Under ordinary circumstances, selling a house is a big project, especially when dealing with a busy family and home life. The list of tasks involves cleaning, decluttering, updating and staging your house to appeal to buyers. Once your home looks spectacular, it is then on to photos, marketing and showings. All of this may sound like a full-time endeavour in and of itself; and, we haven’t even gotten to the negotiations yet.

Could finding a private buyer alleviate some of the work involved with selling your home? Imagine you know someone who knows someone who is looking for a house just like yours. You connect with that potential buyer, perhaps even give them a tour of your property. To your relief, they love what they see and make you an offer. Can it really be this easy, or is there a catch? The real question may be: Do you still need a real estate agent?

Technically, no. You can sell your house yourself if you can find a buyer. Just remember that “For Sale By Owner” transactions come with real and tangible risks. In this post, we’ll take a look at a few of the most likely implications.

When selling your house privately, an accurate, unbiased assessment of your house is even more critical. Book your complimentary home evaluation right here.

Will Taking Shortcuts Hurt Your Home Sale?

Finding a buyer on your own can save you a lot of time and expense if everything goes according to plan – but that’s a big if. On one hand, you might not have to renovate your house as extensively, and you’ll no longer have to invest in marketing or promotion.

On the other hand, will that buyer you found on your own be willing and able to pay the fair market price for your home without any improvements or upgrades? Friend or not, no one will pay more for your property than they perceive it’s worth.

In fact, there’s a good chance a friend or relative may be hoping that you’ll give them a break. You are family, after all! Even if they don’t put the pressure on, you may feel obligated to “help them out” by letting them buy your house for less than you would have received on the open market.

Working with an experienced real estate agent will help you quantify exactly how much your house is actually worth and what you might lose by not listing your home on the MLS®. Often, it’s better to sell your property in the traditional way, where you earn the highest price for the market and find a different way to support your family member or friend.

Every situation is different, but the posts below can help you overcome almost any challenge when selling your home:

• Expert Tips for Selling a Home in Winter
• Why Did My Neighbour’s House Sell but Mine Didn’t?
• Can You Successfully Sell a House With a Stigma?

Potential Legalities to Understand

Like any legal contract, real estate agreements can be challenging for someone who doesn’t work in the industry. For example, there could be permit issues or other encumbrances that you must deal with before the transfer of ownership takes place.

In the worst-case scenario, mistakes on any of the documents could lead to legal complications. Having a real estate agent on your side can enable you to avoid problems and close your transaction without last-minute stress or arguments after the fact. At the very least, you’ll want an experienced real estate lawyer to review all terms and clauses of the transaction.

The Importance of Effective Negotiations

Professional negotiating is one of the first things to go in the event you find a private buyer for your home. Without outside representation, going back and forth over the terms of the sale can lead to tension between you and your private buyer. It can also strain your relationship if it’s someone you are close with.

Negotiating the terms of the sale isn’t just about the price. A real estate contract also outlines any conditions of the sale you’ll have to meet before your transaction can close, including any issues with financing and whether your buyer can back out if their own house doesn’t sell as anticipated. In addition, you’ll need to discuss what exclusions and inclusions are part of the deal. Your buyer may expect you to leave your brand-new window coverings and patio furniture even if no one brings it up.

You’ll also have to decide whether to complete a home inspection, which could uncover necessary repairs and maintenance. Who is in charge of fixing them, the buyer or the seller? These are all points you’ll have to take into account.

A third-party expert who remains neutral and explains each clause and condition carefully and clearly means everyone knows what to expect throughout the transaction. Under this expert guidance, each party is more likely to be happy with the outcome.

No matter what, you always want your home to look its best before putting it on the market. The posts below can help you get the results you’re hoping for:

• Minor Upgrades, Maximum Results
• Are DIY Upgrades Ever a Good Idea When Selling Your Home?
• Does Curb Appeal Still Matter When Selling A House Today?

Can You Really Remain Objective?

One of the hardest aspects of navigating a private sale is the ability to remain objective. The closer the relationship, the more challenging this becomes.

Commanding top dollar for your property might seem like a selfish choice when there’s an emotional connection involved. Offering a deep discount only seems fair, but what about your own plans? You may want to retire or purchase a new home, and you will need to maximize the value of your transaction to do so comfortably.

When a real estate agent brings a buyer – or better yet, multiple buyers – you no longer have these feelings of obligation. You’re free to sell your home at the best price the market will bear so that you can move on seamlessly to your next steps.

Do you have an unusual situation when selling your home? It’s nothing our top real estate agents in Hamilton can’t handle! You can connect with us right here or call our offices at 905-332-9223 to start the conversation.