Selling your own property privately is very tempting, there is obviously huge savings to be made by not using a real estate company. It is also easier now with more options and tools available. There are now several companies that provide private sellers marketing material which enables owners to list and sell their own properties. These companies will for a fee list your property on trademe, produce a for sale sign board and photograph your property, making it easy for vendors to market and sell their own home. Some even have online booking systems which enable purchasers and vendors to arrange viewing times and schedule open homes.
It all sounds very simple and in some cases, it can be, for others it has been one of the worse decisions they have made. Many of you would have recently read in the media about a woman who was approached to sell her property to a private buyer, only to discover that she had signed an agreement to sell her home at what some considered to be a cheap price. Fortunately, that story had a happy ending, with the buyer agreeing to cancel the contract. Therefore, it is very important, before you either sell directly to a private buyer, or market your property privately that you have sufficient knowledge and advice to ensure a desirable outcome.
Consider these few key points before you sell.
Do you have the confidence to conduct the open homes and viewing times with purchasers and potentially do the negotiations directly with them? Many vendors and purchasers often feel uncomfortable dealing directly with each other. Do you have the time available to schedule these viewing times? Purchasers tend to want to view properties at times that work for them and that may not be the times that work for you.
Have you established a fair market value for the property? If it is overpriced, chances are that it won’t sell but if it is under-priced you would be selling too cheaply. It is vital to seek independent advice, a valuation or an appraisal to ensure you have priced your property correctly.
Have you discussed selling with your family or friends and legal advisers? You will need a solicitor to write a sale and purchase contract or check and advise you on any offer provided by a purchaser.
While selling your own property will certainly save you money and when it all goes smoothly it is a fantastic outcome. Unfortunately, they don’t all go smoothly and the financial and emotional stress of protracted negotiations and in some cases legal issues resulting in court proceedings can well outweigh the financial benefit. But if you have all your ducks in a row and are confident with the process, go for it and if it doesn’t work for you, then you can look at other options later.
If you are wanting some real estate advice please do feel free to contact me I would be more than happy to help.