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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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Naperville real estate lawyersPurchasing a foreclosed or bank-owned property can save you a lot of money on the purchase of your home or investment property. However, this is not always the case. Instead, buyers need to be diligent, resourceful, and savvy to decrease the odds of a financial loss. The following information can help you learn more about buying a Real Estate Owned (REO) property, and it explains how an experienced real estate lawyer can assist with the process.

Be a Savvy Home Buyer

Whether you are investing with the hopes of one day making a return on the property, or are planning on making an REO your full-time residence, be a savvy home buyer. Make sure you are pre-approved for a loan or have the cash on hand to smooth the process, and know that some homes (particularly those with significant damage) may be ineligible for certain types of loans. If the property is distressed, an FHA loan may be your best option. Just keep in mind that some buyers might not be eligible for an FHA loan. In such situations, cash may be required.

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