Any suggestions of how to sell a house through a private sale?

[edkate]

What would be the best website to do the posting with?
Anybody heard of www.privaterealestate.ca? Is it any good?
My mother needs to sell the house, as she is moving in with her bf in July.

[UrbanPoet]

trying to avoid taht 3% tip?

[eliteblaze]

unless you have abuyer set up. it'd be just easier jut to find a real estate agent.. houses can easily sell above listing these days so you're losing out in revenue by limiting your market

[edkate]

Well, about the real estate: my mom's house has been on the market for a while, since December. The agent suggested the wrong starting price, therefore there were NO offers so far. So, my mother took the house off the market for now and doesnt want to use any more agents.
Now the agent is very upset:) It seems like my mother has done smth wrong. I honestly dont get the whole idea of using that agent. It's obvious that the real estat agent has done a mistake regarding the suggested house price. She is supposed to be held liable for this but we wont go that far:)

[Singh_21]

www.bytheowner.com

G'luck

[edkate]

anyone else knows anything?

[north77]

There's a couple of things that could be wrong in this case. 1. The house needs some fixing up/clutter removal before showcasing it 2. Your agent is useless and is not committed to finding YOU a buyer. If the listing price your mother wanted was too high, she should have told your mother that, and adjusted it accordingly. 3. a combination of 1 and 2.

I would drop that agent and start looking for someone else that can actually get your house sold!

Have some people act as potential buyers at an open house, and do a walk through of your house. Listen to the their feedback on the property. This way you get an idea of what needs to be done for number 1 above.

Good Luck.

[rb]

1) decemeber / Jan / Feb are slow months .....not supprising the house didn't sell
2) the price should be determined by the OWNER, the agent will advise using previous solds as a comparison to what the price SHOULD be , BUT the owner ultimately decides.
3) If there is a holdover period , and you sell it privately , u may still be liable for the agents comission ..be careful
4) as for selling privately, despite what some may think its not that easy. Since buying agents cost you nothing most qualified buyers are already with an agent and will not be shown your moms house. The first thing people will ask for in a private sale is a discount since you are saving the commission.

A friend of mine used bytheowner.ca , didn't sell and cost him a few hundred dollars.

Try putting up a sign or so , do open houses and see what the interest is , if you don't sell in the spring market, u better go thru an agent IMO.


RB (realtor)

[peterbrowne]

1) decemeber / Jan / Feb are slow months .....not supprising the house didn't sell
2) the price should be determined by the OWNER, the agent will advise using previous solds as a comparison to what the price SHOULD be , BUT the owner ultimately decides.
3) If there is a holdover period , and you sell it privately , u may still be liable for the agents comission ..be careful
4) as for selling privately, despite what some may think its not that easy. Since buying agents cost you nothing most qualified buyers are already with an agent and will not be shown your moms house. The first thing people will ask for in a private sale is a discount since you are saving the commission.

A friend of mine used bytheowner.ca , didn't sell and cost him a few hundred dollars.

Try putting up a sign or so , do open houses and see what the interest is , if you don't sell in the spring market, u better go thru an agent IMO.


RB (realtor)
hey, ur a realtor? Then you should know that 99.999999999% of the time there's a 90 day holdover. Also, point 4 you said "Since buying agents cost you nothing most qualified buyers are already with an agent and will not be shown your moms house. The first thing people will ask for in a private sale is a discount since you are saving the commission." but you forgot to mention that the buyer's agent often goes to private sales which the buyer is interested in and try's to take an exclusive listing (WHY DID TREB GET RID OF THE EXCLUSIVE LISTING AGREEMENT FORM :mad: ?)

[Jabb]

Just go to a real estate agent! (my dad is one :P)

[rb]

hey, ur a realtor? Then you should know that 99.999999999% of the time there's a 90 day holdover. Also, point 4 you said "Since buying agents cost you nothing most qualified buyers are already with an agent and will not be shown your moms house. The first thing people will ask for in a private sale is a discount since you are saving the commission." but you forgot to mention that the buyer's agent often goes to private sales which the buyer is interested in and try's to take an exclusive listing (WHY DID TREB GET RID OF THE EXCLUSIVE LISTING AGREEMENT FORM :mad: ?)


Thats why I said IF there is a holdover period and secondly the time frame differs could be 60 days could be 90 days ......some agents will apply it others won't, u try and get commission from one of your old listings during the holdover period...u gonna take them to court ? .....good luck!

Many FSBO (for sale by owners ) ...do not want to deal with agents period. That the point of them selling privately. They don't want to pay any commission.

[grant]

1) decemeber / Jan / Feb are slow months .....not supprising the house didn't sell

Nonsense, unless it's some unique or agricultural property, 4 months on MLS without an offer let alone a decent one in today's environment is unacceptably long and indicates a serious problem with the listing.

I agree in the slow time, it could take longer to sell, but we're talking 4 weeks instead of 2.


