Should I Sell My Home Alone?
So you want to be a FSBO? Perhaps you sold a car yourself, or a computer on Kijiji! Well then selling your house on your own is a logical next step. Going the ” For Sale By Owner ” route can’t be that difficult. Can it?
What Would You Be Responsible For?
- setting the listing price
- advertising the property
- making yourself available to let interested buyers view the property
- reviewing offers
- negotiating terms
- completing and editing contracts
- managing the paperwork once an agreement has been reached
The main positive is that you will save the money you would have spent on a professional to handle these tasks.
However, consider the following: This is a time consuming process, what is your time is worth? Do you have the knowledge and expertise to handle this type of transaction? How much money did you leave on the table during negotiations? Did you succumb to someone else’s sales techniques and demands? Did you put yourself in legal risk? Would you even know if you had?
Do You Save all The Commission?
The vast majority of for sale by owner properties are sold by Realtors. As a seller in a FSBO you must decide whether or not you will deal with a Realtor representing a buyer. If you don’t you probably just closed off the majority of your potential sellers.
What Are The Benefits & Protections From Using A Realtor?
The Real Estate Council of Ontario breaks these benefits down into three pillars
- A Realtor is educated and trained to help you navigate the process, determine price and marketing avenues, paperwork, negotiations, and closing the deal.
- Professional Standards
- Realtors in Ontario must uphold the professional standards set out by RECO
- Deposit Insurance
- deposits are insured against fraud, insolvency or misappropriation
- Errors & Omissions Insurance
- pays for damages or legal costs that arise from mistakes made by Realtors
- Deposit Insurance
The choice is yours.
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