There’s an increased level of risk that a buyer takes when purchasing a home directly from a seller without having a Realtor represent their interests. It’s possible that the seller may not be disclosing to a potential buyer that a permit was never taken out to develop the basement, build the deck or add the furnace to the garage. It’s also possible that a buyer is not being made aware of serious deficiencies or structural issues associated with the home. Theres’s also an increased risk of misunderstandings which could lead to legal troubles or losing a deposit. And last but not least, there’s a risk that that a buyer may be paying too much for the home because of a lack of market data or the ability to properly interpret any market data as it applies to the home the buyer is interested in.
If you’re interested in purchasing a home that is being marketed directly by the owner, I would be happy to talk with you (at no cost or obligation) and go over the steps that I recommend you take to protect yourself. I do this for free because I fully understand the value of building strong relationships. I believe that if I help you to achieve your goal today, you’ll return the favour to me, down the road, by referring me to any friends and family who may be looking for a good Realtor. There’s also a chance that you, yourself may be in need of my services if the time comes for you to sell the home I helped you buy!
Before deciding to make an offer to a private seller, I can help you cover the necessary bases to protect your interests and give you peace of mind. We’ll discuss tips and issues such as:
- Looking beyond the staging and ‘wow’ factor and find red flags.
- Documentation and information you should be asking to look at.
- Are features and improvements such as developed basements, deck, storage sheds, hot tubs, fences, renovations, etc., permitted and in accordance municipal bylaws?
- Key questions to ask to discover the seller’s true motivation to sell.
- Does the seller actually own the home and have legal authority to sell it?
- Who else has to approve the sale?
- How to write an offer that secures you the home, but also lets you back out of the deal if you’ve misunderstood an obligation, made an honest mistake, been misled or left vulnerable to losing your deposit or getting sued.
- What terms and conditions are to your benefit and should most definitely be included in the offer (including having your lawyer approve the deal)?
- Have up-to-date market information on comparable homes that have recently sold in that neighbourhood so that you’re well informed and be in a position to negotiate the best deal for yourself.
- What are you options when a property inspection reveals issues that no one was aware of?
- What steps and timelines are involved from the time you have an accepted offer?
- Who needs to receive what paperwork to ensure a proper flow of events right up to (and including the closing date)?