How to buy a Military Home for sale by owner in US


How to buy a Military Home for sale by owner in US

               When you are looking to buy a military house, you are likely to come across an occasional “For Sale by Owner” sign. If one or more of these military houses strongly appeal to you, you may be wondering how to go about looking at and purchasing this type of home. Buying a For Sale by Owner house can present a few risks and challenges, as you will not have the benefit of working with a real estate agent, but it can be done if you know what to watch out for and how to go about making the transaction go as smoothly as possible.



1. Understand that you are Sacrificing the Services Provided by Realtors:

               If you have been working with a Realtor while looking at other properties, but then set your eyes on an military property, you will not be able to turn to your Realtor for help with the sale. Your Realtor works for commissions and in a For Sale by Owner deal, there are none to be had.

2. Get pre-approval for a Mortgage:
 
              “If there are other bidders on the property, the one who doesn't have a pre-approval letter is odd man out. The one with the strongest pre-approval letter, all else being equal, often gets the house.”

 
             There is no real-estate agent working as the “middleman” in these transactions, you will be dealing directly with the military home owner yourself. This means that when you view the property, it will likely be with the owner giving you a guided tour.

4. Obtain a copy of C.L.U.E. Report:
 
            A Comprehensive Loss Underwriting Exchange, or C.L.U.E., report will show you a five-year history of insurance claims that have been filed for the property in question. You do need to get the seller’s permission to run this report, but once you do, it can be obtained for under $20.

5. Never skip the Military Home Inspection:
 
            When you buy a military house For Sale by Owner, you are taking a bit of a risk. The home owner may have failed to reveal problems with the house and could have potentially hidden a lot of problems or diverted your attention from them while you were looking at the property.

6. Enlist the Services of a Real Estate Attorney:
 
            Your attorney can ensure that your contract contains contingencies to enable you to back out of the contract if there are problems found during the home inspection, appraisal or with liens or other problems that prevent the seller from having a clean title.

7. Use Neighboring Sales Prices as a Guide When Making an Offer:
 
            If you have found a military house that you are interested in purchasing, it is time for you to make an offer. The listing price quoted by the seller may be arbitrary, as realtors typically help home owners determine what price to list their homes at.

8. Use a Third Party Service to Manage the Earnest Money:

            By putting your money into an escrow account, you can rest assured that if something goes wrong between when you put the money down and the closing, you will be able to get your money back with very little hassle.

9. Best Wishes for Happiness in your New Military Home:

            We wish you the best of luck in closing on your new home. Be sure to speak with one of our local independent agents for help finding affordable and inclusive military home insurance to cover your investment.

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