Thinking About Buying a For Sale by Owner Short Sale?

Buying a short sale is complicated enough, but it's even more tough when you're trying to buy a for sale by owner short sale.

A FSBO is an acronym for "For Sale by Owner," and it means the seller is unrepresented by an agent. If you, too, are unrepresented by an agent, winging this process on your own, the best advice anybody can give you is to hire a real estate lawyer. In fact, even if you are working with a real estate agent, you should obtain legal advice from a person licensed to give it to you, which is to say don't ask or rely on your agent for legal advice.

Moreover, bear in mind that the seller is probably not your friend. Your objectives likely oppose those of the seller's. A seller who is in foreclosure, for example, may be desperate for a sale, but that doesn't mean that a seller won't try to take advantage of you or later come back to sue you. Plus, there is absolutely no guarantee that the seller's lender will agree to accept less than the amount owed on the home . . . read more about For Sale By Owner Short Sale.

More Articles by Elizabeth Weintraub:

• Before You Buy a Short Sale
  
• Short Sale Basics
  
• Buying Distressed Homes in Default

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