3 Leading Mistakes Private Sellers Make

22 July 2013, Comments 0

There are a number of mistakes people selling their home can make whether doing it privately or using an agent.

Overpricing the Property

It is very important to set the right price for you property, if you over price it, it will not sell and if you under-price it you will not get the market value. Your lawyer should know appraisers in the area that can provide an appraisal of the property. This is by far the best way to set the price. You can also look at comparable listing in the area: look at the MPAC value: or use a free service such as zoopraisal.ca

Not Preparing the Property for Sale

It is important that you prepare your home to look the best to potential buyers. Make sure it is both clean and tidy – remove unnecessary personal items, knick-knacks and excess furniture. Too much “stuff” is distracting and can make even large rooms look small and crowded. Complete outstanding minor repairs and consider the impact new paint can have on the appearance. If painting, neutral colours are likely best as they appeal to everyone and if consistent in many rooms can actually make rooms look bigger. Many more tips can be found the website of www.propertyshop.ca.

Not Understanding the Process

Contracts, disclosure and negotiation of an Agreement of Purchase and Sale are all part of the process and require some knowledge of the legal process of selling real estate. In Ontario, the law requires you to use a lawyer to complete the transaction – both the buyer and seller should have some legal representation. It is advisable to consult a lawyer early in the process, not just at the point of closing the deal. Issues such as defects, warranties and financing commonly require legal help. Lawyers can also act on your behalf during negotiations both on price and terms of sale.

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