Durham Region For Sale By Owner Private Real Estate Sales

The Highway 407 extension announcement has been made. This will create a major impact on Durham Region real estate. Other areas affected will be north and east of Durham.

The section from Brock Road in Pickering to Highway 35/115 will start construction in 2011. This is a stretch of approximately 50 KM.

The Highway 407 extension is scheduled to open in 2013. 

Buy and sell real estate on our Durham Region Homes For Sale By Owner Website.

You get unlimited assistance from an ex-realtor when you private list your Durham Region For Sale By Owner real estate on the HomesByOwner.com website.

Why is this important? Do you think someone who has been there, done that can give you some good tips and advice how to sell your property?

HomesByOwner of Durham Region is run by an ex-realtor that sold over 700 homes in Durham Region over a 15 year period. With this amount of experience in the real estate business, I am confident I am in a better position to guide someone through the selling process.

Some For Sale By Owner companies don't have a local representative. You order a package over the internet and then wing it on your own. Sure, you have a helpline to call, but who are you speaking to?

Then there are some companies that have a local representative. No doubt they paid a sum of money to buy the rights to the territory. Their only experience with real estate is homes they personally bought or sold.

When you list your private sale real estate on our Durham Region For Sale By Owner website, you are assured of unlimited guidance by someone well experienced in selling homes. I know the sale process and necessary forms that are used. I can share tips,tricks and ideas that will save you money and get your property sold.

Check out your best private sale real estate solution at our Durham Region For Sale By Owner Website.

You need to supercharge your FSBO Marketing in order to increase your chances of selling your For Sale By Owner real estate.

Would you respond to this ad? - 'ajax house. 4 br. 3 ba. nice area. email for info'. Believe it or not, ads like this are posted on classified websites everyday. This FSBO advertising lacks a price, address, more details and photos if they are available.

When you create your ads, you have to give the consumer what they are looking for. Information. You have to give them the desire to take the next step. You want them to contact you for a showing and hopefully submit an offer.

Consumers now want to go to their computer to research the product they are considering purchasing. They want to do this before they call anyone.

When you list your Durham Region For Sale By Owner property on our website, we provide you with your personal 'direct' web address. We build a professional presentation with up to 20 photos. You include your web address in all your FSBO marketing. Buyers can go there to get all the information they are looking for.

If you were to run an ad for your private real estate showing 20 photos and a 500 word description, the cost would run into the thousands of dollars. Include your personal 'direct' web address, you will say as much but at a fraction of the cost.

When you write an ad, make sure you include all the information required to properly inform a buyer what you are offering for sale. Include the address, price and a full description. If possible, add some good quality photos. You need to build a presentation that makes a potential buyer want to contact you.

HomesByOwner of Durham Region is always happy to help with writing ads. All you have to do is ask.

Check our Durham Region For Sale By Owner Website.

Closing day for a real estate transaction is the day that title or ownership is transfered from the Seller(s) to the Buyer(s). The Seller(s) will move out of the home and the Buyer(s) will take possession. The property is now in the Buyer(s) name(s) and they are responsible for all expenses and upkeep.

You cannot close a real estate transaction on a Saturday, Sunday or a holiday. A holiday would be considered days that financial institutions and government offices are closed. An example of days you cannot close are New Year's Day, Thanksgiving Day, Canada Day, Labour Day, etc.

This time of year (end of November), some Buyer(s) and Seller(s) might be forming an agreement to close around the Christmas and New Year holidays. There might be a question which days would be acceptable to complete the transaction.

The best thing to do is contact your lawyer. Since they will be doing the closing, they can inform you which days their office will be open.  

We recommend that you consult with your lawyer before you sign any documents. 

Sell private and save paying real estate commission on our Durham Region Homes For Sale By Owner Website.

Here is a brief explaination of the Ontario real estate sale forms used. These are the ones you will generally use in most residential transactions in the Province.

