Читать книгу Buy & Sell Recreational Property in Canada - Geraldine Santiago - Страница 41

Sometimes you will find that a recreational property you are interested in is being sold by the owner, as a “For Sale by Owner” (FSBO, pronounced “fizbo”), usually because the seller wants to save on agents’ fees. You should be aware of the advantages and disadvantages of purchasing a FSBO.

First, FSBOs tend to be priced according to what the owner would like the homes to sell for, rather than what the market is willing to pay. If you are looking at various types of properties, including FSBO properties, make sure that your agent provides you with a comparative market analysis (CMA) to verify if the price is within fair market value.

Second, it is common practice for sellers to hire the services of a listing agent. The listing agent has a code of ethics to which he or she is bound. He or she is also bound by the laws of the country and has a fiduciary duty to inform his or her client who is selling a property about the legal importance of full disclosure. It is also the listing agent’s responsibility to verify the accuracy of the information being given to the potential buyer. Not having an agent working on behalf of the seller may raise questions regarding the disclosure of water damage, mould problems, and other serious health and safety issues.

Buyers’ agents, in seeing that there is no listing agent to represent the seller, may find purchasing a FSBO a potential risk because there may not be any confirmation about the history of the property or the accuracy of what is disclosed. A buyer’s agent has a fiduciary duty to protect the client’s interests, and the seller of a FSBO may not be aware of his or her duty as an owner to disclose all information. So, if you are buying a recreational property for the first time, retain a buyer’s agent to ensure that your interests are protected at all times.

There are perhaps only two reasons for purchasing a FSBO. First, both parties can save on agents’ fees because there is no commission to be paid. This may influence both parties in coming to an agreed-to price, which may or may not be lower than fair market value. Second, a bidding war is unlikely to happen. Because the property is not listed on the MLS, the chances of people finding out about it (unless it is very well advertised) are reduced. Go to the following websites for more information regarding FSBOs:

• www.fsbo.ca

• www.homesellcanada.com

• www.forsalebyowner.com (US website)