Selling house to buy another house.

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crankcall said:
A 50x200ft vacant lot sold in Bronte (oakville/burl border) yesterday for $700k. Builder plans to spend about 2mil total on the project. Oy Vey. North is looking better.
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I was looking north, as in North Bay for quite a while. Ending up going east instead, picked up a 235 ft x 730 ft irregular lot with 285 ft of beach on Wolfe Island for $140K. Country quiet Kingston only 25 minutes (5 min drive, 20 minute free ferry ride) away.

I wanted waterfront property but there was a 1 acre inshore lot on the main highway going for $20,000. I could have bought that one with a credit card!
 
We sold our place by ourselves. Had a network of contacts that put me in touch with a flipper who was interested in places in the area. Negotiated a move-out date a few months in the future to give us time to sell everything.

The money we saved on commissions pretty much paid for our first year of travel.
 
griff2 said:
I was looking north, as in North Bay for quite a while. Ending up going east instead, picked up a 235 ft x 730 ft irregular lot with 285 ft of beach on Wolfe Island for $140K. Country quiet Kingston only 25 minutes (5 min drive, 20 minute free ferry ride) away.

I wanted waterfront property but there was a 1 acre inshore lot on the main highway going for $20,000. I could have bought that one with a credit card!
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That interesting, I have a friend that has bought a cottage/home on the Island next door to you , Amherst. It was rediculously reasonable being 30mins out of Kingston and a 12 min ferry ride. He's now the friday am DJ on Amherst Island radio, they broadcast out of some dairy silo.
 
To update the situation. Over the weekend we had two local real estate agents come over.

The one that came on saturday did not give me a good vibe. I think he has ADD or something. Anyways. He brought some local listings of present and past sales and even after showing him all the renovation done, new driveway, roof, furnace, water heater, kitchen and bath he suggest we price it at same price as the cheapest listing which is a same sized townhouse without a finished basement. We have a detached house with a finished basement with two parking spots.

I was confused. Asked him to explain why. He couldnt. In fact started to give me BS math how my original price times 5% x 4 comes out to be less than what hes suggesting. I aksed about the renos and he said, and i quote "people cant see a new roof or furnace" as he shrugged. I dunno about you but new appliances that are owned outright and a new roof are very important to me.

I also pointed out that we bought the house at well below fhe market value due to time of purchase and needed work. Again, he shrugged.

Second guy was much better. He priced it comparable to other detached houses and was much nicer to deal with and just seemed to know his stuff. First guy seemed like he wanted the house on the market yesterday and to sell it quick.

We have a few renos to finish up and will most likely place it on market middle of march.

Anyone want a house with a shed specifically built that can hold 3 bikes? Lol
 
Depending on how hot your area is, setting a low price but holding all offers for a week could be a good strategy.

I see this happen every so often in Mississauga, which still seems very hot for house sales. People will put a house at under the market value, but if you try to pay what they asked they say they are holding all offers for a week or two... then they end up creating a bidding war and getting 110% or more of their asking price.

Saying that, Mississauga and Tottenham are completely different markets. Around here anything decent is rarely on the market for longer than a week.

Can I transport your gun room to my house?
 
Lol. I wish i could take it with me. I also wish i could advertise it as another "perk" of the house. Alas the buyer wont know about it until the deal is sealed as a surprise "bonus"

if the first real estate guy said that was his strategy id understand. People dont get into bidding wars up here. Usually houses sell within a few grand of asking price.

What happens i put it on market low and only one offer comes in the first week? I can always go down during bidding.
 
Red liner, you don't have to accept any offer-- even over asking.
Are you in Tottenham? A few of my coworkers are looking in that area.
If you find a buyer before you list, I believe PropertyGuys.com will do all the paperwork for a flat fee.
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Motorcycle Mike said:
Depending on how hot your area is, setting a low price but holding all offers for a week could be a good strategy.

I see this happen every so often in Mississauga, which still seems very hot for house sales. People will put a house at under the market value, but if you try to pay what they asked they say they are holding all offers for a week or two... then they end up creating a bidding war and getting 110% or more of their asking price.

Saying that, Mississauga and Tottenham are completely different markets. Around here anything decent is rarely on the market for longer than a week.

Can I transport your gun room to my house?
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This is going on a lot right now in the GTA.

2 weeks ago a town house was listed in Georgetown for $439. They held off offers for one week after listing and ended up with 7-10 offers. House sold for $475.
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01cbr said:
This is going on a lot right now in the GTA.

2 weeks ago a town house was listed in Georgetown for $439. They held off offers for one week after listing and ended up with 7-10 offers. House sold for $475.
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That is how I purchased my new home - It was listed way under market value, they hold receiving offers until a specific day and that day there were 8 of us bidding for it.. however, there is a strategy and risk on that.

a) most people get turned off about going into a bidding war and don't get involved, potentially losing good candidates
b) It has to be the right area, the right house in the right market - if I tried pulling that when i sold mine in brooklin, it would have never worked.

