# Selling my home: two questions



## faline (Feb 10, 2011)

The time appears to have come to sell my home. Unfortunately I still have almost 4 years left on my mortgage. Talked to the bank and my 'break-the-mortgage' fee is just about $8k. Ouch! 

Q1: My sister and fiance will soon be looking to buy a home for the first time. Does anyone know if I can sell them my 3.85% interest rate? Seems that would help them out, and save me 8 grand! I just read that interest rates are slated to go up soon. Or any other ideas out there? 

Q2. I met with a real estate agent who advised me to list it for $195k. The identical unit next door was just listed for $315k and sold after 2 months for $310k. It showed VERY well (mine will be empty) and had hardwood floors. Other than that, they are pretty much identical! (mine has a nicer fireplace, different finishing touches). She is a very well respected real estate agent in Ottawa, but specializes in ritzier neighbourhoods. She basically told me she would represent me because I bought it through her. (she is very busy). My question: I'm thinking of going it alone. What is the cheapest way to get it listed on MLS? 

Thanks!!!


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## Charlie (May 20, 2011)

Q1 -- Doubt it. Can't see a mortgage being transferable to a different person on a different home. Talk to your lender.
Q2 -- why are you with an agent who doesn't concentrate in your neighbourhood and doesn't really want the listing? Engage the agent who sold the one next door. They know the market and may have some buyers already lined up who were interested in the other place. If the price is fairly volatile, the price an agent knowledgeable about your market could get may offset the fees?


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## Just a Guy (Mar 27, 2012)

1) If your mortgages assumable, then yes. Look at the documents, banks don't like people assuming mortgages so they'll usually say no, or give you horror stories about why you shouldn't do it. They've been phasing out assumable mortgages, but they do exist.

2) What Charlie said.


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## Mall Guy (Sep 14, 2011)

Just a Guy said:


> 1) If your mortgages assumable, then yes. Look at the documents, banks don't like people assuming mortgages so they'll usually say no, or give you horror stories about why you shouldn't do it. They've been phasing out assumable mortgages, but they do exist.


Maybe if the sister bought OP's house, but no way to transfer it to another house and another mortgagor. 

OP, are you buying another place ? why not take the mortgage with you ? Or refer your sister to the same company, and maybe get the fee reduced.


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## faline (Feb 10, 2011)

Thanks for the feedback. I won't be buying another place. I've decided to rent instead, as I can't afford to buy where I want to live. I'll look into the referral ...with fingers crossed


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## canabiz (Apr 4, 2009)

I just sent you another PM, faline. For the Ottawa area, there are a few options to have your home listed on MLS without having full agent representation (industry term is *mere listing*). I will list what I know here and you can do further research before making that all-important decision.

Any question, just ask. Like I said in another thread, we sold our home in less than 2 weeks with no agent representation, in the dead of winter AND in a buyer's market. It can be done!

1. The Usher Group, affiliated with Grapevine (as discussed)

2. Wiktor Realty (have a bigger presence in Kanata)

3. Equity One

4. Joe William Ph D/Andan Realty/Ihatecommissions.com

5. ComFree

Best of luck! and remember the real estate game has changed, and for the better for the consumers, IMO.


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## faline (Feb 10, 2011)

Thanks so much Canabiz, I really appreciate the feedback! Will be following up on these options


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## canadianbanks (Jun 5, 2009)

I don't think you'll be able to transfer the mortgage to your sister.

I know that http://realtysellersrealestate.com/ offers discounted commissions in GTA, but you'll have to check if they do business in Ottawa.


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