Selling Property

If you thought you had to hire a real estate agent (and pay them a commission) to sell your home, property or business - think again. You can do it yourself and pocket all the profit from your real estate sale. Below are the answers to some frequently asked questions.

'For Sale By Owner' Helpful Questions and Answers

• Q. The 5 steps in selling are...

A. 1) Deciding on an Asking Price.
    2) Advertising, Advertising, Advertising! Lack of advertising or even (gasp) no advertising at all is the number
        one reason why home owners who are selling privately (FSBO) fail.
    3) Responding to inquiries.
    4) Showing your home.
    5) Taking firm offers to your lawyer or notary public to ensure the details of the sale are in your best interest.


• Q. How to decide on an asking price?
  A. Many factors can play a role in determining your asking price. Click here for detailed information...



• Q. How do you advertise your real estate for sale?
  A. For most people the most difficult part of selling a home yourself is advertising. Once you know what to do it's not difficult... Follow our Advertising tips and you'll be surprised with the results.
  
  
• Q. Are you ready to sell?
  A. A home that is clean and uncluttered usually leaves an impression of being well cared for. A dirty, cluttered home can either turn a potential buyer off or give them the idea that they can offer a lower price. Click here for suggestions... The same goes for a piece of bare land. Although a viewer is not going to expect it to look 'pretty', there are still some important steps that can be taken to improve your chances of selling. Click here for suggestions...
  
  
• Q. How do you handle offers & negotiations?
  A. So you've received a good offer, congratulations! While you can legally accept offers and negotiate on your own we recommend consulting a notary or lawyer before you sign any contract. You can purchase basic BC land sale contracts from BC Island Homes, from a stationary store or your notary/lawyer may supply the paperwork as part of their fee. The other option is that many buyers will have their notary/lawyer write up the paperwork as part of presenting the offer.
  
  MORE Frequently Asked Questions
  
  
• Q. How can I decide if I should consult a Realtor or try selling my own home?
  A. Selling your own home is very rewarding (especially financially) and not difficult if you follow our advertising tips. If you're not willing to follow at least some of our advertising tips you might want to consider consulting a Realtor to act on your behalf.
  
  Realtor Tip: If you think you need a Realtor we recommend that you talk to several before you sign a contract. Ask for references from their clients. While most Realtors are wonderful people, just as in any profession there are a few that have 'less than desired' attributes. Be wary if the real estate agent that you are listed with also brings a buyer through your home. This situation is called 'Dual Agency'. When you list with a Realtor they are required (it's in their contract) to look after your best interests. Common sense dictates that it can be difficult for an agent to look after your best interests and those of a buyer at the same time.
  
  Homeowners wanting to sell privately will, in some cases, allow Realtors to bring prospective buyers to view their home. If a Realtor contacts you because they have a prospective buyer inform them that you will list for a 24 hour period only and with the condition that the buyer will pay any commission if the sale is successful. Realtors may also offer you a reduced commission rate. Ensure that any contract you agree on with the Realtor is in writing and clearly states who is to pay the commission and how much it will be.
  
  
• Q. I want to sell privately but I'll be out of town while my home is for sale, what are my options?
  A. You can still use BC Island Homes advertising services and products. But remember we are only an advertising service and we cannot show your home to prospective buyers or answer any inquiries on your behalf regarding your home. In this instance we recommend enlisting the help of family and friends to show your home for you. You can still answer inquiries via phone or email and then arrange for your 'helper(s)' to show the home. Your family and friends probably won't mind helping you out, especially if you offer them $100 (or some other token of your appreciation) as a 'Thank You'.
  
  
• Q. What can I do if my home/property has been for sale for a while?
  A. Don't get discouraged! You may need to reevaluate a few items and be honest with yourself. Are you following all of the guidelines on our Advertising Tips page? If you're not exhausting all of the conventional advertising methods available then, honestly, you're not doing enough. A Realtor would not simply stick up a lawn sign or run a newspaper ad once every few months and expect a quick sale. If you have used a variety of advertising options with no results then our next suggestion would be to reevaluate your asking price. Have you had interest in your home but no offers? This may indicate that your asking price needs some adjustment. If you believe your price is fair we recommend using the services of an appraiser to provide hard evidence of your home's value to prospective buyers. The good news is, whether selling privately or through Real Estate Agents, some homes will sell very quickly while others will not. There are a variety of reasons for this. Be patient, more often than not it simply takes several months to sell a home. Make the most out of every advertising option available to you. View our Advertising Tips for further information.
  
  
• Q. How can I tell if a buyer really is interested or is just 'looking'?
  A. There is absolutely no reason why you shouldn't screen potential buyers and anyone inquiring about your home. Ask them if they have been pre-approved for financing and make sure your home is in their price range. Also ask them how they heard that your home was for sale and if they are looking to purchase immediately or just browsing for future reference. You will find that these few questions will stimulate a short conversation that will give you insight on whether they are serious buyers and whether you should show your home to them or not.
  
  
• Q. What about security for my family, house and possessions? Am I at greater risk when I sell privately?
  A. This is a very good question, however it really shouldn't be a concern if you follow a few common sense guidelines. Your home and possession's are actually safer when you are selling privately. Normally a Realtor does not screen potential purchasers and a buyer is often free to explore a home without the Realtor following their every move (especially if there is more than one person touring the home). Some Realtors prefer if you're not home when your home is shown - this is 'for the comfort of the buyer' - not for your comfort or security.
  
  When you are selling privately it's important to follow a few basic security steps. 1) Never show your home alone. Call on a neighbour or friend to assist. This will not only help you feel at ease but it will also help in case the potential purchasers want to explore separately. 2) Never leave the viewer alone in a room, no matter how comfortable you feel with them. 3) Keep a Guest Book. When someone looks at your home, or if you have an open house, ask visitors to fill in some information. You can tell them it is in case there is a change in your asking price or any other particulars about your home.
  
  
• Q. Is advertising my home on the Internet safe?
  A. Certainly, but beware of emails that request financial information to close or offers that sound too good to be true. We recommend all offers to purchase a home or property be reviewed by a lawyer or notary public. There are scams/frauds on the Internet that target home sellers who advertise on real estate web sites. For further information on a common scam regarding a buyer from Liberia, please view this link: http://www.internet-fraud.com/fraudforum/DCForumID3/178.html If you receive any suspect emails, please feel free to email them to us and we will look into whether the email is legitimate or a potential scam. Another recent scam involves you receiving an email from a "Mrs. Victoria Malafi".
  Please be vigilant and never give any personal information, especially bank account numbers out via email.
  
  
• Q. What if I get more then one offer?
  A. When you receive an offer on your home, there is always an 'offer ending' date in the contract. You have until this date to accept the offer. If you have a few buyers interested in your home then you may want to wait a day or two before accepting any particular offer.
  Tip: If you receive an offer you can always contact the other interested buyers and inform them you have an offer for more '$$' and that they have a few hours to beat that offer.
  
  Once you have accepted an offer you may not be able to 'pull out' and go with a higher bidder. When you need answers to questions about a contract you should consult the lawyer or notary public that you will be using to close your sale. It never hurts to have back up offers, it's not uncommon for the first deal to 'fall through' (normally due to financing).
  
  
  If you do not find the answer to your questions please email us at info@bcislandhomes.com