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When you decide to sell your house privately, what are some of the concerns that you may need to address?

As a private seller, you will have to open the door to buyers either by appointment or by an open house. As you are taking on this venture independently, you have no idea who is going to be showing up at the door. Statistically, an open house is the least chance of selling your property and a very good chance for a break in.
 

 

  • SERIOUS BUYER - A buyer who is serious, willing and able to buy a property, and is a buyer that has a sense of urgency. An example of this type of buyer, is someone who is in town for the weekend and looking for a property. This person and their family might be moving to the city for a new job and they need a place right now.
     
  • CAUTIOUS BUYER - A buyer who has the money to buy a place and has the desire to buy a place, but is proceeding with caution. This person is usually a first time home buyer and typically won't buy the first house they see.
     
  • BARGAIN HUNTER
     
  • LOOKING FOR DECORATING IDEAS

Typically, people who show up at open houses fit into category number 3 or 4. They are looking for a deal or decorating ideas.  Let's pretend you fit into the "serious" buyer category. You are planning a trip to the city and you know that one way or another, you are leaving the city with a new house under your belt.

 

 

You land at the airport. You rent a car and drive up and down foreign streets looking for a house in areas that you have never been in, you know nothing about, and only to go to private sellers to buy a house not knowing whether or not the house is priced right or not. Negotiate on your own behalf, and then drive your rental car back to the airport and leave not really knowing how things are going to proceed.
Well in advance of landing at the airport, you are in constant communication with a professional Real estate agent discussing your likes and dislikes. You are picked up at the airport and driven to properties that you personally have already screened via the information that has been forwarded to you from a Real estate professional. You are driven around, shown the areas, discussed the schools, and have a professional negotiator on your side to counsel you on what is fair value in your desired areas. After being dropped off at the airport, you are left knowing that you have an agent to negotiate, handle the details, and finish the deal in a professional manner leaving you without a worry.
  
Please put yourself in this particular "serious" buyers shoes. What is the "only" benefit to choosing OPTION #1? The only true benefit is to save a commission. YOU ARE TRYING TO SAVE THE COMMISSION AS WELL! It's ironic. When buyers are shopping direct sellers, they are walking in as the bargain hunter. They know that you are not paying a commission and as such expect to get a sweet deal on the property. Is this really the type of buyer that you are looking for? There was a 10 year study done that shows that listing your home with a Real estate agent will "NET" you 3% + more in your pocket! I'm constantly amazed at how many F.S.B.O.'s (or people who pay in excess of $595 to companies to "help" sell their homes), are selling their properties "well below" market value.

In March of 2006, I stumbled across a property that recently paid for a "no commission" company to handle their sale. Using generous figures, I believe that they undersold their home by approximately $40,000! Did they really save a commission? And they did all of the work themselves!

Not to mention the private sellers that are currently fighting lawsuits due to improperly drawn up contracts. An example of this - a seller accepts 2 offers on their home (in a multiple offer situation) and in essence, sold their property twice. Adding a potential lawsuit to one of the most stressful events of your life... not good. A move is not only stressful, but is also very emotional. I have personally had people crying, fighting and laughing all within the same hour of receiving an offer. Believe me when I say... you do not want to go through this type of emotional experience with a stranger you just met off of the street. Also, when you show emotion, you are showing motivation to the buyer. One of the biggest mistakes a seller can make is to give away motivation for selling.

 

  
  • You have to make sure you get all the right docs and paperwork for the deal, get a lawyer, which costs some money. If you miss out on something, you can be liable to being sued - or worse, lose your property.
     
  • You have to take and field all calls, make appointments, show the property yourself and look at offers .
     
  • You need to setup the appointments and fees also with the title company, not to mention making sure that your property meets all municipal guidelines.
     
  • Have ready an R.P.R. with municipal acceptance.
     
  • Property MAY take longer to sell, since agents tend to bring you more opportunities
    When selling w/ agent.
     
  • Since the property will be listed on MLS - you will get more offers, and often, more GOOD offers - and thus, you may lose out on some $ here if you don't list with them.
     
  • You will develop relationships with RE contacts in your area, something you may need for the future.
     

 
You get a tooth ache, You have two choices.

1. You work on it yourself

Or

2. You go see a dentist

What is your choice going to be???

You seek out a professional!

CHANCES ARE SERIOUS BUYERS DON'T EVEN KNOW THAT YOU ARE SELLING YOUR HOUSE. SERIOUS BUYERS CALL A REALTOR FIRST.

GET MORE MONEY, HAVE PEACE OF MIND, FEEL SECURE, AND KNOW THAT YOU HAVE SOMEONE THAT IS ACTUALLY WORKING FOR YOU TO GET YOU THE QUICKEST SALE, THE FEWEST PROBLEMS AND THE MOST AMOUNT OF MONEY POSSIBLE.

HIRING JASEN COURTEPATTE WILL GIVE YOU PEACE OF MIND WHEN SELLING THE MOST VALUABLE POSSESSION YOU OWN.

The data included on this website is deemed to be reliable, but is not guaranteed to be accurate by the REALTORS® Association of Edmonton. The trademarks REALTOR®, REALTORS® and the REALTOR® logo are controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA. Used under license.