250 Indianwood Ln, West Chicago, IL 60185

Here are the basic steps to follow:

• After you have identified the property, contact the seller and find out all you can about the property: What is the selling price? What is the timing of the sale? And whatever other information the seller is willing to offer related to the property.
• Go look at the property and surrounding area and make certain this property meets your requirements. (Please keep in mind that the owner may still be living in the property and their privacy should be respected)
• Once you have established that the property and the price are right for you, research recent sales in the area to make certain your offer is in line with other property values in the area.
• Hire a professional appraiser to determine the property’s market value.
• Present your offer on the property spelling out very specific conditions of the sale. Your “subject to” offer should have as a minimum the requirements that the property appraises for the price you are paying, that it passes all inspections, that the title is clear, and that you and the property qualify for the financing you will need to complete the purchase. If you give a good faith deposit with your offer make certain that it will be returnable should the property fail in any of these conditions, or you should fail to secure financing.
• Once you and the seller have both signed the offer, that becomes a binding contract and the basis upon which your purchase will be structured.
• Hire qualified inspectors and test for roof issues, termites or other infestations, mechanical and electrical systems, heating and air conditioning units, environmental concerns. Money spent on these inspections is money well spent. Should the inspections show problems of any sort, then discuss with the seller your concerns and determine if you and the seller can come to terms on what adjustments to the purchase price will be made to mitigate the problem, or if the seller can correct the problem prior to the consummation of the sale.
• Have a real estate attorney or title company search the title to the property to make certain that title can pass to you unencumbered by liens, assessment, unacceptable easements, or any other issues that can prevent the seller from transferring clear and acceptable title to you and that your lender’s interest is insurable.
• When you have determined that your offer and acceptance are assured, secure your financing for the deal through a lender.
• Have your attorney or title agent act as escrow agent, and when all the conditions of the sale have been met, schedule the closing.

While it is true that For Sale by Owner sales can be a source for good deals in real estate, it is also true that this kind of transaction leaves a lot of the work up to the buyer and seller to organize and expedite. The sale of property can be completed between you and the seller on your own if you take an organized approach and write the sales agreement in such a way as to give yourself the protections you will need. Follow these steps in getting from finding the deal to closing on it. Hire professionals such as appraisers, inspectors, lenders, and title agents who can protect your interest as you go from the offer to the closing.

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