With so many online tools available today, an increasing number buyers and sellers are entering the private real estate market. Purchasing or selling residential real estate without needing to pay commissions to an agent or brokerage is an enticing prospect for many. While it can save people money, doing thorough research and protecting one's own interests is critical when undergoing a private real estate transaction in Alberta.
For sellers, carefully considering an asking price is an important step to take when not using an agent. Without the guidance of a realtor, some Alberta sellers may advertise a price that doesn't align with the current market. Researching listing prices for comparable homes nearby is a good step to take before landing on an asking price.
Buyers should be extremely vigilant before making an offer on a privately listed home. One recommended step is talking to neighbors about possible red flags, such as frequent repair trucks or possible drug growing. It is also important to have some kind of independent third party expert involved, even when forgoing a real estate agent. Real estate lawyers and inspectors are important allies in this process.
Before making an offer on a house, Alberta buyers should line up their resources for vetting the house and supporting the transaction. The time to find a lawyer and inspector and get preapproved for a mortgage is before finding a dream home, not afterwards. Buying residential real estate can be an emotional decision, so it is important to have people who can look at the purchase objectively to guide the process.