Buying a house stinks....

[exv152]

this thread is great! I will be putting my town house on the market in the coming week and there is some good info/experiences here to learn from. I tell ya, this is stressful business! I got the house staged perfectly and all the landscaping is done out front (fingers crossed the patches in the lawn take). It seems that everyday I have to clean the place just to stay on top of it (I hate cleaning!)

Anyone have pointers for us regarding using ComFree or Grapevine to list our home? First time we will be selling a home... Its a nail biter!

Yeah, give yourselves 72 hours initially to consider all offers made before replying to anyone. Just kidding! From personal experience selling our town last year, that segment of the market is über hot, so don't worry about selling I'm sure you can get what you're asking for if it's priced reasonably.  Beware of signing conditional offers with buyers that requires them to sell their house first, in this market, it's really not something you need to agree to - this is a seller's market. Good luck!

[Jeff1192]

this thread is great! I will be putting my town house on the market in the coming week and there is some good info/experiences here to learn from. I tell ya, this is stressful business! I got the house staged perfectly and all the landscaping is done out front (fingers crossed the patches in the lawn take). It seems that everyday I have to clean the place just to stay on top of it (I hate cleaning!)

Anyone have pointers for us regarding using ComFree or Grapevine to list our home? First time we will be selling a home... Its a nail biter!

We just sold with ComFree and I highly recommend them. We live in the country where real estate obviously moves a little slower and we were still really busy. Lots of showings and multiple offers. Great service from ComFree as well.

Good luck. Oh and you`re right you`re ALWAYS cleaning and it`s definitely stressful.

Jeff

[salvini55]

Yeah, give yourselves 72 hours initially to consider all offers made before replying to anyone. Just kidding! From personal experience selling our town last year, that segment of the market is über hot, so don't worry about selling I'm sure you can get what you're asking for if it's priced reasonably.  Beware of signing conditional offers with buyers that requires them to sell their house first, in this market, it's really not something you need to agree to - this is a seller's market. Good luck!

Copy that, initiate bidding war  Good to hear we are in a sellers market. Though our town house is in the upper echelon of price, it's a 2000+ sq ft. home in the low 300's... For a town, we are getting up there. Absolutely I will not be taking offers with that condition. I couldn't imagine getting bridge financing to carry the two mortgages not to mention in separate cities due to a condition!

We just sold with ComFree and I highly recommend them. We live in the country where real estate obviously moves a little slower and we were still really busy. Lots of showings and multiple offers. Great service from ComFree as well.

Good luck. Oh and you`re right you`re ALWAYS cleaning and it`s definitely stressful.

Jeff

Thanks for the insight. If you don't mind me asking, what package did you go with on ComFree?

[Jeff1192]

We paid to have it on MLS (hits from MLS were half our activity on the site). We paid for the package that included 8 photos....sorry can`t remember the name of it. We also had the directional signs since we were out in the country and figured it would help with vehicle traffic.

Jeff

[Stussi613]

My sister put hers on Grapevine yesterday, the MLS people are supposed to come by on Tuesday, but she's already had nearly 400 hits on the page on less than 24 hours. One of her neighbors called today to tell her he's a building inspector and she priced it too low. I'm assuming he's going to sell in the next few months and wants the comps to be higher.  I guess I'll have to wait until Sunday and see if anyone shows up to the open house to see if he's right

[Fishnut]

When selling on your own...

Always have your wits about you.  You never know what kind of people are out there.  Single women...have a guy friend or father, uncle, or anyone male accompany you on showings.  Hide everything that is small and looks valuable, screen people like mad before you even let them in the house, don't feel bad if your gut instinct is screaming "DON'T LET THEM IN".  Listen to it.  Asking them to bring a mortgage pre-approval letter with them is not a big deal and if they don't have one, don't feel guilty telling them to come back when they have one.  They have a good chanse of wasting your time in the future when they make an offer and find out that they can't afford your house.  Ask questions to see how motivated they are.  Do you want to spend time cleaning to show it to someone who is just curious? This is a big one...if someone is offering you a wad of cash as a deposit, show them the door.  One thing a lot of money launderers like to do is approach private sellers with a lot of cash because most are unaware of how this is a bad thing.  

Hmmm...never ever accept or agree to anything unless it's in writing, be prepared to have a decent number of people try to bully you with their self proclaimed "market knowledge" to make you doubt your price and intimidate you into accepting a lower offer and be prepared for the people who are culturally extremely tough negotiators.

One thing that I find some private sellers do is that they don't follow-up.  Of all the privately listed homes I have showed over the years, only 1 or 2 have ever followed up with me.  I do...I'm like a dog with a bone if someone has seen my house.  Maybe the questions I ask of other agents and other people are beyond what most would ask but follow up but I get answers and so do my sellers!  

