Considerations When Selling Your Home By Owner
Updated: Aug 25, 2021
If you’re a confident ‘do-it-yourself’ kind of person, you may be considering selling your home yourself. While the rise in home prices has been good for sellers, commissions and the costs associated with moving also risen. Saving real estate commissions is one of the biggest motivations people have for selling their home privately. In Alberta you are not legally required to use a real estate agent to sell your home. It is important to not overlook the value in using a realtor. Relators have the expertise to properly evaluate the selling price of you home, are in contact with many potential buyers, and have access to professional real-estate listing services such as the MLS. In addition, an experienced realtor can make suggestions for improvements to your home to help it sell quickly and at the highest price
On the flip side, more and more buyers begin the search for their new home online, before contacting a realtor. With increased ways for sellers to advertise their home, such as virtual tours, private listings websites, online classified like KIJIJI and local newspaper listing, it’s now easier than ever for buyers and sellers to find one another.
If you’ve made the decision to sell your own home, here are some things to keep in mind to make your home selling experience a success.
Private Home Seller Companies
Selling your own home doesn’t mean you are entirely on your own. There are several private home listing companies that can help you with the selling process. In many cases that includes help in determining the pricing of your home, online listings services including access to the MLS, sales contracts, printable features sheets, sales coaching, fixed price fees, and more. Often, the costs for these private seller services are less than if you sourced them each out individually.
Pricing Your Home
Incorrectly pricing your home is a common mistake made by people who are selling their own home. It’s easy to get emotionally vested in the value of your home or overestimate the value of improvements you have made. One consideration is to hire a licensed property appraiser. A property appraiser will give you a professional, unbiased evaluation of your home’s worth, based on comparisons with similar homes sold in your neighbourhood. An appraisal will also give you great credibility in the negotiation process.
To avoid any potential legal problems, you’ll want to have an experienced real estate lawyer prepare or review your purchase agreement. Remember, once you and the buyer have signed the agreement it becomes a binding legal obligation that cannot be changed without the written consent of all parties. Your lawyer will be responsible for holding the buyer’s deposit and ensuring the transaction is completed properly. Your lawyer will handle all aspects of the transaction including Land Title searches and registrations, discharge of mortgages, calculations with respect to payments of utilities and property taxes. They then make adjustments to determine the final amount due for the sale of the property.
Whether you choose to sell your house by owner, or with the help of a realtor, SUMMIT LEGAL GROUP is happy to look after the legal requirements for the sale of your home. SUMMIT LEGAL GROUP - trusted Real Estate lawyers in Calgary. Please contact our office to ask about our ‘No Surprises’ flat rate fees for real estate legal services. Phone: 587-356-0356 or Email: email@example.com