Comox Valley homes are sometimes sold by their owners. This is referred to as a For Sale by Owner or FSBO. It is relatively easy to imagine reasons why someone would want to sell their home themselves. For example, if a person purchased a home years ago in a different market than that of today and they secured a high ratio mortgage for their home, it is quite conceivable that their home could be worth slightly more (or perhaps less) in today’s market than the value of their mortgage. This situation could certainly prompt a person to think about saving the cost of having a professional sell their home. There is certainly nothing wrong with someone trying to sell their Comox properties marketed for sale themselves but there are a number of key questions they may wish to have considered before attempting to do so. Here are five examples:
- Do I have a good appreciation of the various real estate laws in British Columbia that apply, and could apply, to the Comox Valley home sale that I am thinking of undertaking, including those that relate to such things as property disclosure and representation?
- Do I know what situations would cause me to seek legal and/or other professional advice during the course of the real estate selling process?
- Do I know how to write a legally enforceable contract that will stand up in court if things go wrong?
- Do I have access to, and knowledge of, the clauses and conditions that I may need to use to protect me, and my interests, when responding to an offer to purchase my home?
- To whom do I turn for advice if I receive an offer with real estate contract clauses and conditions that I do not understand, especially when the offer may have a limited time specified within which I have to respond?
Every individual circumstance will be different and these five examples are meant to be illustrative of the types of things that a person may wish to consider before embarking on such a challenge. If I were going to consider selling a home myself (and I would not do this because I am a Comox Valley Realtor ® ) there are at least 10 more key questions that I would ask myself. I will not mention the 10 other questions here, but I will add that if you need legal advice in any area – consult a lawyer. If you need financial advice – consult a financial professional. There are a number of different types of professionals who become involved in the sale of a home and they are qualified and licensed to assist with different aspects of the sale.
One other thing to highlight is that each Comox Valley real estate transaction is different. What applies to one may not apply to another. Take oceanfront homes for sale as an example. They often have additional considerations because they are close to the ocean. Knowing what may or may not apply to the various types of Comox Valley Home sales is important. As the owner, do you know what you need to know about your home in order to sell it? Selling a home is not an easy task, especially if the intended sale is to take place in a buyer’s market. A real estate professional should know what the various challenges will be with such a task. An effective real estate professional should be able to help improve your chances of selling your home in this type of market. If you are considering such an option I would be happy to discuss some of the challenges with you that you could face. Contact Brett Cairns of RE/MAX Ocean Pacific Realty for your next Comox Valley home sale.