The Advantages of buying a House That is for Sale by the Owner

House for sale by owner advantages

Congratulations! You have found a house offered for sale, by the owner.  That is wonderful, as purchasing a house directly from the person who owns it, does have definite advantages, including the following:

You will not be obligated to pay real estate fees. You may also save time and energy, as there is no third party involvement. You will not have to wait for a realtor to show you the house, at his or her leisure. You can view it by working out a time that is appropriate for you and the owner and his or her family.

A house you purchase from its owner is likely one that is lived in. It will have been maintained and likely be in good condition. It will feel like a home, when you view it for the first time, if there are people living there. Imagine walking into a home, as they are making bread. The aroma is fantastic. Seeing how they have furnished or decorated it, may give you some ideas.

If there are major repairs needed, the owner may alert you to problems that require immediate attention. He or she may offer to do repairs for you, without additional cost, before you move in. For example, if there is a leak in the roof, the owner may be willing to fix it to make the sale. The price of a house that needs repairs may be reduced by the owner, as well.

The owner will have the details about the house and the property. You need this information to purchase the house. Many times, a realtor is not able to answer your questions and has to go to the owner for the answers. Speaking with the owner directly can save you time and frustration.

The owner may have a copy of the floor plan and a survey on the property. This will save you the cost of having another survey done. You will know the location of your property lines, which is important if you want to put build a fence, in the future.

You will be able to ask the owner questions you have about the neighborhood and learn why they have enjoyed living there. You will be able to tell a lot about the area, by how they respond to your inquiry.

You may be able to obtain a reduction in price or in the initial down payment directly from the owner, because he or she does not have to pay real estate fees either. It may be possible to assume the current mortgage, rather than having to consult a bank, finance company or mortgage lender.

Any information you require for your own family may be obtained directly from the previous owners. This might include things you need to know like the location of schools, churches, hospitals, recreation centers and parks. The owner will tell you where to have your gas, hydro, cable, telephone and Internet connected, as well. 

When you are working out the financial details of the sale, the owner may include some of the existing large appliances or furniture, if his or her move is to an apartment or a smaller place. You may be able to avoid  spending money on additional purchases.

The owner will be able to show you different features on the house, that you may not find out about otherwise, until after the house has been sold to you. These could include landscaping information, wiring, plumbing, water, sewer or or septic fields.

You will be able to work out the details for the move into your new home, directly with the previous owner. This can save a lot of confusion.

There is many additional advantages to buying a house for sale by the owner. The best one is the reality that if the previous owner likes you and your family, he or she may become a life long friend, who will be there for you.