that arise from property sales by owner
are the consequences of a lack of knowledge on either or both
sides. The fact that a seller may decide to do a D.I.Y is not
necessarily just to save commissions, it could also be a
deliberate attempt to avoid disclosure of material defects.
ForeclosureDataBank.com provides this information in the
interests of fair play.