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t sunsunrtribune business saturday sept 4 2004 13 private home sales come with risks owners try to save commission fees by patrick mangion staff writer sean jackson knew sell ing his home privately could be risky but with sustained demand for york region property he didnt see the point in handing over 15000 in commission fees to a real estate agent to sell his fouryearold semi detached unionville home i figured the market is so strong why not give it a chance he said ive lived in york region since 1990 i studied the market im confident well sell our home on our own with a closing date at his new east gwillimbury home next month aurora resident jeff labine said he and his wife are willing to wait at least a few more weeks before they give up trying to sell their home pri vately im willing to wait a long time for 15000 to 20000 savings i didnt think twice about selling privately mr labine said while their 380000 home has generated plenty of interest they have yet to field serious offers some potential buyers have been tentative in deal ing with a private sale and nearly all of the homes for sale in their wellestablished community are listed through a realtor but mr labine remains undeterred much to their surprise the labines private listing incited a bidding war among local real estate agents willing to drop their commission to as low as 3 per cent should they con tract an agents services instead they placed advertisements and accept ed the free offer from an online private real estate listings weve had 125 hits mr labine said but quite often home owners who opt to sell pri vately eventually retain a realtor said les alton of the ontario real estate associa tion early in the process many private sellers realize how involved real estate can be mr alton said when its a fast market its tempting to do that ive heard a lot of horror stories he said they can be lured in by potential savings while dis counting numerous pitfalls and if they change their minds after listing their home privately they could end up even further behind because they priced the property without account ing for the typical 4 to 7per cent realtor commission mr alton said once you decide to sell your home privately youre locked into that price to the public you could end up losing money when you switch to an agent when you factor in their commission he said private home sales are often sealed with a verbal commitment from pur chasers prior to final clos ing leaving homeowners exposed should a buyer experience a change of heart and back out of the deal not to mention potential risk to anyone purchasing a privately sold property mr alton added for instance nearly all realtors insist on sellers pro viding potential buyers with a property information statement which asks if any renovations additions or improvements have been made to the home for example i would never buy a home without one mr alton said home sellers can have peace of mind if they know a professional is handling the sale of what is probably their largest investment mr alton said however just as the real estate industry has benefit ed from technology such as the online multiple listing service and virtual home tours a number of websites geared for private listings are zeroing in on the greater toronto area bytheownercom made mr jackson an offer he couldnt refuse the quebec- based business waived its 400 listing fee as it contin ues expanding throughout southern ontario j adult tap classes milmerep glass sles registration 86 rlngwood dr unit 221 stouffville saturday september 4 11 14 pm river community centre 120 rougebank dr markham wednesday september 8 58 pm 9056420639 j dance registration laurie thacker school of dance b 3 yrs of age up boys girls 1 beginners to advanced recreational j competitive 1 ii annual recital ft registration bates sep 89 58 pm sepi 11 114 pm n jazz tar musical theatre ballet acro hip hop preschool children teens a0ults the longest established studio in markham with a proven 21 year record of the finest training in dance technique highly qualified award winning faculty teachers who care about every child in class 5762 hwy 7 markham 1 block west of hwy 48 at galsworthy 9054715243 otffiwff b shpbb fall registration september 1 1 1 4 pm mmmm m wb mm