Are you thinking about selling your home in Banbury-Don Mills? Have you been thinking of selling it by yourself instead of hiring a real estate agent? There are several advantages of selling your home yourself, but there are disadvantages as well. To make it easier for you to make a decision find the most important pros and cons below.
The most important PRO for selling your home yourself in Banbury-Don Mills is MONEY. Selling your home without the help of an agent means more Money in your pocket! By selling it yourself you save the commissions and fees. – We are not talking about pennys, we are talking about THOUSANDS of dollars which you would have to pay an agent. Another advantage is that you are able to decide the times for open houses and showings. It is also completely up to you where and when you want to advertise. Unlike a real estate agent who is selling many houses, you can focus on YOUR house, because you are only selling your own house. It is obvious that you will have more interest in the sale than an agent.
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Most people understand that a Buyers Agent is the agent that represents a buyer through a real estate transaction and the Sellers Agent represents the Seller during the transaction. Often, buyers do not understand exactly what "Limited Agency" (sometimes referred to as Dual Agency) is and how it will impact their sale or purchase. In Utah, the exact definition of Limited Agency taken directly off a Limited Agency Consent Agreement from Utah Association of REALTORS® reads:"A Limited Agent represents both seller and buyer in the same transaction and works to assist in negotiating a mutually acceptable transaction. A Limited Agent has fiduciary duties to both seller and buyer. However, those duties are "limited" because the agent cannot provide to both parties undivided loyalty, full confidentiality and full disclosure of all information known to the agent. For this reason, a Limited Agent must remain neutral in the representation of a seller and buyer, and may not disclose to either party information likely to weaken the bargaining position of the other; such as, the highest price the buyer will pay or the lowest price the seller will accept. A Limited Agent must, however, disclose to both parties material information known to the Limited Agent regarding a defect in the Property and/or the ability of each party to fulfill agreed upon obligations, and must disclose information given to the Limited Agent in confidence, by either party, if the failure to disclose would be a material misrepresentation regarding the Property."
Many clients often point out the fact that the Agent will be making double the commission. This should not be a consideration for either party involved in Limited Agency. You must remember this agent will make commission on their listing no matter WHO sells it, and if the Agent is already working with the buyer, then anything the buyer purchases the Agent will make commission on that as well. Essentially any deal could be a "double commission" when an agent works with both buyers and sellers independently. So it is unfair to make the Agents commission a factor or a negotiation tool, for either party.
Limited Agency... should YOU participate? I suppose it depends on how well you know your Agent. Will you get the best deal? Possibly. You may have to rely on some of your own instincts and research to determine what the best deal will be, as you will not have full disclosure and advice from your limited agency real estate professional.
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Consumers who don't want to pay a commission but still want the services of a real estate professional when they sell their home have turned to brokerage models offering fee-for-service. Fee-for-service models can offer one service such as a listing in the Multiple Listing Service (MLS) or bundled services that would also include a Comparative Market Analysis (CMA), a marketing plan and negotiation of contracts. The seller with a flat fee or an hourly rate for the service selected compensates the brokerage. Extensive real estate information is available to home sellers on the Internet. Technology driven consumers now look to real estate agents to provide technical pieces of the transaction. Fees range for a MLS listing: $250-$750, prepare CMA: $100-$250, negotiate contract $500-1,000.
Dear Pearl: Brokers who are full service or fee-for-service don't guarantee the sale of a listing. You experienced the day-to-day process of managing a listing. Next time if you want a fee-for-service broker choose one that can convert your fee-for-service into a full service listing. Bite the bullet if you need to sell and re-list with a full service brokerage. Retain an attorney to review your current fee-for-service agreement.