2) the price should be determined by the OWNER, the agent will advise using previous solds as a comparison to what the price SHOULD be , BUT the owner ultimately decides.

Owners are (generally) ignorant of market value, realtors are (supposedly) experts on market value. It's the realtor's OBLIGATION to give good advice, no the owner's obligation to magically recognize & ignore bad advice.


3) If there is a holdover period , and you sell it privately , u may still be liable for the agents comission ..be careful

Indeed! Cancel that contract! You don't want your snakey ex-realtor crawling out of the woodwork suing you after letting you down!


4) as for selling privately, despite what some may think its not that easy. Since buying agents cost you nothing most qualified buyers are already with an agent and will not be shown your moms house. The first thing people will ask for in a private sale is a discount since you are saving the commission.

A common misconception... buyer's agents don't cost "nothing," their costs are built into the price of the home. Who's money is buying the home? That's right, the buyer.

Don't be surprised if you have agents knocking on your door offering to bring you a buyer... for a commission! And yes, you should expect unrepresented buyers to ask for a discount also.


A friend of mine used bytheowner.ca , didn't sell and cost him a few hundred dollars.

Yes, I think "for sale by owner" is a mistake unless you have a LOT of time to sell. You'll only reach a small fraction of potential buyers no matter how industrious you are.

I would ONLY list on MLS. For the least effort you reach the most potential buyers. (it's kind of like trying to sell on yahoo auctions vs. ebay).

...
Really, it sounds like your Mom's problem is she picked a BAD agent, not that she used one at all. There are lots of good ones and lots of not so good ones. However, if she's determined not to get help any more, she should at least list her home with a "no-service" agent (eg., erealty.ca (http://erealty.ca)) to get MLS exposure as well as protection from liability issues that having a LICENSED realtor looking over her contracts will provide.

[peterbrowne]

Nonsense, unless it's some unique or agricultural property, 4 months on MLS without an offer let alone a decent one in today's environment is unacceptably long and indicates a serious problem with the listing.

I agree in the slow time, it could take longer to sell, but we're talking 4 weeks instead of 2.



Owners are (generally) ignorant of market value, realtors are (supposedly) experts on market value. It's the realtor's OBLIGATION to give good advice, no the owner's obligation to magically recognize & ignore bad advice.



Indeed! Cancel that contract! You don't want your snakey ex-realtor crawling out of the woodwork suing you after letting you down!



A common misconception... buyer's agents don't cost "nothing," their costs are built into the price of the home. Who's money is buying the home? That's right, the buyer.

Don't be surprised if you have agents knocking on your door offering to bring you a buyer... for a commission! And yes, you should expect unrepresented buyers to ask for a discount also.



Yes, I think "for sale by owner" is a mistake unless you have a LOT of time to sell. You'll only reach a small fraction of potential buyers no matter how industrious you are.

I would ONLY list on MLS. For the least effort you reach the most potential buyers. (it's kind of like trying to sell on yahoo auctions vs. ebay).

...
Really, it sounds like your Mom's problem is she picked a BAD agent, not that she used one at all. There are lots of good ones and lots of not so good ones. However, if she's determined not to get help any more, she should at least list her home with a "no-service" agent (eg., erealty.ca (http://erealty.ca)) to get MLS exposure as well as protection from liability issues that having a LICENSED realtor looking over her contracts will provide.
Are there ane erealty type things in the GTA? And I dont recommend FSBO (pronounced Fis Bo, meaning For Sale by Owner) either.

[daisyville]

Not knowing what your Mom's house shows like or what market it's in, I'll just make the following suggestion (albeit in a bit of a vaccuum).

I'm a tad addicted to HGTV. There are a number of shows on like "Sell This House" or "Neat" or "Curb Appeal" that illustrate a variety of scenarios which your Mom may be experiencing some (or none).

When we live in our own home, we stop seeing the little things that a potential buyer would. Things like unpainted trim, or little repairs that are not done, or just clutter can blend into our daily routine, and not be very apparent to us anymore. These things can derail potential buyers.

If your Mom has a clutter problem, you may want to consider calling in a professional organizer. In some urban settings, there are also people in the business of 'staging' now. This means fluffing up your house in a way that makes it very appealing to the demographic. It may mean fresh flowers, partially poured glasses of wine, cheese and crackers, could mean magazines strewn across the floor. It just makes a place seem hospitable, lived in, yet very appealing all at the same time.

I often notice on "Sell This House" the debate that arises between agent and vendor. While the vendor does pick the price, the agent may advise them otherwise. If an agent says that 200K is the right price and the vendor insists on 250K, it may sit for a while. In this situation, the agent may be blamed for the lack of a sale, even though the vendor was advised otherwise.

It's amazing to me what a couple thousand dollars will do to the look of a house. Little tricks like putting excess stuff in storage (because you're gonna pack and move anyway right - so why not pack now), fresh coats of paint, perhaps taking out older carpeting, dated wall coverings, and de-personalizing a space will go a long way to attracting buyers. Sometimes smells in a house will attract or detract potential buyers as well. I've been in homes I cannot breathe in. Needless to say, the sale wasn't made. (In that case, it was mold - I have a nose for it).

