Buying Privately Pros and Cons

Pros of Buying Privately
The Buyer feels they are getting a deal. Beware and know your market. What has sold comparable to this property in the last 4 months?What are comparable properties listed for? You may not have to compete with other Buyers.

Cons of Buying Privately
You may end up over paying for a property by not knowing the market. Failure to protect yourself in an Offer with proper clauses such as Home Inspection, Insurance Inspection, Sellers Disclosure may result in buying a "lemon" or a "money pit". Failure to have the Offer written up properly with proper dates and time lines may result in the Offer being terminated at a later date. You may fail to document chattels and items that are to stay with the property.

Be Specific: You do not want to show up on moving day to find the stainless steel fridge and stove you negotiated for has been replaced with a beer fridge or harvest gold appliances.

You may fail to put in a debris clause, which may result in the Buyer taking the Sellers garbage to the dump and paying for it. The Buyer must follow through on bank financing and inspections within a proper time limit. The Buyer should include a final inspection clause so there are no problems during closing.