Selling Your House Privately

Monday, September 10, 2012

If you would like to sell your house, and save money doing it, then selling your house privately may be the perfect avenue for you.  With the many associated fees of selling a house through a real estate agent, if you could do the job of the real estate agent, you could sell your home without their aid (and fees!).

If you have looked online for a home, then you know how many are listed on the internet.  If you could list your home on the internet, following the right steps, then you may have the exposure that you need to market your home.  No hard and fast science is involved; people prefer to sell privately because it is cost effective. If you were to sell your home for $500,000, you can save about $15000 of the agent’s commission as the standard agent’s commission is about 3%. However, if the agent’s commission is higher than 3% you can save even more.

However, there are a few things that you will need to do in order to get your home ready for a private sale.

 Market Analysis:  You will need to see have a complete understanding of the existing real estate market in your area.  You can do this by studying the pricing and current trends of the market in order to make sure that you put the appropriate price on your home. Pay special attention to houses that have been sold to get an idea about the existing market value.

Price- Do your research:  Setting the appropriate price for a house is essential. You can scare off potential buyers by setting your price too high or too low.  Comparing your house with some recently sold houses may give you some idea about the value of your house.  Remember, that a property’s true value is what someone is prepared to pay for it. 

Write a property description:  The more details that you can provide, the more inquires you are likely to get.  Those looking to buy a home would like to have as many details as possible.  Make sure to look at current ads to mimic what information you will have in your ad. 

Advertise: Advertise your property (with photos) on a brochure or post the ad online.  Remember, you can always advertise from your front lawn as well with personalized for sale sign.

Show your house:  Make sure that you ‘dress it up’ a little (fixing anything that requires fixing – such as damaged flooring, leaky faucets, paint, loose locks or doorknobs.

Contract of Sale:  Draft your contract of sale – which includes the sale inclusions & exclusions, the settlement period, and other similar factors need to be kept in mind while going to sell your house. Your conveyance or solicitor will also help you to get all the things done properly.

Close the deal:  You may want to consider paying for the home inspection if you really want to close the deal.  Many new home owners will want this done anyhow.  It may help you in selling the house to them.  You can also offer to cover some of the closing costs (you don’t want to lose the deal over a few dollars!).

These are just a few pointers to think about to sell your house privately.

Good luck!