For Sale By Owner Misconceptions

With the rising popularity of selling homes by owner, have risen some misconceptions that should be straightened out to clarify the process. The first thing that we should look at is how financing works in the FSBO world. One thing that occurs more often than it should is when buyers think that "for sale by owner" means that the owner is also offering financing. Most of the time this is not the case. This error is usually seen when people with little or damaged credit feel that it is in their best interest to avoid mortgage brokers & realtors. This is a huge mistake as individuals such as mortgage brokers are experienced and trained to deal with these individuals and to help them repair their credit and obtain a favorable mortgage.

Its a good idea to seek out a mortgage company that is experienced, even specializes in the financing of FSBO sales. These companies differ from most mortgage companies in that their services are more comprehensive than most. They have expanded their offerings to include many things not usually covered by traditional mortgage companies such as closing contracts, title issues and inspections. The closing of a home contract is one of the more confusing aspects of the purchase process and should be handled by a trained professional. Also take into account that most mortgage companies rely on realtors to bring them the bulk of their business, therefore they are ill-equipped to provide educated FSBO financing. This is why its good to find a FSBO specialist mortgage company when dealing with someone who is selling their home themselves.

Another misconception deals with the fact that the buyer is saving money by dealing with an FSBO situation. The truth is that usually the seller is the one trying to save money on agent commissions. If they have subtracted the price of the agent from their asking price, it is possible to save some cash.But this is hardly ever the case. Most FSBO sellers are listing their homes at market value as if an agent was selling the home. Then they attempt to do everything themselves and pocket the cash that would normally go to the agent.

Posted by Ray Lemons on December 13, 2008 at 12:00 AM

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Ray Lemons is affliated with RE/MAX Properties, which is located in Riverview, MI. For further assistance please use the contact information located on the right.

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Local Information for Riverview, MI

Latitude: 42.17494 -- Longitude: -83.188449

ZIP Codes for Riverview, Michigan	48192
Area Code for Riverview, Michigan	734
Time zone for Riverview, Michigan	EST

Other Area Cities: Melvindale, MI Riverview, MI River Rouge, MI

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Riverview is a city in Wayne County in the U.S. state of Michigan. The population was 13,272 at the 2000 census. The city is a suburb in the Metro Detroit area, located along the shore of the Detroit River. It measures 11.4 km² in area. Riverview incorporated as a village in 1922 and as a city in 1959. Canadian National provides rail service to the City. In 1950 Riverview only stretched as far west as the west end of the northern of Trenton's two northern boundaries. The rest of what is today Riverview was still part of unincorporated Monguagon Township at that point. During the Cold War, the Department of Defense operated Nike missile Base D-54 on the site of what is now a soccer field, proximate to the present city hall. The Riverview Community School District operates public schools. There are 6 schools located in Riverview: 5 public schools and 1 private school. -- Source: Wikipedia.com

Michigan 2000 Census Population Profile Map

	Riverview	Michigan	United States
Population	13,272	9,938,444	281,421,906
Median age	41.6	35.5	35.3
Median age for Male	38.7	34.3	34
Median age for Female	43.8	36.6	36.5
Households	5,352	3,785,661	105,480,101
Household population	12,749	9,688,555	273,643,273
Average household size	2.38	2.56	2.59
Families	3,571	2,575,699	71,787,347
Average family size	2.95	3.1	3.14
Housing units	5,532	4,234,279	115,904,641
Occupied units	5,352	3,785,661	105,480,101
Vacant units	180	448,618	10,424,540

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For Sale By Owner Misconceptions

Local Information for Riverview, MI

Latitude: 42.17494 -- Longitude: -83.188449

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