• Agreement of Purchase and Sale. This is sometimes referred to as the 'offer'. It will contain all terms and conditions with respect to the sale and purchase of a property. The Buyer and Seller will be bound by everything stated on the Agreement.
• Schedule attached to the Agreement. It is common to have a Schedule 'A' that forms part of the Agreement between the Buyer and Seller. It is a separate piece of paper that is an extention of the Agreement. On the original Agreement form, it will state that there is a Schedule 'A' attached.
• Waiver. Most Agreements will contain conditions that must be met before the the Buyer or Seller agrees to proceed with the transaction. An example of these are financing, home inspection and sale of another property. When the Buyer has determined that the financing is approved or they will accept the home inspection report, they will waive condition to notify everyone involved with the transaction. This is a piece of paper they sign that states they are removing their condition and everything is a go.
• Amendment to the Agreement of Purchase and Sale. This form is used when the Buyer and Seller agree to change something on the original offer form. It could be changing the closing date, the price, adding or deleting someones name, etc. Both parties must sign the Amendment before it becomes part of the Agreement.
• Mutual Release. This is the form that both Buyer and Seller will sign to terminate an Agreement. Suppose the Buyer was not able to arrange their financing. With the condition in the Agreement, it will allow the Buyer to walk from the deal. The Mutual Release 'kills' the Agreement between the 2 parties. It also states on the form what will happen to the deposit paid by the Buyer. In most cases, it is returned to them.

There is a separate Agreement of Purchase and Sale used for a condo transaction. It will contain details like the Condominium Plan No., current monthly condo fees paid by the Seller and so on.

All real estate transactions MUST be in writing. A hand shake is no longer is acceptable.

So if you want the cute little shelf on the wall in the living room or the appliances, make sure they are included on the Agreement of Purchase and Sale. The Agreement is where everyone will turn to in order to determine what the Buyer and the Seller have agreed to. Make sure everything is on the form before you sign it. It may be too late afterwards.

We recommend that you consult with your lawyer before you sign any legal document.

Sick of paying thousands of dollars in real estate fees? Check our Durham Region Homes For Sale Privately Website.

When buying or selling, you will in most cases sign a conditional offer to purchase real estate form. This Agreement of Purchase and Sale will spell out all terms of the sale. It may contain one or more conditions that must be met before the offer becomes a firm agreement.

A condition can be for the benefit of either the buyer or the seller. Once the condition has been met, a waiver will be signed and copies are delivered to everyone involved in the transaction. This is how they are notified that the sale is going to proceed. 

Here are some of the conditions you might see in a real estate offer.

• Financing. This is a standard condition that will be found in most agreements. It will allow the buyer time to take a copy of the offer to their mortgage company to get their stamp of approval. Five banking days should be sufficient to get an answer from the financial institution. Even with a pre-approved mortgage, this condition must be included in the offer. The buyer has been pre-approved. The mortgage company must now approve the purchase.
• Home Inspection. This is also a standard condition that most buyers will insist is included in the agreement. Again, 5 business days should allow enough time to have an inspector submit their report. 
• Lawyers approval. Some buyers and sellers want their lawyer to review the agreement. You should allow 2-3 weekdays for your lawyer to do this. With a private sale, you should always get your lawyer involved.
• Water test. When buying a property that is on well water, a condition should be included in the agreement allowing enough time for a sample to be tested. You want assurance that the water is fit for human consumption. Your mortgage company will require a copy of the report. If the water sample comes back with a negative report, they will not finance the property.
• Inspection of the property by another buyer. Sometimes one of the purchasers is not available to view the property prior to an offer being submitted. This could be a case where the husband or wife is out of town. This condition could run for a couple of days and be waived when they return to give their approval for the purchase.
• Sale of another property. Sometimes a buyer of real estate has a property to sell before they can firm up on their purchase. This type of condition could run for a few days or a few months. If it runs for more than a week, the seller might insist that an 'escape clause' is included in the agreement. It will state that the seller can continue to offer the property for sale. If a second buyer submits an offer that the seller decides to accept, the seller must notify the first buyer in writing informing them of their intentions. Buyer #1 will have a specified number of hours to either remove all the conditions in their offer or let the property go. If they choose the later, buyer #2 buys the property. An escape clause can be used with any condition that runs for a longer period of time, but is generally not used with financing or inspection conditions.
• Use of the property. This condition would be used in a case where the buyer wants to use the property for a specific purpose. Say they are going to start selling cars on a vacant lot. They would want time to inquire with the appropriate department at city hall before agreeing to proceed with the purchase.

This is a short list of conditions you might find in an agreement of purchase and sale. There is no limit to what one of the parties might request to be in the offer. Whatever it takes for them to be comfortable to continue with the agreement. 

A condition in an offer must contain 5 things.

• Who will the condition benefit, the Buyer or the Seller.
• At who's expense will the condition be completed.
• An expiry date for the condition.
• What must be done by this date.
• What will happen to the deposit paid by the Buyer.

Here is a sample of a condition.

