You've found your dream home, but there's just one catch – it's for sale by owner (FSBO).
You can usually identify these homes by their signs and listings, as they will be noticeably vacant of real estate agent information. Some are even handmade. Many homebuyers shy away from purchasing a home that's a FSBO property for a number of reasons: advice of their real estate agent, advice of a friend or lack of familiarity with the transaction process.
FSBO homes may offer a deal you can't resist. When it comes to deciding whether to make an offer on a FSBO home, you'll need to weigh the pros and cons based on your specific situation and preferences. Below we'll discuss the pros and cons of a FSBO home to help you determine whether it's a purchase transaction you'd like to pursue.
So what are the pros of purchasing a home that is for sale by owner? We'll outline a few below:
» MORE: Check VA loan eligibility
Despite the pros, FSBO homes have these consideration for VA loan homebuyers:
After reviewing these pros and cons and considering your specific situation you should be able to determine if pursuing a for sale by owner home is in your best interests. If still in doubt, consult with your VA mortgage specialist, your real estate agent, and possibly the seller.
If you'd like to get an overview of the complete VA mortgage process you can check out this great guide. Also feel free to email me at education@vu.com.
VA loans allow Veterans to have a co-borrower on the loan. Here we break down co-borrower requirements and provide common scenarios around co-borrowing and joint VA loans.
Your Certificate of Eligibility (COE) verifies you meet the military service requirements for a VA loan. However, not everyone knows there are multiple ways to obtain your COE – some easier than others.