Occasionally, one can see "For Sale By Owner" signs, and some owners think that selling their own home will not only save them money, but believe they have an advantage over the sellers that have their home listed by a reputable Real Estate sales professional. Before you decide to take on this very important and legally complicated process…remember not even most Real Estate Lawyer's recommend selling your own home yourself in today's market. Here are a few of the reasons why:

1. You are limiting your exposure to potential buyers (less than 10% of what a good real estate broker will generate) which theoretically means your home will take ten to fifteen times longer to sell on the market.

2. The longer a home is on the market the lower the selling price is. Why? Because most buyers think that if the home has not sold after this long... there must be something wrong with the home.

3. The selling/buying process begins AFTER the buyer leaves your home. Most sellers think that all it takes is for someone to see their home, fall in love with the great decor... and the offer automatically will follow. Remember that the buying process begins after they leave your home. If a real estate sales representative does not represent the buyer, and they are looking on their own…they usually leave the home and start to talk themselves out of the buying process. Real estate professionals are trained on how to overcome buyers remorse--a very common occurrence.

4. Because of the limited exposure you will very likely end up with a lower selling price. Remember, in order to generate the highest price possible for your home… selling means exposure. You need the maximum exposure possible, to generate the highest price possible.

5. Most buyers find it extremely awkward to negotiate or even to talk directly with sellers and therefore avoid FSBO properties.

6. Lack of negotiating experience and lack of pertinent information often will result in a lower selling price, or worse yet, a bungled contract and possible lawsuits.

7. The majority of qualified buyers are working with experienced real estate professionals.

8. Many serious buyers will pass by a FSBO home merely because they recognize that it is not in the real estate mainstream, this can some times make them wary.

9. As most local buyers now retain an experienced real estate sales person to represent them as their buyer-agency, you will probably be negotiating against an experienced professional.

10. Expected savings in broker's fees will also be greatly reduced if you offer a selling commission to entice real estate sales representatives to bring potential buyers.

11. If you are planning to use a Lawyer to help you negotiate the offer, then your lawyer's fees will be considerably higher.

12. Only real estate sales representatives have access to the up-to-date market information. News reports cannot approach the timeliness or specificity available to real estate sales people. Further, real estate sales representatives are involved in home sales much more frequently than the average homeowner is. This familiarity leads to a degree of expertise that provides an edge on negotiating and successful selling.

13. You only pay the commission to the real estate broker, if they successfully sell your home at the price you are happy with.

14. Accepting an offer is one thing, ensuring a safe and successful closing is quite another. Real estate transactions usually always have problems on closing. At times, expecting the Buyers and Sellers Lawyer's to fight it out or resolve the problems, can sometimes mean the deal is lost. This is the time that your experienced real estate professional, can be the most important. Your Real Estate professional can act as a great mediator. Lawyers MUST act only on their client's instructions and are not paid to negotiate.

Legally, an agent is one who is authorized to act for another. When buying or selling real estate, the critical question to ask is "Whose agent are you?"

For sellers, it is relatively straightforward. Once a listing contract is signed, the seller and the real estate company have created an agency relationship. On behalf of the seller, the real estate agent will protect the seller's interests in the transaction. This includes working to get the best terms and conditions, keeping confidential the seller's personal information such as the lowest price they will accept, and advising the seller of market conditions affecting the sale of their property.

It is not so straightforward for buyers. When a buyer calls an agent about a particular property - perhaps from a sign on the property or an ad in the paper - in most cases that agent has signed a listing agreement with the seller. That means the agent is working to obtain the best deal for the seller, not the buyer. Buyers generally have not understood this concept. For that reason, in the mid-nineties, the Canadian Real Estate Association added an "agency disclosure" requirement to the Code of Ethics.

Code of Ethics Article 3 A REALTOR shall fully disclose in writing to, and is advised to seek written acknowledgment of disclosure from all parties to a transaction regarding the role and the nature of service the REALTOR will be providing to the client versus the customer or other party to the transaction. The REALTOR shall also disclose his or her role to the other REALTORS involved in the transaction.

