Essential Guides & Advice How To Sell Your House Privately

Date Published:

25/06/2008

Estate Agents Tricks

Estate agents use a number of tricks to sell a property – know them and use them when conducting your own viewings.

• When deciding what price to put your house on for, remember estate agents don’t give a valuation but rather suggest an asking price – sure they know the market but it’s hardly an exact science. Research the market yourself and be flexible. It’s tempting to overprice a house but it’s better to ask a realistic, if lower price, than leave it languishing on the market for months then dropping the price. And remember, if there are two or more parties interested in your home, the resulting bidding war could push the agreed price above the asking price anyway.

• You’re not an experienced seller or negotiator and it’s easy to be modest and undersell your home. Don’t be afraid to blow your own trumpet. Be sure to point out that you have the complete service history of the boiler, or that there is a lovely suntrap in the garden, that local schools are brilliant or that you have off-street parking, for example.

• Compile a list of the measurements of every room, what fixtures, fittings and appliance are included in the price, any guarantees for works done, etc, so buyers-to-be have all the info they need to hand. It also underlines what an organized and helpful seller you will be.

• You can’t guarantee a smooth sale, but keeping everyone updated and motivated means you know you are doing all you can to keep things moving. This greater transparency between you and your buyer is one of the biggest bonuses of selling privately.

• You’ve heard it before, but it’s essential to present your home to its best advantage. Make sure it’s clean inside and out, eliminate unnecessary clutter and consider putting some furniture in storage to enhance the sense of space.

• Prepare yourself for questions – both good and bad – thinking through answers that are honest but positive. Will prospective buyers ask about traffic noise from your busy street, a lack of street lighting in your quiet lane, rumours about a bypass in the vicinity? You are in a better position than an estate agent to provide information about your home.

Buying From A Private Seller

If you see a house for sale privately, don’t think it’s going to make the process any more difficult.

Beware Of Pitfalls When Selling Privately

If you’ve hedged your bets and signed up with an estate agent as well as advertising privately, the last thing you want to do is find the buyer yourself, but have to pay the agent anyway. Read the small print! You are able to register with an estate agent and not pay the fee if you sell privately, but look out for key phrases.

‘Sole agency’ means you’ll pay the agent’s commission ONLY if they find a buyer for your home, but agree to ‘sole selling rights’ and you’ll end up paying them whoever finds the buyer. There are grey areas, however. If you find a buyer privately who turns out to be on the books of the estate agent you appointed, they’d have a job proving the sale was as a result of their marketing activity and put it down to coincidence.

If a buyer knocks at your door as a result of seeing the estate agent’s sign outside your house and the agent finds out, however, their case for payment is much stronger.

Security is also a priority. Estate agents claim to be safer as they vet all viewers before sending them to view your home, although in reality they often hand out particulars (including addresses) to parties walking in off the street. Protect yourself by taking the name, address and contact details of anyone coming to view your home, and don’t conduct the viewings alone.

Useful Links

www.naea.co.uk
www.suzylamplugh.org

Moving Towards Completion

An estate agent performs no legal functions, so – exactly the same as when the estate agent has made the introductions - it’s up to you to appoint a solicitor and start the legal process of transferring the ownership. Ensure your agent receives a formal letter from the buyer’s solicitor confirming the offer. As with using an estate agent, expect the buyer to want a survey – their mortgage will be dependent on one.

Useful Links

www.rics.org
www.conveyancers.org.uk
www.lawsociety.org.uk

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