Tips For Buyers - Canadian Real Estate 101: Selling Your Home Made Easy

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Why Buy Your Property Privately?

SAVE MONEY!

Most people think that when they buy a home it is the seller that pays for the real estate fees. While technically this may be true, in reality it's not that clear. Because the seller is forced to inflate their price in order to pay for the real estate fees, you, the buyer pays more for the home. For buyers, Real estate fees are definitely NOT FREE!!!

Personal Experience:

The second home we sold privately was closed by a real-estate agent. We had shown our home to the buyers privately (in fact we showed it twice). Then we received a call from their real-estate agent. I told the real-estate agent that if he were to get involved, I would accept nothing less than the asking price. And, guess what, we sold if for our asking price. So, we got more than we had expected, but we had to pay some real-estate commission. But the bottom line was that, despite the small commission, we got what we wanted...a WIN-WIN-WIN situation. (Unfortunately, the buyers purchased it for more than they should have, because if they went straight through us they would have saved the real estate commission.)

MORE CONVENIENT!

Dealing with the home owner directly can be much more convenient. When looking at a home would you prefer to talk to someone who lives in the house day-in day-out and understands it's benefits, or would you prefer to talk to a real estate agent who just stands there while you look at the home? Seems to be a pretty simple answer to me....

Also, once you want to make an offer, you can deal directly with the home owner and negotiate on the price face to face, rather than doing the back and forth thing. We always say that communication is crucial when buying and selling a home. For example, one home I bought, was purchased through a real estate agent. It took about 3 nights for us to get things finalized on the price and conditions, etc, because the home owners were out of town. Basically, when you sell privately, you eliminate the middleman. When you eliminate the middleman the money the middleman should be making is shared between the buyer and the seller.

YOUR ARE IN CONTROL!

The middleman (the real-estate professional), can cause confusion and in many instances his/her interests can be in conflict with the buyer and seller. You see the higher the price the real-estate agent sells the home for, the more commission. To me, it seems as if the real-estate agent is in control...not the buyer or seller.

If you remove the real-estate agent, you remove that confusion and frustration.

The myth out there is that buying and selling a home is complex. The only complex part about it is what happens after the offer has been accepted...and the lawyers do that. Whether you use a real-estate agent or not, you need the lawyers. And the lawyers fees are the same whether you use a real-estate agent or not.

If you are uncomfortable with the Offer to Purchase, get a lawyer involved at that point in time. The fee they would charge would be very small, if any. Definitely smaller than the 7% that a real-estate agent would charge.

SAVES YOU TIME!

Like I stated previously, it took 3 days to close the sale of the latest house that I purchased. By buying and selling privately, you can sit face-to-face with who you are buying from or selling to.

EASY TO DO!

Like I stated previously, the myth out there is that buying and selling a home privately is difficult. This could not be further from the truth. In fact, adding the middleman (real-estate agent) into the fold complicates matters greatly. By selling privately, you can talk directly to the person that you are buying from.