Buy a house without an agent through private sale

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When Becky Irvine Stone decided to peddle her reinvestment property in th. In 2011, he was concerned about the $10,000 fee quoted by a prospective real estate agent.

When Becky Irvine Stone decided to peddle her reinvestment property in th. In 2011, he was concerned about the $10,000 fee quoted by a prospective real estate agent.

In much the same way as Carrie Bradshaw, the mother of three can’t help but wonder: what if she sold the joint herself and kept the money?

People tend to use real estate agents because they can make it easier to meet the legal requirements for selling a home and to prepare the property for sale, register it, market it, drive displays, deal with potential customers and the actual sales department.

But “in the same way you have the right to sell your own sofa, you have the right to sell your own house”, says Dr Cathy Sherry, a professor at UNSW who teaches property law.

There are no legal requirements that you must use a real estate agent to shop or sell, he added.

A little research online then and Becky decided she didn’t mind working if it meant ending up with more money.

But is it that simple?

Self-serving hosting

Becky signed up for a website for a private home sale, made the list and placed a large sign the company had posted in front of her house.

For good measure, he counts paying $2 to place an ad in the local school newsletter.

It was good enough to arouse a few potential customers.

About three Saturdays in a row, Becky invites five to 10 people each day to watch.

He channeled the real estate agent energies he observed in the search to transform his home into an area anyone else could imagine living in.

On the last Saturday, he had an offer on the spot.

Becky subsequently spent about $600 engaging a freight company to help with the intricacies of transferring ownership to the buyer.

“The whole thing ended up costing us possibly $4,000 to sell. We saved about $10,000 doing it,” he said.

But Timothy McKibbin, chief executive of the New South Wales Institute of Real Estate, says he doesn’t have to think that way.

“At first [selling privately] appears very attractive … you talk to yourself, ‘I had to pay the agent thousands of dollars and it didn’t turn out very attractive’, but what if the agent gives you an extra $100,000 compared to what you can do? alone?”

Despite the possibility of more money, Becky mentions she could preferentially resell if she used to.

And when he had to buy a new family home in th. 2017, he went on to go the extra mile for it including – but not quite as he had anticipated.

Found the perfect family home by chance

Due to her positive experience selling privately, Becky started a search on websites where she sold her house in 2011, but struggled to find a match.

Time is running out, so he contacts “all the agents” in his area in hopes that they can find him somewhere, together quickly.

“But we couldn’t find anything. Either we were going to find something we really liked and we missed it, or something went wrong,” Becky said.

Finally, he heard a couple in the neighborhood he was looking to buy were thinking of selling and would immediately list their area.

When he went to check on the outsiders, the owner of the residence came out and invited him in.

“We went up like a house on fire and the area was perfect. We continued to negotiate and he sold it to us for less than he was [marketing] because he didn’t have to pay [the agent],” Becky said.

Mr McKibbin says people tend to buy in particular because, like Becky, they are tracking a particular property, or because they believe they can buy a place cheaper if fewer people compete for it.

But Antonia Mercorella, chief executive of the Queensland Institute of Real Estate, said this was no guarantee. “It can be difficult [for vendors peddling their own homes] to stay emotionally detached forever,” he said.

“[This means] they may have unrealistic price expectations, so they may want to be below market value or sell for more than they are worth.”

Becky was satisfied with the quantity she negotiated.

He hired a re-conveyor company to help sort out the legal paperwork, which he said recreated about $300, and the family settled into their new home right away.

Want to buy private? Here are some tips

Opportunity is just one step in finding a home for a special sale — if you browse listings in local newspapers or on social media including community groups, you may find them, Dr Sherry leads.

You can even try asking people you know or taking a walk in a neighborhood you like.

“There’s no law against dropping a note in the mailbox of the residence you like and saying, ‘If you’re interested, give me a ring,'” even Dr Sherry.

If you find an area that you want to buy, he advises not to care about how you feel about the seller.

“Don’t, as a buyer, think, ‘Oh look, I met these people, they’re really nice, I bet they are, we get along really well.’ Neither of those things is necessary in a commercial transaction.”

Mr McKibbin said you should also expect to do a lot more work tracking down background information about the property you are viewing before being given a {sign} contract than unless you go through an agent.

“There is an agent’s obligation to disclose information which is not mandatory for DIY [sellers],” he said.

“If there is a violent crime or anything else that constitutes a latent defect in the property, the vendor is not obligated to disclose it, but the real estate agent does.”

When it comes time to send a deposit, Dr Sherry warns that saving it for special purchases carries “very real risks”.

If you’ve signed the entire contract but the settlement doesn’t work and you’ve paid your deposit to the seller, they’re legally obligated to return it to you, he said.

“But they [may not] have any more money. You may end up getting it back, but after the heartache and the court system,” Dr Sherry explains.

Experts emphasize that there are legal requirements surrounding the sale and purchase of property under all state and territory transport laws.

This is why they each advise on meeting these requirements in consultation with the conveyor, as Becky does.

“When it comes to property, it’s usually the biggest asset we buy in our lives,” Mercorella said.

If you make sure to cover the expenses paid to the real estate agent, it can be done — but not without the risks you may face when working with an agent.


3 thoughts on “Buy a house without an agent through private sale

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