Private Home Sales.

Private Home Sales.

Postby Noisy Boater » Jan 24th, 2021, 5:43 pm

Has anyone ever sold there home privately ? We have some one interested and I don't see why we should hand over loads of cash to a realtor. What's the procedure ? I know I can google it but would like a personal opinion. How do I appraise my place ?
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Re: Private Home Sales.

Postby heydaveking » Jan 24th, 2021, 6:01 pm

I've sold 4 of 5 properties in the last 10 years privately. All quite easily with no issues. The buyer of one got an appraisal done but it had no effect on my price. I watch the market quite closely so I set the price fairly and got exactly what I asked for all of them. Only the latest one I used a realtor and only because I knew the realtor had a serious buyer waiting so it never actually made it onto the MLS listings or had a sign up.
I highly recommend skipping the traditional agent/ MLS route.

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Re: Private Home Sales.

Postby Bsuds » Jan 24th, 2021, 7:53 pm

Go by your tax appraisal and add 20% or more.

A house a street over from ours had an open house and had people lined up to view. They got 15 offers that night and sold for $60 grand more than they were asking.

The location probably had a lot to do with it. It is walking distance to shopping, beach, schools and professional offices.
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Re: Private Home Sales.

Postby stuphoto » Jan 24th, 2021, 8:17 pm

What I like about private sales is you should make a little extra and the buyer should also save a few bux.
You are both happy, so Win Win

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Re: Private Home Sales.

Postby BC Landlord » Jan 24th, 2021, 8:19 pm

From what I've learned, you would still get a bunch of realtors offering you buyers, for a commission of course. Hardly any independent buyer.
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Re: Private Home Sales.

Postby vegas1500 » Jan 24th, 2021, 8:22 pm

I have....it’s very easy with a bit of research. As far as price goes, don’t pay for any appraisals. Do research on homes for sale in your area and recent sales...all that info is readily available. Contracts, etc are available online

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Re: Private Home Sales.

Postby BC Landlord » Jan 24th, 2021, 8:41 pm

In my mind, if you are planning on selling more than one property, it's worth becoming a realtor. All you have to do is to complete a lame week-long course, and pay some membership fees, which is less than commissions on a couple of sales you get.
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Re: Private Home Sales.

Postby Anonymous123 » Jan 24th, 2021, 10:13 pm

Bsuds wrote:Go by your tax appraisal and add 20% or more.

A house a street over from ours had an open house and had people lined up to view. They got 15 offers that night and sold for $60 grand more than they were asking.

The location probably had a lot to do with it. It is walking distance to shopping, beach, schools and professional offices.


Just wanted to add this:

Go to BCAssement.ca and type in your address to find your assessed value. Scroll down the page and find Sample Sold Properties to get an idea of what the market is doing. After you have decided what value to put your property at, go see a Notary Public.

I’ve used a random area in Kelowna for an example.

61B9A661-41A4-45B7-AA1D-467DFEB3501A.jpeg
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Re: Private Home Sales.

Postby Hmmm » Jan 24th, 2021, 10:42 pm

Sell home by owner means get a lawyer. Dont pass go, hire one. it will be a lot cheaper than through a realtor and you are way better off having an expert in legal matters on your side. But thats all ... Find a good attorney that specializes in real-estate
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Re: Private Home Sales.

Postby dirtybiker » Jan 24th, 2021, 10:49 pm

I used a Notary only a couple times.. both as buyer and seller.

Paid less than a listing price would have been coupled with less fees
when buying.

Likewise when selling, asked less with less fees and BS yet still left the
table with more coin.

It's win/win no matter the side of the table one is on.
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Re: Private Home Sales.

Postby Noisy Boater » Jan 24th, 2021, 11:00 pm

Anonymous123 wrote:
Bsuds wrote:Go by your tax appraisal and add 20% or more.

A house a street over from ours had an open house and had people lined up to view. They got 15 offers that night and sold for $60 grand more than they were asking.

The location probably had a lot to do with it. It is walking distance to shopping, beach, schools and professional offices.


Just wanted to add this:

Go to BCAssement.ca and type in your address to find your assessed value. Scroll down the page and find Sample Sold Properties to get an idea of what the market is doing. After you have decided what value to put your property at, go see a Notary Public.

I’ve used a random area in Kelowna for an example.

61B9A661-41A4-45B7-AA1D-467DFEB3501A.jpeg

I did exactly this but the comparisons were no were near our home. So that didnt really help much. The add 20% to your assessment seems to be the most logical. We had an appraisal last year and with a 10 to 15% increase since then it is close to the 20% system. Legal help is a must so a lawyer or notary is a no brainer.
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Re: Private Home Sales.

Postby stuphoto » Jan 24th, 2021, 11:44 pm

I imagine you have a good idea what it's worth to you Boater,
I would start by asking the person looking at it what they feel it's worth to them.
It's probably close, but who knows, they may even offer you a little extra.
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Re: Private Home Sales.

Postby Noisy Boater » Jan 25th, 2021, 9:08 am

Thank you all for your insight. Will take a little bit of info from each of you. However if we end up in a Maytag box under the bridge I will send a curse down upon you. Maybe send Julie Payette over for coffee. You will have to buy !!!! [icon_lol2.gif]
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Re: Private Home Sales.

Postby normaM » Jan 25th, 2021, 9:37 am

You wanna deal with tire kickers and lookie loos? personally sold one house myself, wouldn't do it again :) Since you were approached by someone who wants to buy - decide in your mind what price you will take, then tell him/her.
Dreaming big Maytag box lol
I wouldn't leave you out in the gutter :) Oh and something else to consider
If you want to buy another house, anything out there you are intersted in?
Planning on a condo? Have you checked some out?
All great to get the money - but you don't want to be stuck
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Re: Private Home Sales.

Postby Bsuds » Jan 25th, 2021, 9:38 am

Biggest problem in Kelowna right now seems to be if you sell where are you going to go?

What is available goes fast.
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