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what is fsbo mean?

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Answer # 1 #

A purchase agreement is a contract between a seller and a buyer that lays out the terms of the home sale. In most real estate transactions, the seller’s agent is responsible for the purchase agreement. If the home is for sale by owner, then drafting the purchase agreement might become the responsibility of your real estate agent.

If you’re not using a real estate agent, then you and the seller have a couple of options:

Although it's not required, we would recommend you never buy an FSBO house without a proper inspection. A trained home inspector reviews the house’s major systems, appliances and structure during their visit. This process is a great way to find out what may need repairs now or in the future.Keep in mind that the home inspection is different from the appraisal. While an inspection is part of the home appraisal, the appraiser isn’t looking for problems; they’re just assessing the home’s overall condition and some basic safety elements and looking at comps to figure out how much the property is worth. The appraisal is a required part of the mortgage process, but the inspection isn’t – which means you’ll need to hire an inspector.

If your inspector finds a problem with your new home, you have these options:

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Jagmohan Mandakini
Law Professor
Answer # 2 #

Description For sale by owner is the process of selling real estate without the representation of a broker or agent. Homeowners may employ the services of marketing, online listing companies, or market their own property. Typically, they represent themselves with the help of a lawyer or solicitor throughout the sale. Wikipedia

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Jayati Shribhagwan
CIGARETTE INSPECTOR