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  #1  
Old 2008-07-08, 04:06 PM
Maxwell_217 Maxwell_217 is offline
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Question Experience selling house through Grapevine

We are considering to sell our current house through Grapevine. Would anyone be able to comment on their selling experiences, recommend to list it this way, how involved is the whole process etc? How long did it take you to sell your home through Grapevine? We are closing in Nov and plan to sell our townhouse in Kanata. Thanks!
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  #2  
Old 2008-07-08, 04:38 PM
DNA DNA is offline
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Hi Maxwell,

I would highly recommend Grapevine. You will and can sell your house. They are always there for questions and to try to help you. It is not a complicated process to sell you house. Plus your will save yourself the 5% commission also!

It also depends on your townhouse. Some will sell faster than others. Is your price right? Location? Colours.

We sold our townhome within 1 month.
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Old 2008-07-08, 04:52 PM
Fraggle7th Fraggle7th is offline
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I have several good friends in the real estate business... so these observations come from my experiences through them. These observations come from them purchasing Grapevine listings, as well as picking up listings after Grapevine has failed.

If you have a house in a desireable area (ie. listings always go fast) and/or a property that shows extremely well, then you are a candidate for Grapevine.

Additionally, another requirement is that you have access to recent comparable sale prices in your neighbourhood, and that you don't have an inflated view of the value of your property. Also, your ego must be able to withstand people criticizing your home.

The Grapevine horror stories are always from people who think their property is beautiful when it isn't, they think it's worth way more than it is, and they crap on potential buyers when they can't handle criticisms of their property (and refuse to fix critical things like leaks or wiring, etc).

Prepare yourself. Get a lawyer, etc. Are you will to pay a percentage to a buyer agent? (highly recommended as most agents won't show your house to their clients if you aren't going to pay them). If an agent brings you an offer, are you familiar with real estate contract terms and conditions? Can you adequately represent yourself? Agents will put in all kinds of conditions that do NOT work in your favor. Because you won't have an agent working for you, you need to be able to recognize conditions that make sense (like financing and inspection) vs. conditions that could easily put you at a disadvantage. Remember, the buyer agent is there to protect his/her client, not you. It can get quite complicated, especially if there are multiple counter offers.

Some people get lucky and sell their Grapevine listings quickly and easily.

Having your property listed by an agent ensures maximum exposure on MLS, and ensures that other agents see your listing and show their buyers.

I'm not saying don't do Grapevine (even though this might sound like I am)... just make sure you know what you're getting yourself into. I've seen some really crazy things happen to sellers because they don't know how to read an offer and protect themselves... and you can't blame a Buyer Agent for doing what's best for their client, that's their job. They can and will try and get the best conditions for their client.

Personally, I've sold two properties using an agent. One for full asking without even putting it on MLS, and one in multiple offers for above asking price. The ease and security of the transaction was totally worth the commissions I paid. I probably made more money too because on my own I would have compromised on price.

So I would only recommend grapevine if you or your partner has experience in contracts (real estate or not). If you feel prepared, and feel that your property is desireable, then there is no harm in trying Grapevine. If your property looks like 10,000 other listings on Grapevine and MLS, it may not be an easy quick sell.

Sorry to be so negative, just make sure you know what you're getting yourself into. I would try Grapevine earlier rather than later (like early August listing at the latest for a November closing)... so that you have some time flexibility if you realize you need an agent's help.
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Old 2008-07-08, 05:20 PM
golfer golfer is offline
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I have sold through an agent and through Grapevine. Both with very positive experiences and sold both for asking price. But that was then...this is now.

This is not a sellers market right now, so...going through an agent would give you maximum exposure with MLS and other ads, agents etc. People who buy through Grapevine expect your price to be lower since you are saving the commission...so don't think you will benefit much financially.
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Old 2008-07-08, 06:44 PM
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BiggieG BiggieG is offline
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As long as you have some time there is absolutely no harm in trying with Grapevine. I would only suggest that you do some research in order to price your home correctly. I would even suggest talking to a few realtors - they will be able to give you a good indication and hopefully you've already been watching the market carefully. I can't honestly say that you'll need to be an expert in contracts - it can be suprizingly simple although you should definatley get a good lawyer.

