Buying a home for sale by owner?

Dear Kari, My husband and I are ready to buy a home. My brother said we should look at buying a home directly from homeowners because that is how he bought his current home. My brother makes it sound really good but my husband is extremely skeptical. Can you help us, please? Answer: Wow, that is a great question. One I do not get too often. I can understand how simple this could sound. A buyer wants to buy and a seller wants to sell; they meet and match. I have heard of this working out in some situations just fine. That being said, I must share with you the number of lawsuits and lives that have turned upside down in court for several years far outweigh the pluses, unfortunately. Let's take a close look at what a buyer's agent can really offer. When working with a buyer's agent, know that they have a fiduciary duty to their clients. This means the agents are obligated to look out for the buyers' best interest first and to follow the buyer's instructions. The following are some of the buyer's agent duties and should be considered when entering the buyer's agent relationship: * Help in locating good lending sources with good interest rates and fees. * Create a well-written purchase contract and outline of the entire process with upfront time frames. * Discuss seller concessions. * Provide a full understanding of the contact. * Help the buyer select a title/escrow company and explain what the customary costs are for both buyer and seller. This will vary from county to county. * All negotiations with the seller. * Offer names of home inspection companies that have good reputations. * Schedule inspections and tests. * Go over all inspection results and suggest further inspections if necessary. * Make sure that all required papers are filled out completely by the seller. * Ascertain that all repairs are done properly. * Follow up on all government-required items for the seller, such as correct strapping of water heaters, number of smoke alarms, amount of carbon monoxide detectors and so on. * Advise the buyer if the home is really worth the money that the seller wants. This is done by closely looking at all comparable properties and a meticulous overview of the appraisal. * Make sure the buyer stays within the contingency periods allowed for in the contract and that it does not jeopardize the buyer's deposit money. * Buyers' agent will set a date for a final walk-through of the property. * Be present for all inspections and the final walk- through. * Agent will review the final paperwork from the title company before buyer signs. Buying a home is probably one of the most expensive purchases you will ever make and one could complete this task on their own if they so desire. An exciting tip to know is that in most all cases, the buyer does not pay any of the costs associated with using a buyer's agent. My question is why would anyone not want to benefit by having their own personal professional agent looking out for their best interest for free? Happy home hunting. Kari McCoy owns the Kari McCoy Group, Residential Real Estate, at Lyon Real Estate. Call her at 916-933-5274 or email her at sold@karimccoygroup.com. License number is 00841588.