If someone is unwilling to give their email address or phone number, don't let them in.  Who knows why they're not forthcoming with info.  They could be anyone with any number of sinister plots.  If they don't want to share their info, why should you let them into your private residence?  I have actually told people coming to my open house that if they're not willing to give their information, they can come back with their agent but they can't see the house today.  Don't worry, I also tell them that of they don't want me to solicit them, I won't but I need to know exactly who has come into the house and have some way of contacting them for the protection of my seller.  I've pissed off a few open house goers but the sellers have been grateful.  Once it was a neighbour who had refused because they were embarrassed...lol.

Speaking of Open Houses, if there are so many people in your house that you can't see what all of them are getting into, put a sign on the door for people to wait 15 mins and lock it.  People can wait 15 minutes or schedule a showing at another time.  People open closets, cupboards, etc when they're looking at a house.  I don't let people open things that are not staying with the house, but that might not stop the super nosy if they're not being watched.

Another thing you need to do before it gets listed is plan the whole process out.  Back track...when do you have to be out and in the new place?  Most people will need 6 - 8 weeks between the conditions being met and closing day.  You need to decide how long you're going to show the property as a private seller before you decide that you're not having the results you expected and start looking for help from an agent.

One thing I'll point out about the MLS...yes, it's a great marketing tool, but the MLS that you see is not the MLS that agents see.  When you pay a company to list a property on the MLS, it's there on our system for a long time.  IF the private selling is unsuccessful, the old listing will be there for every agent to see and research.  It can have a negative impact on things if things do get to the point of listing with a full service agent.  I, for example will see someone who ahd a property on the market as a private seller for 6 months, then canceled with the company who put t there.  Now I see the same property listed with an agent.  For starters, I know these people have got to be eager to sell after being listed for 6 months.  I can also see if they were selling it at a lower price as a private seller...meaning their bottom line can be pushed oif I have clients who want the house and can take possession fairly quickly.  I can also see any price reductions and when they were done, either via the new listing agent or the old private seller company.  Everything that goes on the system is time stamped.  So, be very careful about your first MLS listing.  It has to be great...great photos, great info and an accurate price.  Would you believe there are agents out there who don't get this?!  It baffles me.

If you decide to stick to a non-MLS listing, add something in your info about co-operating with Buyer agents (if that's what you want to do) but no listing solicitations please...or something like that.  Most grapevine hits are agents trolling for prospective new clients and you'll get LOTS of calls.  Having it on the MLS is supposed to prevent the agent calls because we're not allowed to solicit business from other MLS co-operating organizations...aka, if it's on the MLS and an agent calls to solicit the listing, they're in trouble if you report them to the board.  Grapevine also only counts the new visits.  I can rack up LOTS of hits on a property on Grapevine by going back to it over and over again.

When it comes to agents...there are some nice agents out there but there are some that are not as nice.  Some use intimidation to try to rattle inexperienced private sellers.  Others flood private sellers with so much over the top market info to try to make private sellers think they are idiots and others can get downright nasty.  Just be careful.  Co-operate with agents because a good one will make your life a lot easier, but don't just take for granted that they're a professional and have your best interests at heart.  They don't.  They have their buyer's best interest at heart...even the good ones.

If everything doesn't work out...welllll....I know a great agent who wouldn't mind the business  

[Roland]

The issue I have with selling via Grapevine vs agent is that the buyer expects the seller to pass the costs of agent fees to the buyer.  When I listed my house two years ago I was approached to sell the house privately a week after it was on the MLS. The agent route I felt was far more formal and less prone to having a deal fall through.

Granted the sale was still difficult in terms of prep work. I couldn't imagine doing the sales work on top of that, but I did end up at the same place as the private offer. I am a better technician than salesman. That's just me.

As for agents I'd recommend using references and the agents in the area. It's a profession like all others. A few bad apples who make the headlines, the bulk are good working people like most of us, some better than others and a few are stellar. Off the top of my head an agent would have to sell one property/mo at @300,000/unit to make a living wage and the hours are terrible. I could be wrong. If I am serious about selling I'd pay the extra % and hire a pro as as opposed to a part timer.  

The buying part was not that difficult. My wife and I attended an open house and talked with the sales rep then slept on it. In that time we interviewed another agent as we had no representation at the time of attending the open house. This guy was slick. It was stressful time as we were both selling and buying. This guy was a a shark and under cut the agent who had taken the time to do the open house, to get my business. It wasn't nice. It happened fast and I hated that part. Incidentally I read in the Citizen the agency he worked is being taken to task by the regulatory board for some type of malfeasance.