In most places in Canada, a buyer can work with his/her own buyer agent in a real estate transaction. A buyer agent will strive to obtain the best deal for the buyer; keeping confidential the buyer's personal information such as the highest price they are willing to pay for the property and advising the buyer of terms and conditions that should be included in the offer to purchase.

Province-by-province, there is some variation in the way the agency system works. The first order of business for a buyer when engaging in conversation with a REALTOR is to ask, "Whose agent are you?"

Deciding what price tag to put on your home is never easy. Price is often the determining factor for potential buyers. Location, layout and amenities are important but in the end most of us have to look at the bottom line. Many sellers like to think they can start with the price they originally paid, add a healthy mark-up and wait for the offers to roll in. A lot of those sellers will have to adjust their price once their home is on the market.

Try to put aside your subjectivity
The cherished memories you may hold of your home are basically unimportant to buyers. Usually they're more interested in creating their own memories. An unsentimental look at the market value of your home can save time and disappointment.

The amount you actually spent for home upgrades is worth mentioning in the listing information, but their reflection in the selling price can be somewhat distorted. The new carpet, paint, or deck you added may increase the value (and shorten the time your home is for sale) but don't expect to be reimbursed dollar for dollar for those renovations. As design trends change you may also find that certain renovations are either more or less desirable. (Do you remember shag?)

Arrange a Comparative Market Analysis (CMA)
It is standard practice for a seller to ask real estate agents to visit and evaluate their home. Ask for a comparative market analysis showing the selling prices of similar homes in the neighbourhood, those currently on the market and those that didn't sell. A CMA presented by an experienced agent can provide a realistic price estimate of your home. Remember however that CMAs are not set in stone. Some agents under-value your home in hopes of creating demand. Others will flatter you with over-inflated estimates in order to get your listing but later suggest a price reduction. You may want to get a number of CMAs and augment it with your own investigative work.

Conduct your own market research
When homes in your area have open houses take a look. Use this opportunity to compare your home to "the competition" in terms of price, location, square footage, and amenities. Once you look at several listings you should be able to make an educated guess as to the market value of different aspects of your home. If you are months away from actually listing your home, visiting open houses may also help you discover which renovations could be profitable and appeal to today's consumers.

Calculate the price per square foot
There are many factors to take into consideration when determining market value. Price per square foot is a good starting point. You can get a fair idea of the average price per square foot of homes in your neighbourhood by reviewing properties sold or for sale recently. Remember that there is more than one way to count square footage so it's a good idea to ask your agent what method is commonly used.

Consider market conditions
Real estate is one of the most secure investments you can make but prices can rise and fall independent of the quality of the individual properties. If you attempt to sell your home when the market dips you'll find you may have to lower the price below your expectations. Interest rates, the state of the economy and the local job market should be considered before you put your home on the market. The time between price peaks varies due to local and national market influences. These characteristics will assist you in determining if there is any market timing opportunities.

Finally, consider your own needs when setting your price. Are you in a hurry to sell? If so you may want to knock one or two percent off the market value. Is there a minimum amount you can afford to accept? If you have the luxury of time you have more leverage. Keep in mind however, that a house that is on the market too long or has a large price reduction at some point, may be viewed as "damaged" or "stale goods."

Your best strategy may be to establish a fair asking price from the start. Most buyers will make an offer lower than the listed price in a bid to see how low you'll go. However, those who have researched the market will be willing to meet you near your terms.

Selling your home can be very stressful to many people. To make the whole process smoother, it helps to be prepared. The following suggestions will help you prepare your home for potential buyers.

Create Space
Prospective buyers are usually looking to upgrade. They have outgrown their home. Perhaps they need more bedrooms for their growing family or just find their current living space too cramped. As the seller of a home you need to show them what they want space. In order to showcase the space you have to offer, consider removing unnecessary furniture and cleaning out your closets, storage rooms or your garage. Also, keep curtains and blinds open to create an open, airy look.

Create a blank canvas
Once you have cleared up the clutter in your house, it is time to paint. Often, a new coat of paint goes a long way when you are showing your home. Choose a nice neutral colour such as an off white. Not only does it cover over old marks but it also freshens the place up. As well, it is often easier for prospective buyers to visualize their own decorating preferences when they have a "blank canvas" to look at. They are more likely to purchase a place that they truly view as theirs rather than somebody else's.

