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Selling a Condo or House Fast in Toronto

Selling your home is a stressful process. There are many decisions to be made related to family members, locating a new residence, transportation and your financial situation. In some situations, an Ontario homeowner may need to sell their house, condo or cottage quickly. If you need to sell your property fast then a real estate agent may not be the best option for you. 

Fair Purchase Offer

Our company prides itself on making a fair offer for your home. Our offer is all cash and you can choose an immediate closing or closing months later. Our terms are very flexible and we try to meet all the needs of the seller. Call us for an all cash offer with a quick closing at a fair price.

Sell and Rent back your House or Condo

In some cases, a homeowner does not want to move from their home but can no longer afford to pay the house expenses. We offer homeowners the option to sell their home to us and rent the house back at a reasonable rental rate. The selling price and the monthly rental amount are based on each individual situation. Please call us if you wish more information on the sell and rent option. 

Reasons for Selling a Home for Fast Cash

Moving to another city due to job transfer

Power of Sale or Foreclose is pending

Marital separation or divorce

Loss of Income

Inherited property

Rental income property is vacant

Avoid real estate commissions

Sheriff eviction

Personal financial problems

Options to Sell your House

There are a few ways to sell your house in Ontario, list it with a real estate agent, do-it-yourself private sale and selling to a cash house buyer.

List and Sell with a Local Real Estate Agent

Real estate agents are a good alternative if you can wait many months to get the house list, sold and finally get paid. Real estate agents will do most of the work to list and meet potential buyers.

But hiring a real estate to list and sell to your house has some drawbacks. The first major drawback is the high real estate commission that the seller is required to pay. In most cases, the seller is required to pay a 5% commission plus HST tax. On a house that sells for $500,000.00 the seller will pay $28,250.00 in real estate commissions. In addition, a real estate listing agreement is usually for six months and you are required to pay the listing agent even if a family member or friend decides to buy your house.

Dealing with real estate agents can also be very stressful, there will be open houses to prepare for, multiple meetings for signing various types of documents. In general selling with a real estate agent is the most expensive way to sell your house, condo or cottage.  

Private or Do-It-Yourself Sale

A private sale essentially means the homeowner is going to do all the work related to the sale themselves. A private seller needs to do all the functions of a real estate agent which includes listing the house for sale on websites, putting a FOR SALE sign on their property and marketing the property with flyers or brochures.  

A private sale also means that the homeowner clean and repair the house to prepare it for showings and open houses. It is recommended that private sellers list their home for sale on a For Sale by Owner website, the cost to list is usually less than $1,000.00. The potential buyer will have a real estate agent, which means that the seller will still need to pay 2.5% commission plus HST or about $14,125.00 on a $500,000.00 sale.

The private sale or do-it-yourself option saves some money but still requires a tremendous amount of time and effort on the part of the seller.

Selling to a Cash House Buyer

There are several significant benefits when selling your house, condo or cottage to a cash buyer. For most people, the biggest benefit is that you pay no commission to any real estate agents since there are no real estate agents involved. That means you do not pay $28,250.00 in real estate commissions. 

There will be no open houses or showings at various times. There will be no real estate documents to sign and no pressure from any agents. Selling to a cash buyer is the easiest and fastest way to sell your home.

Selling a Condominium (Condo)

If you are planning to sell a condo soon COVID rules may make having open houses and showing more difficult. Each condo has its own rules and many downtown Toronto condo buildings make each person sign in before entering the building may also require that the condo owner be present before allowing the person in. Please consult with your condo management before trying to sell your property.

Selling a Cottage or Waterfront property

Selling a cottage or a waterfront property usually takes much longer than a residential home. Wintertime is usually the worst time to sell a cottage since it is usually much more difficult to access the property. Poor roads, snow and icy conditions deter most people who delay viewing cottages until the weather is good.

In addition to the seasonal issues most cottage buyers want very specific amenities, therefore the number of potential buyers is smaller. Cottages also usually need a lot of repairs to get them ready for sale.

Cash home buyers are an excellent alternative when selling a cottage property. Cottage owners do not need to complete any repairs before selling which can save tens of thousands of dollars. Cash cottage buyers can quickly buy the property and the seller will not need to spend time or money to repair the building.

Selling your Home or Condo “AS IS”

Selling “AS IS” means that the buyer agrees to purchase the property in its present condition. The buyer acknowledges that they have no recourse to start any legal proceeding if there are any defects in the property.  

Most sellers are not aware that the buyer can start legal proceedings if the seller does not disclose or misleads the buyer or its agent in any way as to the condition of the property. This gives the buyer the right to sue for almost any defect such as a leaky roof or basement water problem. Selling your home “AS IS” is a term that should be included in any listing agreement to protect the seller.

If your property needs repair or has some potential problems that may occur in the future we strongly recommend selling your house “AS IS”.

Cash buyers always buy houses, condos and cottages “AS IS”. Cash buyers will be responsible for all repairs to the house; the seller will not be exposed to any legal liability. This is one of the best options when selling a house that needs repairs.

Cash Buyer Means No Real Estate Agent, No Commission and No Conditions 

Selling to a cash buyer is an excellent alternative in many situations, especially when the closing must be completed right away. Real estate agents usually want a total commission of 5%, plus HST, which could end up costing the seller tens of thousand of dollars. Selling with a cash buyer means there is also no real estate agent commission to pay, no conditions on the sale of the property and no real estate agents involved.

Benefits of Selling to a Cash Buyer

  • No real estate agent commissions 
  • No showing or open houses 
  • Strangers are not walking through your house 
  • No six-month real estate agent commitment 
  • Fast sale reduces your constant stress and worry
  • No need to make repairs before the sale
  • Quick sale and closing, cash within days

We can purchase almost any house or condo is “AS IS” condition, including:

  • Damaged Houses
  • Vacant Houses 
  • Buying Another Property
  • Home Foreclosure 
  • Power of Sale
  • Land Tax Sale
  • Sheriff Evictions
  • Inherited Property To Sell
  • Financial Difficulty
  • Property Tax Arrears
  • Divorce, Separation
  • Need Cash Quickly, Fast House Sale

Real Estate Values in Toronto, Ontario are Increasing

According to the Toronto Regional Real Estate board, the average selling price of houses has increased by 18.3% between October 2020 and October 2021. 

This may indicate that a lower supply of houses may be the reason for the real estate price increase. 

The Toronto board also states that there have been 34% fewer properties for sale within its area which includes Scarborough, North York, and Etobicoke

The Durham region which includes Pickering, Ajax Whitby, Oshawa, Uxbridge and Clarington has also experienced significant prices increases. The Durham Region Association of Realtors reported that “the average selling price was up by 25 percent when compared to the price reported in August 2020”.

Do I Need a Lawyer to Sell My House?

A lawyer is required to complete real estate transactions in Ontario. Both the buyer and the seller should have their legal representation. The cost for legal services is usually not more than a few thousand dollars. If you sell to a cash buyer the seller’s legal fee can usually be included in the purchase price.

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