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Your Guide to Buying a Home Privately
Anthony Maricic
May 16, 2023

Your Guide to Buying a Home Privately

There are many different reasons that home buyers would consider buying a home privately. The main one is usually to save on realtor fees. Although there are risks involved, successfully purchasing a home privately is not an impossible feat. We have compiled a brief guide for your consideration if this is the route you’re choosing to go while buying a new home.

Know Your Price

The first thing you need to consider when buying a home privately is what you can afford. When purchasing a home, it’s best to have a mortgage pre-approved and your down payment prepared to ensure a smooth transaction. Although the mortgage won’t be finalized until you’ve found the home you wish to purchase, having a pre-approved mortgage will ensure that you choose a house within an affordable price range. 

As you are going about securing your budget, do some additional research and take an inventory of the possible fees that will crop up with the transaction. Understanding these fees and determining which ones you are able and willing to cover will set you forward when you do find the home you are looking for. If you want more information on what fees to expect, contact a professional source such as home buyers in Calgary. But to start, you should consider fees such as adjustment costs like post-close utilities and property taxes, title insurance, property insurance, property appraisals and surveys, home inspection fees, and the like.

Know the ins and outs of your transaction.

Get Some Advice

Even if you aren’t using a full-scope realtor, it pays to get professionally vetted knowledge on the process you’re embarking on. Having someone who knows the ins and outs of realty and home ownership transactions in your corner can pay off big time in the end, and if you don’t hire a buyers agent, you should still consider reaching out to a professional such as a lawyer to help you vet your potential purchase agreement. This is especially true if your seller is putting all of their paperwork together on their own. 

If you do decide to invest in a buyer's agent, it may not cost as much as you anticipate. While not always the case, the seller typically pays for the agent's commission - and the right agent can be a massive reward without much risk. An agent will know which loopholes to watch out for and how to properly assess any back-end complications that could come up in the process. They will also be able to provide valuable financial insight when the time does come to put your money down. It may be wiser to provide your deposit to a third party such as a title company rather than handing it over directly to the seller. If you’re not a professional home buyer in Calgary, it's always smart to have a second opinion.

Be Prepared to Communicate

When purchasing a home from an owner (FSBO - for sale by owner) an important middle man is taken out of the equation. This means that when it comes to sorting out the details, you’ll be leading the charge, especially if you don’t hire a buyer's agent. You need to be prepared to not only negotiate the price (many homeowners don’t have a realistic sense of their home's worth when selling it on their own) but ensure that you get full disclosures on any problems the home may have. If there are unexpected issues that come up in terms of costs or repairs, it’s up to you to negotiate these as well. 

Sell your house fast with Cashyn Homes. As trustworthy and professional home buyers in Calgary, we make selling your home privately stress-free and secure. All you have to do is provide us with information about your home. We then give you a firm offer for your home using local real estate data and a sense of empathy. If you accept it, we’ll send you an instant transfer - it’s that easy. There are no obligations, commissions, showings, commissions and headaches; it’s the simple way to sell your home and get the money you want for it. Experience a new way to sell your home with Cashyn Homes. Contact us at (587) 600-1248.