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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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"Just a quick note to thank you again for all your
help in the sale of our home in Abbotsford and our
purchase in Chilliwack. We appreciated your patience
and guidance through what was a big move for our
family. We will recommend you to anyone who does
require your expertise in the Real Estate market.
p.s. Thanks for help with John's Mom & Dad's house
hunting. When some things looked like they weren't
going to happen, you made it happen for
them. Thanks again." -J.&C. Stanley |
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