Part of our Adulting Series - Guest Post from Properly.ca
Looking to make a move, but would prefer to sell your home without a realtor? Learn the steps you need to take to sell your home on your own by exploring two alternative real estate selling methods. This guide will help you decide which path is right for you:
1) For Sale By Owner (FSBO). Do it yourself. This path involves doing all the work of listing the property, preparing it for sale, and finding and negotiating an offer.
2) Sell your home to a trusted direct home buying company, such as Properly.ca. This option is emerging as one of the most popular ways to sell a home in Canada.
Understanding the steps involved in each method can help you choose the best option for your home.
Option 1: Sell Your Home Yourself (FSBO)
The term FSBO refers to a real estate sale by the owner, without the support of a traditional realtor. Canadian law permits you to sell your own home instead of hiring a real estate agent to complete the sale. However, selling your home yourself can be a stressful and complicated process. Finding a buyer is not always guaranteed, which can lead to long delays, if the home sells at all.
Step 1. Calculate the value of your home
You can either pay the money to hire an appraiser to evaluate your home, or estimate its value using an online home value estimate tool. Determining an accurate market value of your home will help you attract buyers and speed up the sale.
Step 2. Advertise and list your home
Place your property on various listing websites so that potential buyers can find it. The majority of users search for homes online, making the internet a key resource. It is worth noting that only registered realtors are permitted to list properties on the Multiple Listing Service (MLS), a large online portal.
Step 3. Cleaning, repairs, and preparing for showings
Make sure you have addressed any repairs or cosmetic issues that may negatively impact the value of your home. Although this step is not mandatory, it should help you get a better price for your property.
Step 4. Review offers
If a buyer has submitted an offer, you must review the details of the agreement and sign the contract, likely with a lawyer. If you wish to make an adjustment to the agreement, you can submit a counter-offer. The buyer may request a home inspection as part of the offer to ensure the property has no major structural issues.
Step 5. Complete any follow-up repairs
Once the final offer has been signed, you must adhere to all applicable conditions within the contract, such as completing repairs by a set date or only closing the sale once the buyer has sold his or her home.
Step 6. Sign the final sales agreement
The closing day is when all of the final paperwork is signed. This date is subject to the terms of the offer and may change. You must bring all necessary legal documents such as surveys, tax receipts, and revocation contracts on the completion day.
Option 2: Sell To A Direct Home Buyer, Such As Properly.ca
Preparing your home for sale, making repairs and finding a buyer can be stressful and time-consuming. If you want to avoid the multiple steps required in the FSBO path, consider selling to a direct home buyer instead.
You can use Properly.ca to sell your home quickly and at market value. Properly also allows you to skip the stress of a traditional sale. The company takes on the work of cleaning, staging, photos, and repairs.
Step 1. Provide a few details about your home, online
Complete a form with information about your home. These details help Properly accurately value the property and provide you a fair market value offer.
Step 2. Review and sign the offer
After Properly has reviewed your home, they will submit an offer. If you are satisfied with the terms of the agreement, you can sign the contract on the same day. A free home inspection is scheduled to assess any necessary repairs. However, homeowners are not required to complete these repairs themselves. Instead, these companies purchase the home and complete the work after the owner has left.
Step 3. Choose your closing date and get paid
Unlike the traditional method outlined above, Properly lets homeowners to choose their own closing dates. Once the paperwork has been signed, you will receive your payment in cash and can move out.
Properly earns money from a service fee, not from flipping the home for profit. If the company later sells your home for more than the initial offer, Properly will pass 50% of the profit back to you.
Thinking of selling? Find out what Properly.ca would pay for your home today.