Personal Finance

Locked: Selling a house privately some questions...

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  • Jun 27th, 2015 9:19 pm
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[OP]
Banned
Jan 16, 2015
869 posts
86 upvotes
Toronto, ON

Selling a house privately some questions...

Think of selling my house soon, maybe privately. I had a few q's

1) Is it a good idea to put in the ad, mls or kiji "buy this house without an agent and save 2.5%" I was planning to set the price say for example 200k+2.5% so 205k.
2) Once it is on the mls do you have to put the little combo box with a key inside? Do the agents just show the place when ever they like?
3) I was thinking to let the place stew for some, this market is very slow. So i was thinking to list but not show it for a couple of months to build interest, truth is i might take an extend vacation.
4) If you don't like an agent or buyer, can you just tell them to get lost?
5) If you accept an offer with a home survey and they discover issues are you required to sell it an discount or fix it?
6) If you warrant the house as in good condition and they discover some minor problems down the road will i get sued?
7) Are some pro buyers more of a predator? Should i avoid them and sell to simple janes and joes?
8) I was thinking to hire a local uni student to open the door and show it people if i am not around and tell them to just keep their mouth shut. Good idea? I assume there will a lot of tire kickers.
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Deal Fanatic
User avatar
Apr 20, 2011
5310 posts
484 upvotes
Vancouver
Buccio wrote: Think of selling my house soon, maybe privately. I had a few q's

1) Is it a good idea to put in the ad, mls or kiji "buy this house without an agent and save 2.5%" I was planning to set the price say for example 200k+2.5% so 205k.
2) Once it is on the mls do you have to put the little combo box with a key inside? Do the agents just show the place when ever they like?
3) I was thinking to let the place stew for some, this market is very slow. So i was thinking to list but not show it for a couple of months to build interest, truth is i might take an extend vacation.
4) If you don't like an agent or buyer, can you just tell them to get lost?
5) If you accept an offer with a home survey and they discover issues are you required to sell it an discount or fix it?
6) If you warrant the house as in good condition and they discover some minor problems down the road will i get sued?
7) Are some pro buyers more of a predator? Should i avoid them and sell to simple janes and joes?
8) I was thinking to hire a local uni student to open the door and show it people if i am not around and tell them to just keep their mouth shut. Good idea? I assume there will a lot of tire kickers.

If its a true FSBO for sale by owner listing only on KJJ and not on the MLS, some buyers will try to bargain down knowing you are saving the commission

If there are issues after a survey whether or not you have to fix them depends on whether the buyer cares or not.

Anyone can legally show a home if they do not say anything about it(ie: just open the door)

You can tell anyone you want to 'get lost' but of course its better done tactfully

Its optional to have a lock box. Some agents ask you before showing it, some do not.
Deal Expert
User avatar
Aug 2, 2010
15193 posts
4974 upvotes
Here 'n There
I would always use an MLS listing. Get a flat rate one.
Deal Addict
Aug 30, 2011
3489 posts
1231 upvotes
Ottawa
Don't bother advertising to sell if you're planning on playing hard to get. Also, as soon as you say $200,000 in an ad, people will ignore the "+2.5%" and will bargain you down from $200,000. Do you have a valid appraisal? Without that, how do you know what your home is worth? Buyer's generally dislike FSBOs, since the sellers often don't know how to proceed, and over-value their homes. If you are giving the buyer the savings from not having an agent, why bother? Or do you mean, you plan to show your home to people? How will you know they are serious and qualified buyers?

Judging from your questions, I don't think you should try to sell privately. But, being RFD, everyone is an expert so I guess you'll try anyway ;)
[OP]
Banned
Jan 16, 2015
869 posts
86 upvotes
Toronto, ON
OttawaGardener wrote: Don't bother advertising to sell if you're planning on playing hard to get. Also, as soon as you say $200,000 in an ad, people will ignore the "+2.5%" and will bargain you down from $200,000. Do you have a valid appraisal? Without that, how do you know what your home is worth? Buyer's generally dislike FSBOs, since the sellers often don't know how to proceed, and over-value their homes. If you are giving the buyer the savings from not having an agent, why bother? Or do you mean, you plan to show your home to people? How will you know they are serious and qualified buyers?

Judging from your questions, I don't think you should try to sell privately. But, being RFD, everyone is an expert so I guess you'll try anyway ;)
That makes no sense what so ever. I am planning to sell at reasonable market value yes at a firm price so people do waste time. Why wouldn't i bother to advertise? Of course i would use flat rate MLS and other methods such as detailed web site again so people do not waste my time. If a buyer has an agent they get the 2.5% for negotiating with me. If they don't have an agent they would get the discount themselves which i would prefer. I just wondered if this would turn the agents off because the buyer would probably look at the MLS ad themselves at some point. To proceed is they make a written offer. Of course i would show the home if they have no agent or even if they did. I don't know if they are serious or qualify i assume most people are not just wasting time looking at houses for sale, how do you know if someone contacts you for anything on kijij if they are serious or not?
Deal Addict
Jun 6, 2015
1435 posts
233 upvotes
Look at eonibm's posts on this topic.

Good luck with the house sale - the amount real estate agents make is daylight robbery,e specially when most of them are lying salesmen.

Good luck.
Deal Fanatic
User avatar
Nov 19, 2004
9122 posts
2025 upvotes
Cambridge, ON
Perhaps word it more as 2.5% commsiion for the buyer agent or buyer if no agent used.

That way you arent antagonizing sensitive RE agents and you are making potential buyers think before enlisting an agent for the transaction.
Deal Fanatic
User avatar
Apr 20, 2011
5310 posts
484 upvotes
Vancouver
Look at landking and loriblums posts on the topic. The amount realtors make is fair and most of them are honest and have an ethics code to abide by.

fsbofsbo.ca is a good place to start for a bargain priced mls only listing without extras.
Deal Addict
Aug 30, 2011
3489 posts
1231 upvotes
Ottawa
Buccio wrote: Think of selling my house soon, maybe privately. I had a few q's

1) Is it a good idea to put in the ad, mls or kiji "buy this house without an agent and save 2.5%" I was planning to set the price say for example 200k+2.5% so 205k.
2) Once it is on the mls do you have to put the little combo box with a key inside? Do the agents just show the place when ever they like?
3) I was thinking to let the place stew for some, this market is very slow. So i was thinking to list but not show it for a couple of months to build interest, truth is i might take an extend vacation.
4) If you don't like an agent or buyer, can you just tell them to get lost?
5) If you accept an offer with a home survey and they discover issues are you required to sell it an discount or fix it?
6) If you warrant the house as in good condition and they discover some minor problems down the road will i get sued?
7) Are some pro buyers more of a predator? Should i avoid them and sell to simple janes and joes?
8) I was thinking to hire a local uni student to open the door and show it people if i am not around and tell them to just keep their mouth shut. Good idea? I assume there will a lot of tire kickers.
This makes you sound like you're not serious. Really? You'd advertise, then take a vacation? I think you're trolling....
Deal Expert
User avatar
Jul 5, 2004
26335 posts
5343 upvotes
OttawaGardener wrote: This makes you sound like you're not serious. Really? You'd advertise, then take a vacation? I think you're trolling....
I think so too.

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