More homebuyers are seeking homes for sale by owner
DALLAS (CBSNewsTexas.com) – Real Estate agents in the Dallas-Fort Worth area seeing a new trend when it comes to home buyers trying to save a buck.
Many Realtors say they've seen an uptick in buyers targeting homes that are "For Sale By Owner," as opposed to using agents.
Experts say the thought from buyers is, while they can't do anything about rising interest rates for home loans they can seek direct transactions with home owners.
By doing so they bypass real estate agents and they hope to get a better deal from the seller who would have less commissions to pay.
Kevin Caskey is a DFW Real Estate Expert and VP with Halo Group Realty.
He says while many think they are saving a buck by jumping on this trend they could be setting themselves up for disaster if they aren't well versed on these types of transactions.
Caskey adds the trouble they can find themselves in down the road is serious.
He said, "Well, very serious because buying a house is one of the biggest things you do in your life so there is a lot of stress involved and a lot of emotion involved."
Among the problems that can happen according to Caskey are legal troubles with documents that aren't drafter properly.
Perhaps the biggest draw back he says is a buyer not realizing exactly what they are buying and what problems a home may have.
He added, "They don't know how to negotiate repairs whenever you get into inspections and things that arise."
Caskey says at the very least those engaging in a "For Sale By Owner" transaction should seek the review of a lawyer to go over the paperwork.
Not doing see he says puts a closing at risk.
Caskey said, "Most of the title companies do have attorneys on staff that can advice slightly on these issues. So, find a good title company and make sure that you are using the proper contracts."
While so many are out to save a buck Caskey is also reminding home buyers that while interest rates might by climbing the price of homes are coming down. According to him it's always better to letter a professional handle the transaction.
He said, "In turn the prices are lower therefore you can have a higher interest rate and end up in the same spot."
