You also can buy and sell a home without working with an agent. Then it’s even more critical to seek an attorney’s assistance in the buying and selling process.
This arrangement is what’s known as “for sale by owner,” or FSBO (pronounced “fizzbo”). By selling your house yourself, you save the commission you would have paid to a real estate agent. But count on investing more of your own time. You’ll need to analyze the market, decide on a price, advertise the house and host open houses, handle all negotiations with prospective buyers, and so on.
Buying a FSBO also is somewhat different than buying with a broker involved. The buyer will need to become familiar with area values to decide what price to offer for the home. It is wise to have a lawyer prepare the Offer to Purchase. The lawyer can suggest appropriate contingencies, and can guide you through the rest of the transaction.
It’s unwise to tackle a FSBO transaction without legal advice. An attorney can review Offers, write Counteroffers, and guide you through the many steps involved in a FSBO transaction.