But, you can always not accept any offers, withdraw it from the market and put it back later - But people that are looking in your area are looking at MLS every day and they will be very aware you tried going for a bidding war and it didn't work and might try to low ball you.

I only got involved in the bidding war because we looked for so long in the area we wanted and having so little stock i had no choice. I end up paying a lot more than the asking price, however did not pay over market value, I paid about right.

If you get a bad feeling about a real state agent, run away!
 
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I have morals. Personally I will not get into bidding wars, therefore I won't be hypocritical and list my house with the idea of creating a bidding war. Besides. Tottenham is not a large enough town to have enough interested parties to bid one against the other.

If you know anyone who's interested let me know. I'll offer 5k finders fee if we close the deal without real estate agents.
 
Red_Liner740 said:
I have morals. Personally I will not get into bidding wars, therefore I won't be hypocritical and list my house with the idea of creating a bidding war. Besides. Tottenham is not a large enough town to have enough interested parties to bid one against the other.

If you know anyone who's interested let me know. I'll offer 5k finders fee if we close the deal without real estate agents.
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Bungalow?
 
No. Google maps Mcknight crescent. Look at 61 to 91 mcknight and itll give you an idea of the house size.

Its a two storey , attached 1 car garage, brick first floor, vinyl siding second, three bedroom, two washroom detached.
 
That's why the first agent valued it low the outhouses. Some people like the detached garage but the detached washrooms will be a hard sell.

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Yea, it does make for some interesting runs to the bathroom. Its okay now that i beat a path, but it sucks when new snow falls...I think i got a bladder infection from holding it in all the time. hey, anything to save a dime in this real estate market amirite!?
 
scuba steve said:
that's why the first agent valued it low the outhouses. Some people like the detached garage but the detached washrooms will be a hard sell.

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lmfao
 
Red_Liner740 said:
I have morals. Personally I will not get into bidding wars, therefore I won't be hypocritical and list my house with the idea of creating a bidding war. Besides. Tottenham is not a large enough town to have enough interested parties to bid one against the other.

If you know anyone who's interested let me know. I'll offer 5k finders fee if we close the deal without real estate agents.
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Too bad there's not more people like you here in my area. Agents, and people are pricing their houses stupidly and every single one of them is up for bids.

Last time, 40k over asking, a few months before that...38 or so bids and 101k over asking...Fun part is most of them haven't even touched the houses yet and just now I'm seeing building permits show up.

Even my agent (cousin) told me that if I want a house that I need to enter bidding war. I told her I refuse to enter, and she basically said 'then I guess we won't find you a house'....hence the reason for thinking of adding to our existing structure.
 
mimico_polak said:
Too bad there's not more people like you here in my area. Agents, and people are pricing their houses stupidly and every single one of them is up for bids.

Last time, 40k over asking, a few months before that...38 or so bids and 101k over asking...Fun part is most of them haven't even touched the houses yet and just now I'm seeing building permits show up.

Even my agent (cousin) told me that if I want a house that I need to enter bidding war. I told her I refuse to enter, and she basically said 'then I guess we won't find you a house'....hence the reason for thinking of adding to our existing structure.
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Patience and timing.

I refused to be a part of any bidding wars and I did ok on my last two properties. Be ready with a good home inspector, have your money lined up and offer a short closing. Yea it might not work for everyone but it will happen.

Last place the previous owner tried to do a bidding war in December and didn't get what they wanted or they wanted more, no matter. Knocked on their door in February and made an offer. They accepted. Just timing and patience, I never understood the hurry people are in when looking at real estate. They spend more time looking at shirts at the mall than a house, so long as there's shiny appliances in the kitchen and hardwood floors. Bonkers.
 
nfq said:
Patience and timing.

I refused to be a part of any bidding wars and I did ok on my last two properties. Be ready with a good home inspector, have your money lined up and offer a short closing. Yea it might not work for everyone but it will happen.

Last place the previous owner tried to do a bidding war in December and didn't get what they wanted or they wanted more, no matter. Knocked on their door in February and made an offer. They accepted. Just timing and patience, I never understood the hurry people are in when looking at real estate. They spend more time looking at shirts at the mall than a house, so long as there's shiny appliances in the kitchen and hardwood floors. Bonkers.
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I'd agree. Patience is key. It's hard when you are trying to sell your current place and find something quick like the OP, but if you can wait a bit it really helps. Being really patient, knowing a very specific area let's you see what's going on in terms of what's sold, what the average sales are like etc. So you can plan accordingly (bidding war or no bidding war). We did that and were able to jump on a place super quick with an offer before they even have time to think about holding back offers.
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