WHEN YOU first think about it, it seems like a great idea. Why don’t | sell my home myself and save the commission? By Greg Kiemke NRS Block Bros. Realty Lid. AIL I need is a sign on the fawn, maybe a classified ad or two and voila — a pocketful of money saved! Or is it? Before you risk what is probably your family’s larg- est financial investment, it's worth investigating what it Teally means to put a ‘‘For Sale By Owner’ sign cn your lawn. First, what is your selling experience? If it's limited to setting up the tables at your garage sale, that isn’t going to provide you with the specialized knowledge you need to get your family through the maze of negotiations and paperwork that will need to be done, including items such as mortgage financing details, mortgage discharge penalties, taxes, lot survey and easements, if any. Once you scratch the sur- face, you soon realize that getting the top price for your home in the time frame you've allowed does take skill and experience. Some homeowners have been Iucky, but many have run into the scenario of tak- ing too low an offer because they didn't appeal in the right way to the right poten- tial buyer. Others have run out of both patience and time and again have ended up selling too low. It’s certainly wor- thwhile to consider this point before making the decision to strike out alone. How much is your time worth? The money you may save on the commission could get eaten up by the time it takes to sell your home. In most cases, it takes longer to sell a house privately than it does if you utilize the ser- vices of a real estate com- pany. One of the reasons for this is the general public's lack of access to the com- munications resources that are normally at a real estate agent's disposal. For example, real estate agents can reach hundreds or even thousands of poten- tial homebuyers through the use of advertising and listing services now in place and accessible to them. This is what you are competing against. Today, some major firms are on computer and therefore have an in- stantaneous cross-country referral system at the touch of a key. There could be a buyer for your home trans- ferring from another city, but you would never know it. As a private individual, REMAX REAL ESTATE Consider pittalls of selling home privately you have neither the resources nor the contacts to take advantage of these in the same way. Remember that classified ad or two you may need to run. In actual fact, you may have to spend hundreds or even thousands of dollazs in advertising to entice a sulfi- cient number of potential buyers to even look at your property. The downside is if you don't, you may not sell your home for what it’s worth in today’s market. Selling the buyer Withoul a deubt, you will have some potential buyers respond to your ads or sign. Here is where you must row ‘sell’ your home. This may not be as easy as you think. Having lived there, your family has de- veloped some attachment to the home and may not look at it as objectively as an outsider will, One person's idea of cosy Victorian may look like so much clutter to another. This is the time when many homeowners wished they had a profes- sional looking after the sale. Through their training and past experience, real estate professionals can show your house to its best advantage. In conversations with the buyer, they've found out what it is they're really tooking for and will emphasize those features in your home that match their TREELAND 533-3491| BOB LEWIS Friday, October 26, 1990 - North Shore News - 85 46 “Selling your own home could be a good idea. But first consider the time, money, resources and professional selling Skills that are required. 99 needs. A professional is equip- ped to handle objections without getting emotional. They are there to make sure you sell your home to the right buyer at the right price! if proceeding on your own, be prepared to negoti- ate the price of your home. Today’s consumer is more sophisticated and mobile. They carefully compare relative values before mak- ing any important decision, especially one concerning their home. A’ buyer con- sidering a ‘For Sale By Owner." usually wants the same thing you do -— to save the ccmmission. Yeu could end up doing all the work and possibly receive less monty, This is another one of the reasons why utilizing a reai estate professional as a third-party negotiator can be beneficial to you. Once an interested pur- chaser is readv ta make an offer, can you effectively ‘‘qualify’’ that buyer? Is the contract you prepare going to be an efforceable one? As protection for your family, you should consult qualified legal counsel at any crucial stage of the pro- cess and always before sign- ing any document. An agreement or purchase and sale is essentially a legal and binding contract. The time factors for acceptance, possession and conditions imposed are all critical. A situation that you may at first think is a windfall may turn into a nightmare. Two interested parties are both eager to make an offer on your home. Do you know how not to sell your home twice and yet protect your own interests if one offer fatls through? It has happered and the results can be as drastic as a lawsuit and a delay in the sale of your home, which after all, is the entire pur- pose. #710-333 Brooksbank Ave. Park & Tilford, N. Van. 988-2022 Getting back to the time factor of selling a home: It’s going to take time to answer the hundreds of enquiries (often fruitless) that may come in. Showing your home will involve your weeknights as well as weekends because most buyers work during the day. This also means an investment of your valuable time. And do you have the experience to weed out the ‘lookers’’ and concentrate on a genuinely interested buyer? Your real estate agent is willing to spend the time. Iv’s an agent’s job and each and every house represents a different challenge, with a new family to meet and buyers to find. A professional works out of an cffice where full time staff are able to answer calls and not miss any buyers. Selling your own home could be a good idea. But- first consider the time, money, resources and pro- fessional selling skills that are required, Are you really equipped to take this on? Your time may be more wisely spent finding a real estate agent whom you'll be able to work with and let him or her do the job they were trained to do. This will save you time, stress and the need to spend money before you've even sold your home. LOUISE}, DONNA 649-2449 DUNLOP roca creat CASAU BON UPPEF. LONSDALE 3262 CALDER AVE. 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