We sold our terrace home in less than a week this time last year. It did show extremly well although the neighbourhood wasn't the best (sorry Bob). We sold for 98% of asking - we definately saved money - don't let anyone tell you that you can't....
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Old 2008-07-08, 07:26 PM
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EvrGrn EvrGrn is offline
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We've sold through Grapevine and through a realtor. If you have time on your side I would definitely try Grapevine. If your house is priced right and in a desirable location you should be able to avoid using an agent and paying commission. The time Grapevine didn't work for us was when our potential buyers were mostly people relocating from out of town working with agents that didn't bother with Grapevine. We were competing with the builder so only people that had to re-locate were paying the higher re-sale prices in the area. You could always indicate you're willing to accept offers from buyers with agents at a reduced commission to increase traffic. For a good offer with an optimal closing date 2-2.5% commission is better than no sale.
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Old 2008-07-08, 07:26 PM
bmcnally bmcnally is offline
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Quote:
Originally Posted by BiggieG View Post
As long as you have some time there is absolutely no harm in trying with Grapevine. I would only suggest that you do some research in order to price your home correctly. I would even suggest talking to a few realtors - they will be able to give you a good indication and hopefully you've already been watching the market carefully. I can't honestly say that you'll need to be an expert in contracts - it can be suprizingly simple although you should definatley get a good lawyer.

We sold our terrace home in less than a week this time last year. It did show extremly well although the neighbourhood wasn't the best (sorry Bob). We sold for 98% of asking - we definately saved money - don't let anyone tell you that you can't....

LOL No worries there. Everyone is entitled to their own opinions...

Lots of good points above. One thing I would add is be prepared to have more real estate agents call than purchasers. They will try to get you to list with them which can be a good thing if you are willing to co-operate with agents.
We did the Grapevine thing just recently and just when we thought we would list with real estate we ended up selling ourselves. Just need extra time if you want to try it yourself first before listing with an agent.

I used to be in real estate a few years back so I felt comfortable with the whole thing.
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Old 2008-07-08, 07:58 PM
Fraggle7th Fraggle7th is offline
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Quote:
Originally Posted by BiggieG View Post
I can't honestly say that you'll need to be an expert in contracts - it can be suprizingly simple although you should definatley get a good lawyer.
If you're dealing one on one with an honest buyer, I'd agree, since they won't likely make an offer full of wordy conditions. If an agent brings you an offer, and doesn't explain it to you (which they shouldn't, since they aren't representing you) then just make sure you, or your lawyer, can understand what the implications of the conditions are. Most people don't involve their lawyers until the deal is firm, and the offers themselves can be tricky if you don't know what to look for. It is VERY easy to sneak in harmless looking clauses that equate to "oops I changed my mind-get out of jail free cards" for the prospective buyers. For instance, many people don't know that a clause as simple as "The sale is conditional upon the seller allowing one additional viewing for the buyer, at a mutually agreed upon time, blah blah blah" can actually allow the buyer to walk away from the deal subsequent to that viewing... although so can financing and inspection. Just protect yourself.
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Old 2008-07-08, 08:06 PM
Delphi Delphi is offline
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We just sold our house through Grapevine. The experience has been very positive. We got the Premium Package which includes an assessment from a professional real estate agent, beautiful pictures of our house and very prompt anwers to our questions.

In response to the poster above who was concerned about interpreting contracts/offers, I don't think it's an issue if you have a lawyer (which you would need with an agent anyways) because he/she would make sure the wording in the offer is acceptable.

We saved over $20K on commisions. Whether you go with an agent or not, you need to do some research on comparables and establish a fair price for your home. Some agents could inflate your assessment just to get you to sign with them. Once you're signed on, you might have to lower your price down later to make a sale.

Many agents have called and emailed. They do like to play "Mind Game" to persuave you to list with them.

In our experience, Open Houses are very effective if you go with Grapevine. We found very good tips for staging/preparing our house from the Internet (use Google).
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Old 2008-07-08, 09:07 PM
Joseph Joseph is offline
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I've never sold a house thru Grapevine, so I can't say much about that aspect. I know a few people who have tried, some were successful, some were not.

Actually 2 people who listed with an agent after 2 months trying to sell via grapevine, sold within a week or two - from buyers outside the city (people who were moving to the city). I was reminded of this by EvrGrn's comment about out-of-town buyers.

From a buyer's perspective, the one thing I do not like about looking at a Grapevine listing is the owner is there when looking at the house. I rather it is just me and my real estate agent. I just feel more relax and can say anything I want about the house (and not have to worry the owner is looking or listening).
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