• This Offer is conditional upon the inspection of the subject property by a home inspector at the Buyer's own expense and the obtaining of a report satisfactory to the Buyer in the Buyer's sole and absolute discretion. Unless the Buyer gives notice in writing delivered to the Seller not later than 9:00 p.m. on the 12th day of July, 2007, that this condition is fulfilled, this Offer shall be null and void and the deposit shall be returned to the Buyer in full without interest or deduction. The Seller agrees to co-operate in providing access to the property for the purpose of this inspection. This condition is included for the sole benefit of the Buyer and may be waived at the Buyer's sole option by notice in writing to the Seller within the time period stated herein.

As you can see, a condition allows one of the parties to the transaction a specified time period to satisfy themself with respect to some aspect of the purchase. If it happens, they agree to continue with the transaction. 

With any legal document, you should ALWAYS CONSULT WITH YOUR LAWYER PRIOR TO SIGNING.        

Check out our Real Estate For Sale By Owner In Durham Region Website.

'How does For Sale By Owner work?' is a question we are asked a lot.

You can call it private list, FSBO, homes for sale private, private real estate sale, private homes for sale, owner for sale, private real estate, private for sale, private sale, private sale home, private sales, house sale by owner, sale by owner real estate or home sale by owner. It all comes down to the same thing. The real estate owner wants to control their own 'For Sale By Owner' commission free real estate transaction.

As a private seller, you will handle these details.

• Prepare the property inside and out for showings.
• Price the home according to fair market value. We can assist with this.
• Visit the Durham Region Homes For Sale By Owner Website and privatelist your property.
• Advertise your sale by owner home in newspapers as the budget allows. Include your 'direct' web address in all FSBO advertising to give buyers the opportunity to get all the information. You can run smaller ads and save money. You say less in your ads but end up saying more by adding your 'direct' web address. The Durham Region Homes For Sale By Owner company is happy to assist you to compose an ad that works.
• Conduct Open Houses as you see fit. The days and times should be posted on the Durham Region HomesByOwner.com website as far in advance as possible. Have plenty of colour feature sheets available to hand out. Durham Region HomesByOwner.com will be happy to supply you with the quantity you require.
• You have 24/7 access to your listing in your own FSBO User Center. There you can make changes to the photos and details of your property, post unlimited Open Houses, view your hit counter, start a blog, automatically post your listing to Craigslist.ca, email your listing to friends and relatives, print unlimited feature sheets and much more. Any changes to your listing are done in real time. They take effect immediately.
• Handle the calls and emails from buyers requesting more information.
• Show the property at a convenient time for the buyer and yourself.
• Negotiate an agreement with the buyer and have your lawyer assist in completing the paperwork for a successful For Sale By Owner transaction.  

HomesByOwner of Durham Region will take care of the rest.

• We take the photos of your property and build a professional presentation on the HomesByOwner of Durham Region web site. It's like having an Open House everyday!
• We install a personalized For Sale lawn sign like the one below. The sign displays your phone number and your 'direct' web address. We also place directional arrows on busy streets pointing traffic to your private sale home.
• We post classified ads each week in the real estate section on websites like Craigslist.ca, Kijiji.ca, UsedOshawa,com, UsedToronto.com, DurhamCentral.com, Adpost.com, etc.
• We make sure that your private listing has been uploaded to Google Base and Oodle.com.
• We confirm that your listing details are available through our Automated Property Hotline. A buyer can call 800.555.OWNER, enter your 5 digit code and hear a voice presentation of your property. We also install an Automated Property Hotline sign, like the one below, on your lawn with your For Sale sign.
• We are happy to assist you with ad writing when you need some help.
• We are available to you by phone or email for any questions during your listing on the HomesByOwner of Durham Region website. 

Check our Durham Region Private List Homes For Sale By Owner Website

For any questions, you are welcome to call us at 905.718.FSBO or see Our 'Direct' Web Address. 

'For Sale' lawn sign personalized with your phone number and your direct web address.

Directional Sign to point traffic to your private list home.

We personalize your Automated Property Hotline sign with your unique 5 digit code. It is then installed with your For Sale lawn sign. A buyer can stop in front of your home, call the toll free number from their cell phone and hear a voice presentation of your property. Buyers now don't want to call you for information. They want all the information before they call you. 

How does rent-to-own real estate work? This blog will give you an idea of what to expect when considering this way to sell or purchase real estate. 

A rent-to-own is generally considered when a buyer does not have a down-payment. It will give them the opportunity to rent a property for a specified period of time during which they will accumulate the necessary down-payment. This is done by increased rent payments and through their own savings.   

