Selling Privately Pro's and Con's

Pros:

1) You save the fees charged by a Realtor

Cons:

1) You may under value your home. Your home could have generated more money on a hot market if placed in front of multiple Buyers.

2) You may over price your home. You may still generate showings but no offers resulting in, “What's wrong with the property?”

3) Allowing non qualified Buyers to view your home. Its very important to know what a Buyer can afford prior to them viewing your home other wise its a complete waste of time.

4) No follow up. The Buyer said they loved your home, and that they would be in touch, but no call back.

5) An appointment booked. The Buyer fails to show up, and doesn't call to let you know.

6) Not knowing who you are letting go through your home. Never let anyone into your home without out knowing who they are.

7) The Buyer verbals an Offer or drafts it on an improper form. This could allow the Buyer an out if they decide to walk or get cold feet.


Buying Privately Pro's and Con's

Pros:

1) The Buyer feels they are getting a deal. Beware and know your market. What has sold comparable to this property in the last 4 months?  What are comparable properties listed for?

2) You may not have to compete with other Buyers

Cons:

1) You may end up over paying for a property by not knowing the market.

2) Failure to protect yourself in an Offer with proper clauses such as Home Inspection, Insurance Inspection, Sellers Disclosure may result in buying a “lemon” or a “money pit”

3) Failure to have the Offer written up properly with proper dates and time lines may result in the Offer being terminated at a later date.

4) You may fail to document chattels and items that are to stay with the property.

Be Specific: You do not want to show up on moving day to find the stainless steel fridge and stove you negotiated for has been replaced with a beer fridge or harvest gold appliances.

5) You may fail to put in a debris clause, which may result in the Buyer taking the Sellers garbage to the dump and paying for it.

6) The Buyer must follow through on bank financing and inspections within a proper time limit.

7) The Buyer should include a final inspection clause so there are no problems during closing.


Closing Costs
Avoid the surprise on closing, know your closing costs.

Some Sellers will negotiate appliances, window coverings, light fixtures, etc.

GST: Understand this tax and know whether it is "included in" or "in addition" to the final house amount.

Closing Times: What is the time? If you have expensive movers from out of the area moving you or if you have planned for friends to move you at a specific time, be sure everyone is on the same page. 6:00pm is the time in the Offer but often when the keys and money have changed hands, is when you’re permitted to go into the home, if the Seller has vacated.