How to sell my property privately
What if someone told you that you could sell your own house without an agent? Would you believe them? If you answered ‘yes’, congratulations, you are right. In this article, we will take you through the steps involved, and by the end, you will be an expert.
1. Decide to sell
This might sound funny, but the first step is deciding 100% if you want to sell your residential property. Selling your house by yourself is a lot of work, and you will not be as successful if you do not give it all of your effort.
2. The legal aspects
With the exception of South Australia and the ACT, who require a legal practitioner to prepare the draft contract and vendor’s statement, the majority of forms can be filled-out and submitted by private parties. There are templates available for these documents, and different venues to ask for assistance.
Once your property has been expertly valued, you will have a good idea of how much you want to list it for. Advertise a listing/selling range, and decide on a minimum price you will accept. By opting against using a professional real estate agent, you will see how much you will be receiving, without needing to first pay the agent’s commission. This does not mean you can raise your house price, but you will get a greater share of it. Do a little bit of research to find out how the market is going. Look at other houses for sale, or recently sold, in your area and of similar dimensions.
As fickle as it sounds, a bad photo can cause prospective buyers to skip your listing. Without an agent’s connections, you will have to be extremely careful in your advertising, to make sure you do all that you can. You may need to pay a fee to get your listing hosted on high-traffic websites, and don’t forget the older-fashion mediums such as newspaper listings and brochures.
5. Walk-throughs and open houses
Selling your property privately also means you can be more flexible and creative in your walk-throughs and open houses. Allow for flexible sessions, set out some snacks, and determine what aspects of the property you want to highlight. The viewer will notice your affection for your property, and this could incline them to feel the same way.
This is probably one step that will be the most daunting. Don’t worry, anyone can learn to negotiate. It is recommended for all offers and counter-offers to be in writing, and for both parties to refrain from making on-the-day decisions. Keep calm, and remember your minimum price.
7. The deposit
Sources state that a 10% deposit is typically required, but there are exceptions and amendments that can be made. This deposit is usually held until settlement by the vendor’s legal representative. If you are without a legal representative, this will need to be changed.
It is usually a condition of sale for the buyer to view the house prior to settlement, to ensure it is in the same condition as it was at the time of the signing of the contract. When the day of settlement finally comes, the title is exchanged for the balance of the purchase price, and the buyer is now the proud owner.
All of this may sound overwhelming, but by taking one step at a time, you can accomplish all things. Savour the moment you get to put up the ‘sold’ sticker, and remember of all the good memories your have enjoyed.