Really considering engaging them for a sale as we need to sell before we can buy. I know they're relatively new, but there's not a ton of reviews online. Wondering if anyone here has had a recent positive or negative experience. Thanks.
Posted Jun 7, 2022, 11:58 PM UTC
We have been working with them but havent bought yet. I have the personality type that likes the guarantee of their sale assurance. We have made a few offers but haven’t succeeded yet. The main issue has been we can’t find what we want since their sale assurance guarantees us of buying a new place worth the lowest amount our current place is worth. Since we don’t have tonnes of extra money, the places we actually want to move in to are out of what that price range offers. We shall see though! But if you are selling first than perhaps my “buy first” experience is irrelevant.
I like their value proposition. It’s very niche but great for anyone who doesn’t like risk.
I know some of their agents and they are very good at their job.
Their business is solid so low risk to use them.
I was curious and got a valuation. They said my house was worth 150k less than What I sold for. And the market turned worse when I sold. No thanks.
Following
Also following
Their value proposition is incomprehensible. It looks like a fast way to piss away 8.5% of the value on real estate agents (in after-tax money).
They offer absolutely nothing innovative. You can go to any wholesaler and get a firm offer you don't like, which could be used to secure bridge financing. You won't like the offer from properly either. If you have a HELOC available, and you can carry both mortgages temporarily, then Properly is even more useless.
Not sure I understand the 8.5%, as they stick to a 5% commission. I do have access to a sizeable HELOC and could cover both mortgages, but how does that offer my bank an assurance that I’ll be able to sell for the amount I need to buy?
5% to sell, 2.5% to buy, plus HST. That is just a hair under 8.5%, or 85K if you buy and sell a 1M home. Completely bonkers.
That "assurance" is just an unconditional offer that Properly makes to buy your home at a price you won't like. If you Google "Toronto wholesaler" you will find plenty of people who will make such offers. Properly then has you take that offer to CIBC for bridge financing, which given your HELOC access you don't even need. After all, this assurance is downright useless if it only assures a bad price for your home. Even if it was at FMV, why would you burn 85K on something that doesn't have much value and can be obtained in many other places?
You need to understand that you don't have to pay these or any other agents. You could for example sell with listedbyseller.ca, and you could buy using cashback, even up to 100%. That is why the delta between the do it yourself approach and Properly truly is 8.5%
Great reply, thank you.