I was not a first time buyer. It happened rather fast and I paid just under the asking price. Now a two years later I thought I paid to much, which is always possible, but a house just sold down the block within three weeks of being listed, and I'm guessing, around it's asking price which is 10% more than I paid for ours.

The process consists of plenty of guess work and I'll never really know for certain if I got a good price for my old country home or paid to much for our city residence. Life is good here. I love municipal sewer and water and convenience of city life and if the macro situation doesn't collapse life will roll on.

I think house prices are nuts. Low interest rates and low wages, easy credit make an interesting combination. High energy costs and property assessments are another factor. Stock market in the tank and no more defined pension plans will make a stagnant future. You can't eat equity. I've been wrong many time before.

First time home buyers in Ottawa. Live at home for as long as you can. Forget about the hardwood floors and granite counter tops and save $100,000 for a down payment. Interest will rise which will impact house prices but it will amount to the came cost in the end so don't worry about it. Perhaps buy an older house circa 1950's and don't renovate it because the land is worth more than the house. The next owner can grind up the old hovel and build a McMansion.

Edited to fix grammar and to add I agree with Fishnut.

 

[Greatwhite]

The "dream house" sold yesterday.. Our agent phoned the selling agent on Wednesday to let her know that he had interested clients who would be submitting an offer shortly... Professional courtesy would say to call the interested agent to warn him that an offer came in and give his clients a chance to go to war.

Oh well, right?

SO after we got THAT bit of news today, and had an hour or so of yelling to myself in the car after dropping the kiddo at preschool and placing curses on the selling agent, the wife found a nice listing that is on Grapevine + MLS.  Asking price is $170k less than the dream house.  It actually has the same layout as the dream house, even though it's 15 years older.  It is actually visibly under priced for the area, with the yard, and square footage it has.  (3400 sq feet!!)

We got a quick showing...  And loved the house (even though it does need updating...) and LOVE the price for the house, which is good enough to get an nice inground pool at the same time.  Tried to put an offer in tonight, but it turns out that there's a divorce and the dude isn't there often so getting a deal tonight was impossible.

Now here's how you stand out in a crowd if you're buying from someone on Grapevine....  This listing actually welcomes agents at 2.5%, which is the standard rate.  We walked in with our agent... If if came down to us and someone else offering full asking price, who wins?  Well - the guy with no agent wins because that offer at asking is ACTUALLY $12,500 more than my offer.

Since the house is visibly under priced, and I'm sure agents had told her as much, I don't think she's going to come down.  A winning offer will be asking price.  HOWEVER, since we have an agent, we are offering her $15,000 more than asking to cover our agent's fees and put $3,000 in her pocket that she doesn't have to tell her ex about.  We want this house.

On top of this, with it being a divorce situation - we are going in "on her side" and "being supportive".  It helps to know a little about the other people in a deal.

[Fishnut]

Ummm...ARE you in competition?  You used the word "if", so I'm not sure.  If you're not, then why bother with the extra?  IMO, the buyer agent has to sell themselves as a bonus feature of a deal like that, which is not hard when someone is divorcing.  An agent becomes a mediator in the negotiations between divorcing exes and the buyer...omg, that can be unpleasant.

She's already prepared to co-operate at 2.5%.  If nobody else is bringing her something, and she wants to undervalue, that's on her and you have a golden opportunity to save some money PLUS your agent gets paid!  If you are in competition, then that's a different story, just don't get swept up in all the bidding wars, etc going on in your world!  Play it cool until you NEED to pull out the big guns.

Heads up...if they're still both on title for the house, he still has to agree to everything and sign the offer.  He'll find out about the extra $3000.  If she signs without him and he's on title, your contract is null and void.

Your agent should be getting his contact info and dealing with both of them, not just her.

[Hookup]

Good luck GW...  Hoping you get this one as its been a bumpy ride for you so far.

PM me an MLS number if you are ok, I'd like to see the photos.   

[Greatwhite]

So I had to laugh at my wife for bidding herself up on the house... Asking price was $495k, and she wanted to go in at $470k and then promptly put herself up to $480k, then $500k and $510k.  I DID look around for someone else saying "YUUUUP!" in the background, with no luck.

Anyways, my agent ended up going in at $500k after laughing at the 1-person bidding war.

With it being Grapevine, and there not being a selling agent - jedi mind tricks were easier.  We had the kids with us when we saw the house - and I have wicked cute kids.  The homeowner wanted to sign our offer immediately, but had another dude coming in on Sunday to present an offer, and her ex was going to be there after 6. BUT she told me agent that she liked us better than the other guy, so would definitely "help convince the ex" and give us a chance to bump up our offer to make sure we got it.

We were prepared to go in at $510k.... and got it for $508k.