Some agents may advise you to move furniture differently. We may live in a space with furniture arranged a certain way because it's functional, but is it the most appealing way to view a space? You can always move it back after an open house or showing.

I have sold privately, although I did not seek the buyer - they sought me. In this case I just borrowed a sales agreement from a realtor, we used that as a template, and then got a lawyer. Good luck to your Mom.

Tracy

[ferkel]

Don't believe the hype that the real estate market is red hot and people are overbidding. its a buyers market right now.

[grant]

Are there ane erealty type things in the GTA?

there ought to be, there's at least 2 companies around vancouver doing this. For locals, i really recommend erealty.ca ... they're great people, i'm currently listing my 3rd property with them.

[grant]

Don't believe the hype that the real estate market is red hot and people are overbidding. its a buyers market right now.

"hype" huh? Try to tell that to sellers who ended up with 30 people seeing their home the first saturday it's on the market, and getting multiple offers over list that evening.

Admittedly, those are the extreme examples which hit the local paper... but around here, decent homes priced fairly are sold nearly immediately.

[rb]

Grant - you seem to think everyone can sell privately , its not as easy as you make out to believe, even WITH an agent and with a board outside STILL the house wouldn't sell , you think selling privately would make it easier or not?



AND NO Buyers will determine the price of the house unless you have dealt with lots of buyers (which you haven't), ..MOST are not ignorant of the value of their house, MOST check local sales themseleves whne they know they are about to sell.

[daisyville]

AND NO Buyers will determine the price of the house unless you have dealt with lots of buyers (which you haven't), ..MOST are not ignorant of the value of their house, MOST check local sales themseleves whne they know they are about to sell.

There is truth to this. The lesson I learned (recently) is that the price a house is listed for is not necessarily a good indicator of what the value of a house is. The price that houses of a similar size and description has SOLD for is a far better indicator.

Last year when I sold my house I got sticker envy as a guy down the street listed his house for some $70K more than I had sold mine for. I called my agent. He said "Tracy, he's on crack". Needless to say, that house is still for sale, almost 9 months later.

....and I'm in a reasonably hot market, where, as another member noted, houses fairly priced move reasonably quickly.

Tracy

[grant]

Grant - you seem to think everyone can sell privately ,

Huh? When did I ever say that? Please re-read my posts & quote it for me.

That's a pretty daft comment for you to make considering I just admitted I currently have a property listed with a realtor...


AND NO Buyers will determine the price of the house ...

Buyer's don't determine the LISTING price of a home, which is the issue here since the original poster claims the LISTING price was too high.

[rb]

Huh? When did I ever say that? Please re-read my posts & quote it for me.

That's a pretty daft comment for you to make considering I just admitted I currently have a property listed with a realtor...



Buyer's don't determine the LISTING price of a home, which is the issue here since the original poster claims the LISTING price was too high.


So who determines the listing price Grant ....? If i want to list my house at $500k and the agent advises $400k ...., since i own the home I guess I HAVE to accept what the agent says ? Wrong ..You own the home , You decide what you want to list at, listen to the advice of the realtor or not , you aren't forced to list your home at a price you don't agree with

[grant]

Don't believe the hype that the real estate market is red hot and people are overbidding. its a buyers market right now.

My property hit the MLS this morning, and by 1pm I had 3 showings lined up. #3 was worried "is this property still available?"

Previous sale in the complex was $160,000 2 weeks ago. I listed mine for $162,000, i.e., $2,000 more so obviously I'm not attracting bargain hunters.

Buyer's market? I don't think so... not when realtors are circling like vultures to show my place. From my experience, I expect to have 10-12 showings and 1-2 offers by the weekend, and it will sell for $160-$164k.

[grant]

So who determines the listing price Grant ....? If i want to list my house at $500k and the agent advises $400k ...., since i own the home I guess I HAVE to accept what the agent says ? Wrong ..You own the home , You decide what you want to list at, listen to the advice of the realtor or not , you aren't forced to list your home at a price you don't agree with

What, where is your justification of your statement: "Grant - you seem to think everyone can sell privately ,"?? ... Fine, you don't have to admit you're wrong, I found the proof in this thread already:


Yes, I think "for sale by owner" is a mistake unless you have a LOT of time to sell.

Back to the listing price.... Stop trying to fabricate a scenario which did not occur here. It was the incompetent agent who suggested too high a price, not the seller.

Are you trying to imply that realtors don't have a fiduciary & moral obligation to recommend a reasonable listing price? Don't try to take this guy off the hook- he screwed up.

Realtors always represent themselves as skilled, educated, and experienced in the real estate industry. This idea that this guy's naive mother was somehow supposed to ignore this "experienced" advice to come up with the correct price on her own is nonsense. WTF was she paying him for if he can't help get the home sold?