As an example, let's say the rent for the property is normanally $1,000 a month. The buyer and seller agree for the rent to be increased to $1,500 per month. The additional $500 each month would go towards the down-payment. If the rent-to-own agreement specifies a rental term of 1 year, then the buyer would have $6,000 to use as a down-payment at closing.

There are pitfalls though. The buyer is approved for a mortgage at the beginning of the agreement. When the rental term is about to expire and the transaction is due to close, the buyer will once again have to go through the mortgage approval process.  

The mortgage company will require proof of income, list of debts and a credit check for each buyer on the application. If the debt load has increased or an applicants credit rating has dropped, a mortgage on the property may no longer be possible. The buyer will not be able to complete the transaction.

The question then is what happens to the agreement? The seller is expecting the transaction to close. Without a mortgage the buyer cannot proceed. And what happens to the additional $6,000 the buyer has paid in rent over the past year?

What happens if the original agreement is for a selling price of $220,000 which is fair market value at the time? But a year later when the transaction is to close the property is worth $190,000. The seller will want their $220,000 but the buyer only wants to pay $190,000.

Let's say the buyer wants to conduct a home inspection prior to closing. If the report reveils a problem that the seller will not correct and the buyer will not accept, what happens? Again, what happens to the extra $6,000 rent that was paid?       

These are scenarios that could develop when considering a rent-to-own. The Ontario Landlord and Tenant Act will be in effect during the rental period. If the transaction does not close, the seller will continue to have a tenant occupying their property. 

It is recommended that you CONSULT WITH A LAWYER BEFORE YOU SIGN ANYTHING with regards to a rent-to-own. This applies even if you are using a real estate agent to draw up the agreement. Take all the paperwork to your lawyer and have them review and explain the terms and conditions that you will be bound to. Doing this before you sign could save you many thousands of dollars down the road.

Up until a few years ago, you needed 5% of the purchase price as a down-payment to buy a single family residential property in Canada. This rule has changed as you can now get into the market without a downpayment. Those that qualify can finance the property for 100%. Needless to say you have to have a good credit rating. When you take this into consideration, maybe a rent-to-own is not necessary.

See our Durham Region Sale By Owner Homes Website   

A pre-sale home inspection by the owner can eliminate problems down the road. A smooth home sale will actually save the seller money.

Home inspections cost in the range of $300 and take approximately 3 hours to complete. Consider it to be a health checkup for the property. The inspector will inspect all components of the building from the basement to the roof.

A real estate offer to purchase will generally contain a condition allowing the buyer a few days to complete a home inspection. If the report contains deficiencies in the property that they will not accept, the buyer will walk away from the deal. In some cases, they will come back to the table and want to negotiate a lower price.

A seller that has completed their own inspection prior to a buyer submitting an offer will be prepared for situations like this. They have the opportunity to repair or correct any items found by their home inspector. No doubt they can have the work completed for much less than the buyer's demand.  

Some buyers will accept the sellers home inspection report. This will eliminate the need for a condition in the offer. Most inspectors will welcome a call from the buyer to explain the report.

Visit our Durham Region Homes For Sale Private Website 

FSBO advertising for your Durham Region Ontario house sale by owner is expensive. A small ad in the newspaper can easily run into the hundreds of dollars. We can help you reduce it.

FSBO marketing is very vital to achieving success with a private sale. You need to get the word out that you are offering a house sale by owner.

HomesByOwner.com can help. When you private list your real estate with us, we provide you with your personal 'direct' web address. It's like having your own website. When you include it in your advertising, you can run smaller ads. You offer the reader the opportunity to take another step for more information. 

Rather than running an ad like this:

• Durham Region, 4 bedrooms, 3 bath, renovated bungalow, 2 car garage, finished basement, good area, close to schools, park & shopping, large mainfloor family room with fireplace, eat-in kitchen, walkout to deck, freshly painted. $299,000 or best offer. Call for more information 905.555.XXXX

Run one like this:

• Durham Region, 4 bedroom bungalow, renovated, great area. $299,000. 905.555.XXXX. Photos and info at - HomesByOwner.com/12345 

Your FSBO advertising bill just got cut in half. And you end up saying more by offering the opportunity to view photos and get more information about your private sale at your web address. 

Your web address is worth its weight in gold. You would never consider running an ad that includes everything posted in your listing.

FSBO marketing can be easier and less costly when you use your personal 'direct' web address in all your advertising.

Private list your property on our Durham Region Homes For Sale By Owner Website.