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Mr. & Mrs. B. want to sell their home, but do not want to pay a Real Estate commission. They’ve looked carefully at the market and determined that their home is worth in the range of $400,000 in the current market. A Real Estate commission could cost them around $15,000 with GST.
They are successful in finding a buyer for their home. However, the buyers, Mr. & Mrs. F., only went for a sale-by-owner because they also wanted to save the commission.
Is it worth the time, effort and money to sell if the buyer refuses to pay the “commission” amount in the price? Is it worth it to the buyer to pay full price without the security of a Realtor?
A Realtor should prepare a current market analysis of the property, so that the buyer does not overpay. The Realtor will also prepare an enforceable contract that should protect the buyer (if representing the buyer) or the seller (if representing them). The Realtor will be aware of the potential problems in determining price, in negotiating at arms length (without getting personally involved with the seller or insulting them), and in the legal process.
What will happen to a deposit? Who will hold the deposit as a stakeholder? Not the seller’s lawyer, nor the buyer’s lawyer, as the lawyer only receives instruction from the one who pays him/her. How sure is the deal if another buyer offers to pay more than you, and the seller decides to take the second offer? Realtors are bound by very strict rules about offers of purchase and sale, unlike a sale-by-owner.
What is the bottom line? You can often put more money in your back pocket by paying a Realtor’s commission. Why? By having access to more buyers through the mls system, you should have more viewings and therefore more competition among buyers to purchase your property. Add to this, an experienced Realtor’s ability to negotiate, and your profit should be higher than without this expert’s help.
For all your Real Estate needs, call
Richard Friesen of RE/MAX Little Oak Realty
“Proven people in a proven company.”
WHY TAKE A CHANCE?
604-807-2200
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Thank you for the incredible job you did selling our
home and for finding us a new one. You made sure our
home had full exposure to the buying community. We
really appreciated the little hints you gave us in how to
prepare our home for showing. When we were looking at
other places, it was obvious which sellers had been given
advice on how to get their home ready. We really
appreciated how you kept us up-to-date with what was
happening during the whole process. Thanks again.
- the Jamieson’s |
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