According to the National Association of Realtors, last year there was a 14% decline in the number of For Sale By Owner (FSBO) properties. Despite that decline, FSBO properties are still available in Las Vegas – and in an inventory-challenged market, you might find one of them is a pretty tempting buying opportunity.
But here is where caution is warranted — and where you may be amply rewarded by seeking a Las Vegas buyer’s agent to represent you. There’s more than one reason why:
FSBO owners may, er, hide things
It can be tempting for FSBO sellers to cover up problems that would have been picked up if a seller's agent had been involved. By using an experienced buyer's agent, you stand a much better chance of identifying those common problems. A qualified inspector (your agent will recommend a good one) can help you spot the more well-hidden ones.
FSBO properties usually cost more!
Statistics bear it out: it’s estimated that FSBO properties can cost 10 to 20% more than those listed via real estate agents. Owners in Las Vegas just tend to overestimate their property's worth and selling potential. And without the counsel and guidance of a real estate professional, sellers usually establish a stronger emotional attachment to their first listing price. The presence of your buyer’s agent (with a notebook full of comps) is sure to power up your negotiating stance!
Legal issues
One of the main reasons to team with an agent is the plethora of legal issues that are interwoven with residential real estate sale transactions. By using an agent, you stand to identify any contractual mishaps before they are executed — and well before costly repercussions materialize. Since many owners who take the FSBO route in Las Vegas are usually short when it comes to real estate transactional expertise, there may be required disclosures and important paperwork that they have missed. You don’t want to find that out too late.
If you wind up seriously eyeing a Las Vegas FSBO home this summer, save future headaches by including your buyer’s agent commission in your offer. More questions? I’m available for consults this week!
Marcelo V. Mayol
The Mayol Realty Group
Realty One Group
702-812-9990
www.ShortSaleInfoLV.com
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