For sale by owner, how does it work

How does for sale by owner work? Do the seller and buyer just negotiate with each other? What about things like CO, inspections,etc? What are the negatives as a buyer for a fsbo?

Re: For sale by owner, how does it work

I bought a FSBO. You have to negotiate a price with the seller directly. You still have to get a home inspected done and contact a lawyer. (don't remember which came first lawyer or inspection).

Our lawyer handled everything including having them update their C of O.

The negative we experienced was the seller had direct contact to us. We got numerous phone calls and requests for documents to prove that we could afford the house (beyond normal). Also they would ask us to help out with some repairs. They were an older couple so sometimes we just felt bad saying no or we tried to accomodate them just a little. I think if it was just a realator involved it would have just made it into a business transaction, but since we dealt with them we knew stories about the house who lived there etc etc and formed a relationship.