Fix it Up
Prospective buyers want to move into a house where all mechanical systems are fully functional. In order to ensure everything is working properly, you should have your mechanical systems inspected by licensed contractors. If there are minor repairs to be made they should be done at this time. You should have your furnace and air conditioner cleaned, fix any plumbing leaks and make sure all electrical outlets are in working order. Fixing minor repairs will show the buyer that the home is well maintained. Covering up minor problems warns potential buyers that you could be also hiding something a lot more serious.

First Impressions
Last The first glance prospective buyers will have of your house is from the outside. So once you're done inside, move outside and ensure that your home looks appealing from the street. Make sure the lawn is always cut, garden edges are trimmed and shrubs and trees are cut back. As well, replace broken or rusting gutters. Flowers go a long way in improving the overall look of your house. If the season is right, consider planting some pots or hanging baskets. Also, ensure that children's toys aren't strewn all over the lawn.

You’ve found your perfect home. Now you’re ready to move out of your current home or apartment. It’s moving day. Are you ready? Use the handy checklist below to help guide you through this hectic time.

Six Weeks Before Moving
Make an inventory of everything to be moved.
Collect everything not to be moved for a garage sale or charitable donation.
Contact the charity for date/time of pickup. Save receipts for tax records.
Select mover, arrange for exact form of payment at destination (cash, check). Get cartons and packing materials to start packing NOW, unless you have packing services.
Contact insurance agent to transfer/cancel insurance coverage.
If relocating as part of employment, check with employer to find out what moving expenses they will pay.
Four Weeks Before Moving
Notify all magazines of change of address.
Check with veterinarian for pet records and immunizations.
Contact utility companies for refunds of deposit, set turn-off date, establish record of new residence for transfer
If relocating as part of employment, contact real estate broker in new community to set up utility turn-on date.
Dry clean clothes to be moved, pack in protective wrappers.
Collect everything you have loaned out and return everything you have borrowed.
Service power mowers, boats, snowmobiles, etc. that are to be moved, drain all gas/oil to prevent fire in moving van.
If relocating as part of employment, check with doctors and dentist for all family records and prescriptions and get children's school records.
Check freezer and plan to use of food over next 2-3 weeks.
Remove all jewelry and other valuables to a safe deposit box or other safe place to prevent loss during move.
If relocating as part of employment, give away or arrange for transportation of house plants (most moving companies will not move plants, especially in winter). Plants also can be sold at a garage sale or given as thank you gifts.
One Week Before
If relocating as part of employment, transfer or close checking and savings accounts. Arrange for cashier's check or money order to pay moving company on arrival to new community.
If relocating as part of employment, have automobile serviced for trip.
Fill out Post Office change of address forms, give to postmaster.
Check and make inventory of all furniture for dents and scratches, notify moving company of your inventory and compare on final day.
Dispose of all combustibles and spray cans (spray cans can explode or burn).
Pack a separate carton for cleaning materials and tools.
Separate cartons and luggage you need for personal travel.
Organize at least one room in the house for packers and movers to work freely.
Cancel all newspapers, garden service, snow removal, etc., or transfer to new residence.
Review the entire list to make certain that you haven't overlooked anything. Check and double-check everything you have done before it's too late.
Moving Day
Plan to spend the entire day at the house. Last minute decisions must be made by you. Don’t leave until after the movers have gone.
Hire a sitter or send the kids to a friend’s house for the day.
Stay with the moving van driver to oversee inventory.
Tell packers and/or driver about fragile or precious items.
Make a final check of the entire house- basement, closets, shelves, attic, garage, every room.
Approve and sign Bill of Lading; if possible accompany driver to the weigh station.
Double check with driver to make certain moving company records show the proper delivery address for your new house. Verify the scheduled delivery date, too.
Give driver phone numbers both here and in new community to contact you in case of a problem.
Get complete routing information form the driver and phone numbers so you can call the driver or company while en route.
Disconnect all utilities and advise the real estate agent who sold or is selling your house.
Lock all doors and windows. Advise your real estate agent and neighbors that the house is empty.