Now the fun begins, getting this house ready to sell. We're doing some last minute hardwood installation right now since apparently no one wants a house with laminate flooring anymore. *shrug*

[bizfromqc]

...
I DID look around for someone else saying "YUUUUP!" in the background, with no luck.
...

<thread_hijack>

Nice, a "Storage Wars" reference.
Seems the show is always on, it's like a drug, you watch one episode and you have to watch them all. Barry is by far the most interesting character on there 

</thread_hijack>

[Hookup]

Congrats bud.  Now the work begins!  I hate fixing up my house for sale. Cause it feels like doing work on someone else's house.  Lol.  I had a house in Orleans sell and the buyers wanted a bathroom wall done in tile. Not a big job, but a job none the less.  Had to fix some else's house basically and I didn't even know them.   Haha.

Best of luck.

[Greatwhite]

Congrats bud.  Now the work begins!  I hate fixing up my house for sale. Cause it feels like doing work on someone else's house.  Lol.  I had a house in Orleans sell and the buyers wanted a bathroom wall done in tile. Not a big job, but a job none the less.  Had to fix some else's house basically and I didn't even know them.   Haha.

Best of luck.

After all the work I've done on this house - I'm used to it...  I spent nearly 1 full year on a bathroom reno.  The first month was watching a contractor do a horrible (and sloooww) job on one bathroom, and then a month myself on the en suite to get it functional to use over the winter, and then a month to "finish" it.

Not much of this house hasn't been updated/upgraded now.  I've come to terms with the fact that someone else will be enjoying my throne room instead of me.

BUT - I look at this house as my practice house. I now know I can to a travertine floor and shower tiles - and lay down a hardwood floor.

[az]

congrats.

[exv152]

Anyways, my agent ended up going in at $500k after laughing at the 1-person bidding war...We were prepared to go in at $510k.... and got it for $508k.

I'm just curious, why go in at a higher than asking price? If the list price was $495k, why not just offer the full asking price, and take it from there if you're the only bidder?

[Fishnut]

Way to go!!

Yeah, for some reason laminate floors are considered to be the cheepo flooring option.  Maybe because so many people have bought the cheep stuff and done a bad job of installing it?  I'm not too sure.  I think it's a great flooring for a family with young kids!

We're going to put some decent laminate in the basement whenever we get around to completing the reno.  I know it's not the best flooring for a basement but until the kids are old enough that their toys are not scuffing up the floors any more, I'm not putting anything nice down there!  I look back at our decision to re-finish the parquet floor upstairs instead of rip it up to put in some nice hardwood.  There are so many indents in it from toys crashing, toy boxes being wheeled over it, etc that I'm so grateful we're not ruining a relatively new hardwood floor!!

[Greatwhite]

Way to go!!

Yeah, for some reason laminate floors are considered to be the cheepo flooring option.  Maybe because so many people have bought the cheep stuff and done a bad job of installing it?  I'm not too sure.  I think it's a great flooring for a family with young kids!

We're going to put some decent laminate in the basement whenever we get around to completing the reno.  I know it's not the best flooring for a basement but until the kids are old enough that their toys are not scuffing up the floors any more, I'm not putting anything nice down there!  I look back at our decision to re-finish the parquet floor upstairs instead of rip it up to put in some nice hardwood.  There are so many indents in it from toys crashing, toy boxes being wheeled over it, etc that I'm so grateful we're not ruining a relatively new hardwood floor!!

Our laminate survived 7 years of a chocolate lab running to the back door and sliding 8 feet.  It survived my small kids, one who likes to "Tokyo drift" around corners on a ride-on giraffe...  It survived with very few nicks and no scratches.  I think everything should be made as durable as that stuff!

Oh, and as for going in slightly over asking price - we didn't want to lose out on another house we liked, and were confident that "the other guy" would only come in at asking.  We have an agent, who takes 2.5%.  Psychologically, an over-asking offer is more enticing than on at asking price....  We were hoping that would look sweet, and she'd overlook the whole 2.5% thing.

As it ended up, we paid the asking plus our agent's commission.  We were prepared to pay more...

[Greatwhite]

Done deal on the new house... and got a sign up in front of this place.  There's a lot of debate on whether to buy first or sell first...  Really, we felt buying first made more sense because we're not in a rush and can take our time to find the perfect place.  If you sell your house, you're stuck looking for something FAST, and may end up in a house "just because there was nothing else"...

Here's my house... Up for sale now if anyone is interested..

http://homesite.obeo.com/viewer/default.aspx?tourid=729933

[exv152]

When we bought and sold last year, we calculated having possesion of two homes for a month would be worth it. We paid bridging loan interest of approximately $100 but it was well worth it to ensure stress levels were low, and I could move all my fishtanks over without losing a single fish (moved about 70-80 fish).  Had tanks cycling in the new basement right from day one. Something to ponder.