Selling your house privately?

Grimspoon

Grimspoon

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So I have agents trying to sell my property, no mandate so its a free for all.

I was approached by someone who might be interested in buying it, now what does it involve selling your property privately?

Is it a huge mission? I would save myself a TON of cash if I managed to do it myself. These agents really rip the ring out of it.

What are the pros and cons of using an agent as opposed to selling privately?
 
The big problem is the purchase and sale agreement
Best to get a lawyer to draw this up ( your lawyer )
Every little thing has to be put on that agreement especially the time the buyer has to come up with the deposit and guarantees for the remainder of the purchase price .
conveyancing attorney should be able to help you with this it is quite complex
 
FNfal said:
The big problem is the purchase and sale agreement
Best to get a lawyer to draw this up ( your lawyer )
Every little thing has to be put on that agreement especially the time the buyer has to come up with the deposit and guarantees for the remainder of the purchase price .
conveyancing attorney should be able to help you with this it is quite complex
Click to expand...

Thanks for the info.

deweyzeph said:
Estate agents are sharks and cannot be trusted.
Click to expand...

Tell me about it. I am getting pissed off because this agent won't negotiate with the potential buyer. Thats his job ffs! I would do it if I could.
 
how long have you had the property with the agents? there is probably a clause that restricts you to the amount of time the agents have to sell your house. after that you can say yay or nay.
 
FNfal said:
The big problem is the purchase and sale agreement
Best to get a lawyer to draw this up ( your lawyer )
Every little thing has to be put on that agreement especially the time the buyer has to come up with the deposit and guarantees for the remainder of the purchase price .
conveyancing attorney should be able to help you with this it is quite complex
Click to expand...

The lawyer must be experienced/specialize in property sales. In other words, that is what his practice does. Don't go to someone who does not do this all the time. He will have to reinvent the wheel. The conveyancing attorney will have a standard agreement that will look after your interests. Then when you find a buyer, you appoint him to do the transfer. In fact, you can negotiate upfront with him to provide the agreement free of charge with the condition that you appoint him the conveyancing attorney. This appointment then will be in the sale agreement.

As the seller, you have the right to appoint the conveyancer. Never, ever let the buyer appoint his attorney as conveyancer. Often buyer will ask this as he will pay less, blah, blah, blah. Conveyancing fees are standardized, generally. But having the buyer's attorney do the transfer is a recipe for disaster as he will be looking after the buyer's interests, not yours.

Important points in the agreement, as prev poster noted, are the size and due date of the deposit and time frame for bond approval/balance of the purchase price to be paid, transfer date. Also occupancy only on transfer. But your attorney - if he knows his stuff - will cover all this for you.
 
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Thanks for all the info.

This estate agent is starting to work on my tits. He basically is giving me 3 days to accept this offer he has and what is funny is I DON'T even have the signed offer in front of me??

I told him what my bottom line was, he has blatantly ignored me and is still insisting on brining me the offer for less.

Although it is not a massive amount in principal this ******* should negotiate with the buyer. If they want it that bad they will be prepared to pay a little extra.

I also have another interested party from another agent coming on Thursday, now I am under pressure to accept this okes offer when who knows, the other guy could make a better offer.
 
Dont let the estate agent push you around and negotiate the commission before you sign any thing
 
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Grimspoon said:
Thanks for all the info.

This estate agent is starting to work on my tits. He basically is giving me 3 days to accept this offer he has and what is funny is I DON'T even have the signed offer in front of me??

I told him what my bottom line was, he has blatantly ignored me and is still insisting on brining me the offer for less.

Although it is not a massive amount in principal this ******* should negotiate with the buyer. If they want it that bad they will be prepared to pay a little extra.
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Let the agent bring the written offer, and then cross out the value offered, and write in your counter, and initial it, and let the agent be on his way back to the potential buyer.
I also have another interested party from another agent coming on Thursday, now I am under pressure to accept this okes offer when who knows, the other guy could make a better offer.
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That is your call - the other interested party my end up offering less, and might be be serious buyers - they might make an offer on condition of the sale of other property which may never sell.
 
Shibal said:
Let the agent bring the written offer, and then cross out the value offered, and write in your counter, and initial it, and let the agent be on his way back to the potential buyer.
That is your call - the other interested party my end up offering less, and might be be serious buyers - they might make an offer on condition of the sale of other property which may never sell.
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I think that is what I plan to do.

The other couple are not interested in the house, they pulled out.
 
Grimspoon said:
Thanks for all the info.

This estate agent is starting to work on my tits. He basically is giving me 3 days to accept this offer he has and what is funny is I DON'T even have the signed offer in front of me??

I told him what my bottom line was, he has blatantly ignored me and is still insisting on brining me the offer for less.

Although it is not a massive amount in principal this ******* should negotiate with the buyer. If they want it that bad they will be prepared to pay a little extra.

I also have another interested party from another agent coming on Thursday, now I am under pressure to accept this okes offer when who knows, the other guy could make a better offer.
Click to expand...

Like has been said...

Take the written offer WHEN it is presented to you.. cross out the value that is on it with a value you want and initial it...

If the buyer won't take it, then well they won't...

Also, if the property is not under a solemandate anymore then you (as far as I am aware) are more than allowed to sell the property privately IF you can be sure the person interested wasn't brought to you previousyl by an agent.
 
Well the potential buyer is apparently pissed off and offended that we counter offered. Amazing really. We didn't even ask that much more.

They are also calling us on verbal agreements we didn't even agree to completely.

A good part of me wants to tell them to **** right off.
 
B.O.F.H. said:
Like has been said...
Also, if the property is not under a solemandate anymore then you (as far as I am aware) are more than allowed to sell the property privately IF you can be sure the person interested wasn't brought to you previousyl by an agent.
Click to expand...

This is why you keep a visitors book when people view your property.
 
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