Think Twice Before Considering an FSBO

Michele Fritz

You may believe that buying a home directly from a seller is your cheapest option, as you’ll save on the commission that would otherwise be paid to a real estate agent.

However, buyer beware: There are plenty of traps for the unwary in buying a For Sale By Owner (FSBO.)

The selling price

Take the value of the property: In an FSBO, the seller sets the price, usually without consulting an agent. However, regardless of what either you or the seller think the property is worth, it still must stand up to the scrutiny of a lenders’ appraisal.

Why? Because lenders, who have their own appraisal review departments, will only lend money against either the lower of the appraised value or the contract price.

As the buyer, you usually pay for the appraisal; if the property turns out to be overpriced, and the seller is adamant that, regardless of what…

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Walking in the street for years

Eliot Neighborhood

MLK Sidewalk Closed Sidewalk closed on MLK

Over the past 3 years, a construction project at the corner of NE Monroe and NE Martin Luther King, Junior Boulevard (MLK) has blocked the sidewalk on the west side of MLK. This has created a situation where people can either walk 1200 feet out of direction by going to Rodney and back, cross MLK twice or just walk in the road.

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