Selling a house privately

[Joe_Mama]

Wondering what's involved with selling a house privately as opposed to selling a house through a real estate agent? A house down the street has sold their house for $285,000 through Century 21 and it is the exact same model of house that I have. If I were to sell my house privately, would I have to sell for less than that because I'm not going through an agent?

What sort of paper work do I need to do if I sold my house myself? Obviously I would still need a lawyer but just wondering what else is needed.

Thanks in advance!

[BillD]

You should expect to get the same price, but, obviously the buter will think you should take less, since you won't be paying commission. You can get a standard offer form from a lawyer, or possibly elsewhere, that will be pretty much the same as the one a realtor would use. A real eastae agent is of more use in a hard to sell situation, than a desireable location, in a hot market. An agent might disagree, but that is my opinion. Some people will shy away from a private sale, but really, there is no reason for it to be any different.

[TedN]

More info on this topic here (http://www.thecomputermechanics.com/forums/showthread.php?t=8850&highlight=condo)

Ted

[Mouse]

If they are selling 'like hot-cakes' you could use one of those people that charge a set fee, like $1,200.

But they will probably not have MSL listings, etc.

But if your area is hot, perhaps a sign on the lawn will be worth a couple of thousand dollars?

But remember, replacing your home is another matter, unless you move w-a-y out. ;)

[Lesley]

You could interview realtors and see if you can find one who is willing to sell your house and accept a lower percentage. On a house that expensive there's no reason they wouldn't accept a lower rate - it's still easy money for them if the property area is hot. It's no fun paying someone 6% but it's nice to have someone there to deal with the paperwork and make sure you're protected.

[Mouse]

If it's hot, they shouldn't need MLS, so that could shave 1%, at least, off of the commission.

You know, you can always modify the commission rate, initial the change in the right boarder, and watch them squirm. ;)

[T_Totler]

In a hot area, you don't need a realtor period. Only a good real estate lawyer and a good ad in the paper.

[Thaiwoo]

As mentioned, I like the protection and the support from the realtor.

When we sold our house a year and a half ago we had it listed on Friday and it was on MLS.ca for the weekend and then on Tuesday only we had showings all day long and by the evening it was sold for more than what we asked for and no house inspection.

Two more houses on the street went similar while the fourth was a private sale. It didn't sell until they went with an agent. They were hoping that the traffic of potential buyers would stop and look at their house. Most people that came looking at the houses were with agents. If the people wanted to go and look at the house that was for sale privately, they kind of wooshed them along and away from there!

I noticed the same in the new neighbourhood where we live now. Houses with agents sold fairly quick while the private sales didn't until a realtor got involved.

Hey if you're not in a rush and don't mind doing the paperwork together with a lawyer I say go for it. As they say, nothing ventured nothing gained.

[T_Totler]

As I said, it depends on the area. There are certain areas here in Toronto where there are "bidding wars" and houses often sell within hours and in that environment, you simply don't need a realtor. Total waste of money.

In real estate, it's still "Location, Location, Location".