Property buying and selling is a complex process. You move on to something better while someone else upgrades your home. Trading places is legal, but emotional. Add in the interaction with real estate agents, home buyers, estimators, inspectors, bank professionals, and lawyers. it can become overwhelming in no time.
What about selling your home without all that hassle? Does such a process exist? It does, and it is a term called for sale by the owner. Others may call it a cash or private sale, but it means you are putting your place on the market by yourself.
So, why should you sell your house privately? Why shouldn’t you? As long as you have the will and time to sell your home on your own, you will have a much better experience. Let’s explore the reasons why you should sell privately.
It Saves You Money
When you sell your house privately, it can save you money. Homeownership is about costs, from what you pay to what you sell for. Every penny adds up, and the most expensive part of home ownership hits you when you sell.
It comes down to real estate fees, which in Canada are typically between 3% and 7%. However, many other factors also come into play. At its simplest, selling your house privately saves you the seller’s commission.
You will still have to pay the real estate agent that represents the buyer unless they also buy privately. There are also cash buyers with no fees.
You Are In Control
Selling a home is a complicated process, and real estate agents can offer plenty of advice. They determine the price, recommend improvements, and negotiate the sale. This may be convenient for those who dislike getting their hands dirty in real estate, but it leaves you at the agent’s mercy. While the market may dictate the price to an extent, you may not get the best representation.
With a private sale, you are in control and decide what you list the house for. You never know what someone will pay because people’s situations are unique, and your home may solve their problems.
You must be a strong negotiator and base your decisions on your selling motivation. However, in the end, you will decide what is best for your family by being in charge.
People Are Looking to Buy Privately
If you asked a real estate agent if you should sell privately, what would they say? You will be told you won’t get any exposure or marketing for your property, and no agents want to bring their clients. You won’t get a strong offer, and the paperwork is hard to understand. Sounds discouraging? That’s the point.
Selling your home alone is easy, especially because many buyers want this transaction. Some people looking to buy privately include flippers, who buy properties to sell at a profit.
Investors also look to add properties to their rental pools. Professional buyers are also available. These companies buy many properties regularly and have cash ready for quick sales.
You Can Negotiate with a Counteroffer
When you advertise that you are selling privately, these people will find you and come to see your house. They are well-versed in accessing places and can make you an attractive offer before they go. You decide on the right price.
It is possible to reach a middle ground by negotiating with a counteroffer. However, remember that their price reflects that you don’t have to pay any real estate fees or other costs associated with a standard property sale.
You Don’t Have to Fix Your Place Up
Houses deteriorate over time, a natural result of aging and use. To get the most money for selling your home, you may need to spend a lot of cash on repairs and upgrades. You can do this, but it is optional and may even be detrimental.
Upgrades and repairs sometimes translate into better offers. You may spend too much to make your house more attractive, only to lose money in the sale.
Remember, private buyers are not scared of a house that needs repair or has been neglected. They know how to make strategic upgrades to maximize their profits, so it is better to take a lower price and let them spend the money fixing it.
Published by HOLR Magazine.