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Wheaton, IL real estate attorneysThere are a number of reasons that you may want to purchase a home that is being sold by the owner. It could be that the property has everything you have been looking for, or it could simply be a desire to complete an expedient purchase. Whatever the case, there are some risks that you should be aware of, and some factors you should consider, when purchasing a "for sale by owner" (FSBO) property. These risks and factors - and how you can effectively manage them - could prove to be crucial.

You May Have to Do Some Leg Work

Real estate agents are paid (and trained) to address many details for both the buyer and the seller. A FSBO owner, though interested in selling their property, does not have the same knowledge or experience, which means they may fail to provide you with important information. This oversight may not necessarily be intentional, but it is something you should be aware of. Furthermore, FSBO owners may lack the organizational skills needed to complete paperwork in a timely manner.

Be prepared for possible delays and never agree to anything until you have done your homework. At the very least, this should include an investigation on any previous insurance claims filed on the home, a market analysis of the area, research on zoning details and specific details of the property, and an experienced real estate attorney who can protect your interests by examining the contract and other details of the transaction.

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