Listing/selling house Privately via For Sale By Owner(MLS) - Questions


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febpreet   
Member since: Jan 07
Posts: 3252
Location:

Post ID: #PID Posted on: 19-01-15 15:51:49

Hi,

I am looking to sell my house (Townhome) privately, and without any Realtor involved. This is for the sole reason of not wanting to pay a huge commission, thus enhancing the money in-hand. I was looking for some options, and came across 'For Sale by Owner' service. I can list my house on their website as well as on MLS and Realtor.ca, with an option of paying the due commission to the Buyer's agent. The fee is $499 for 4 months and $799 for 9. Fare enough!

Of-course, I am willing to do all the paperwork on my own and with the help of a Lawyer.

Also, with deep sense and an aptitude in Interior decoration, I have already started staging and painting. So, this part is really being taken care for.

As for the open house, I will conduct it on my own professionally. Will also spread the word via. Youtube, Craigslist, Kijiji, Facebook, and other online medium.

After calculation, and if the house is successfully sold via FSBO, I will end up saving about $6000 to $7000. With all the time in my hands and not really pressured to sell in a stipulated time frame, I think I can try the FSBO option.

My questions are:

1. What is the flip side of not hiring a Realtor, and list/go straight to MLS?
2. Have anyone used the FSBO option and successfully closed the deal?
3. How's the paperwork? I am a thorough and organized individual, so will do my due diligence to not miss anything. Plus, Lawyer would come handy.
4. Inspection: Does it really have to be done beforehand or the buyer is responsible on their own. I remember when I purchased this house, I did it instead of the seller.
5. Comparable Market Analysis: I will compare the prices in my neighborhood, and list a bit lower than them. Good idea?
5. What could go wrong?



AshwaniG   
Member since: Jul 04
Posts: 1484
Location: Convinient

Post ID: #PID Posted on: 19-01-15 16:23:28

Febpreet IMO Realtor doesn't add any value but a GOOD Realtor can do wonders .
First and foremost you get much more exposure if s various advertising media is used efficiently including but not limited to door hangers and fliers in neighborhood . Remember more interested buyers means more money in pocket .
Realtor
should be a sharp negotiator . In my own case when I sold my previous house we had only one buyer who was trying to low ball . My Realtor told buyer to withdraw their offer asap so that next better offer in line can get opportunity . Next thing we know is I sold my house for 100 % listed price without any conditions . So in a way I did not pay any commission but rather made more than expected .
Inspection is solely responsibility of buyer so you need not to worry .
Downside of listing house by yourself is that there may be many by passers who may just drop in to see the house even though they will have no interest.
When a Realtor visits he is obligated to record somewhere and I feel its safer .
Listing house lower than surrounding area is a good way to start and test the water .
Good luck with your decision .


-----------------------------------------------------------------
Growing Old Is Mandatory ..Growing UP is Optional


febpreet   
Member since: Jan 07
Posts: 3252
Location:

Post ID: #PID Posted on: 19-01-15 16:50:01

Thanks AshwaniG,

My predicament is this. I bought my townhouse (built in 2005) in early 2008 when the prices were at peak (poor me!). Unfortunately, the prices of townhomes have gone down. I do have a bit of equity. However, if I hire a pretty good Realtor as you said, and after all the commissions I will be left with more or less my down payment that I paid when I bought the house. So, I will be at loss. In order to cover and lower my losses, I am thinking to take this plunge. At least, even after paying buyer’s agent commission, I will at least have something in my pocket towards the downpayment for the upgraded house.

Some people made it big in Real Estate during the past few years. I am not among them and burnt my hands, including forearms. I always advise people to not buy any Strata Condo or Townhouse for this reason alone. The market is overflowing with newer Townhouses with all the bells and whistles and the prices of existing ones are either staying where they were or just went down.

You know, this is what driving me towards listing on my own. I know the merits of having a good Realtor, but honestly helpless is what I am right now. May be, eventually if the house still won't get sold, I will hire a Realtor out of desperation. Not right now though. I will take my chances.



Full House   
Member since: Oct 12
Posts: 2676
Location:

Post ID: #PID Posted on: 19-01-15 16:56:31


Please do not list it lower than what it is worth. But surely can dicker and if cannot come upto the value, then sell it for a price under the market value.

When a Realtor enters the picture (Say 1% Realty, there is one now on the market, a BIG Group of them, ) you some times get multiple buyers (Offers) and in your case I hope they will too, you get the price you ask for and once in a while a bit more.

Celebrate and have a party then.

FH.



febpreet   
Member since: Jan 07
Posts: 3252
Location:

Post ID: #PID Posted on: 19-01-15 17:08:14

Thanks FH, I will check the 1% Realty in my area.



AshwaniG   
Member since: Jul 04
Posts: 1484
Location: Convinient

Post ID: #PID Posted on: 19-01-15 17:26:08

Febpreet you can give your bottom line to the agent and let him earn his commission on top of it . He should stage the home at his expense . Well done staging can win you anywhere from 5 to 25 K easily . It is quite common here in GTA .


-----------------------------------------------------------------
Growing Old Is Mandatory ..Growing UP is Optional


febpreet   
Member since: Jan 07
Posts: 3252
Location:

Post ID: #PID Posted on: 19-01-15 17:34:08

Yes AG,

I am currently undergoing painting and some carpets cleaning. I do have some Agents in mind, so will give them a shout once I am ready on my end. If I won't reach any sort of deal then I will go ahead and make use of FSBO.




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