Selling House Privately (1 Viewer)

[Kneeza]

We've recently moved my mum much nearer to us into sheltered accomodation, and now we need to sell her (actually my) house to fund her ongoing care.
We were there at the weekend clearing out in readiness for valuation when the chap next door came round and asked for first dibs as he wanted to buy it to rent it to his daughters.
I can only take him at face value, but we'll see.
Question: Has anyone recently sold privately? Any advice, pitfalls to watch out for?
I did sell one privately once (Coombe Park Rd), and I recall it being fairly straightforward, but that was nearly forty years ago, so I'm not sure if anything's changed.
Ta.

 

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[rob9872]

Not done it for years, but I'd still get a couple of valuations from local estate agents even if you plan to give him first offer. Don't tell them it's for the chap next door, let them think they have a genuine opportunity to win your business do that you get a fair valuation. Don't feel bad about it they're mostly heartless soulless cunts. Good luck.

 

[skybluesam66]

So long as you have solicitors no pitfall. We have had agents who have done less than nothing. (And some good ones)

 

[NorthernWisdom]

We've recently moved my mum much nearer to us into sheltered accomodation, and now we need to sell her (actually my) house to fund her ongoing care.
We were there at the weekend clearing out in readiness for valuation when the chap next door came round and asked for first dibs as he wanted to buy it to rent it to his daughters.
I can only take him at face value, but we'll see.
Question: Has anyone recently sold privately? Any advice, pitfalls to watch out for?
I did sell one privately once (Coombe Park Rd), and I recall it being fairly straightforward, but that was nearly forty years ago, so I'm not sure if anything's changed.
Ta.

My in-laws did, because they don't trust estate agents(!) They did at least hire a conveyancer, to make sure the transaction was legal(!) Plusses, less hassle. Minuses? Well, they did get a couple of valuations, but it was an odd property to value, and I can't help but think without exposure to a wider buying market, that the estate agent would bring, they got done...

 

[shmmeee]

Bought my first house privately from a friends family.

Got a survey and negotiated the price down a bit to pay for some work, other than that once the offer was agreed it was like any other purchase. It’s only the estate agent you’re cutting out really, so as long as you’re happy with the offer and don’t need it marketing I don’t see what can go wrong.

 

[SAJ]

We've recently moved my mum much nearer to us into sheltered accomodation, and now we need to sell her (actually my) house to fund her ongoing care.
We were there at the weekend clearing out in readiness for valuation when the chap next door came round and asked for first dibs as he wanted to buy it to rent it to his daughters.
I can only take him at face value, but we'll see.
Question: Has anyone recently sold privately? Any advice, pitfalls to watch out for?
I did sell one privately once (Coombe Park Rd), and I recall it being fairly straightforward, but that was nearly forty years ago, so I'm not sure if anything's changed.
Ta.

It’s really no problem providing you are prepared to do the chasing around yourself. As long as you have a competent solicitor it’s fairly easy. My advice would be don’t use an internet solicitor unless you’re prepared for a long drawn out transaction. I’m my experience they tend not to answer phones and rely on emails.

 

[Ccfcsj]

Sold mine last year to a work colleague. Very simple and no estate agent fees. All you need is a good solicitor which we had and it all goes smoothly

 

[Kneeza]

Thanks all. Sounds like nothing much has changed then.
I always intended to get a couple of valuations (Estate Agents have had enough easy/free cash out of us over the years, so no qualms there) and have a decent solicitor that handled our last move.
Good to get the reassurances though.

 

[Houchens Head]

I sold a tent once. Got twenty quid for it!

 

[fernandopartridge]

Not done it for years, but I'd still get a couple of valuations from local estate agents even if you plan to give him first offer. Don't tell them it's for the chap next door, let them think they have a genuine opportunity to win your business do that you get a fair valuation. Don't feel bad about it they're mostly heartless soulless cunts. Good luck.

Don't bother asking an estate agent, they only use the same data that's freely available to us all as a basis for making a valuation. The only thing you might need is a conveyancer.

 

[RegTheDonk]

Bought my first house privately from a friends family.

Got a survey and negotiated the price down a bit to pay for some work, other than that once the offer was agreed it was like any other purchase. It’s only the estate agent you’re cutting out really, so as long as you’re happy with the offer and don’t need it marketing I don’t see what can go wrong.

I'd imagine the friend's family set the price but did they get that done professionally? Did the person who did your survey give you a valuation as well? Just wondering how to ensure both sides are getting a fair deal and noboy's getting ripped off - may find ourselves in a similar situation next year.

BTW sorry to hear about your mum Kneeza, must be a stressful time for you and her.

 

[duffer]

Sorry to hear about your mum mate, this can't be an easy time. I'd agree with the stuff above, get a couple of valuations from Estate Agents first, and see if the neighbour is willing to match.

Bear in my that in my experience estate agents tend to overvalue a bit, to pull you in. So if the neighbour comes close, it could be a winner for you given you won't pay any commission. If anything falls through with the neighbour you'll be ready to go elsewhere, so I certainly wouldn't feel guilty about it.

I've done online conveyancing with a remote legal service and it actually wasn't that painful, but I did need to stay organised to keep on top of the paperwork. Send me a PM if you want the details, I'll need to dig them out.

Lots of good people here to pick up help and advice from, though some of them hide it well.

Shout up if you need anything, is my advice mate, and all the best sorting things out.

 

[shmmeee]

I'd imagine the friend's family set the price but did they get that done professionally? Did the person who did your survey give you a valuation as well? Just wondering how to ensure both sides are getting a fair deal and noboy's getting ripped off - may find ourselves in a similar situation next year.

BTW sorry to hear about your mum Kneeza, must be a stressful time for you and her.

Yeah we got a quote and basically they knocked the price down by that, paid it, then when the work was done and signed off the sale went through. They’re good friends so Trust wasn’t an issue.

 

[duffer]

Don't bother asking an estate agent, they only use the same data that's freely available to us all as a basis for making a valuation. The only thing you might need is a conveyancer.

I'd politely disagree here FP. Without boring you my work involves using valuation data and the 'desktop' valuation stuff isn't considered to be quite as good as a proper valuation. In fairness lenders like a surveyor's opinion more than an estate agent's, but either would likely be more accurate then something sourced solely from averaging the data. Like I say, just my opinion, not trying to shoot you down here.

 

[shmmeee]

I'd politely disagree here FP. Without boring you my work involves using valuation data and the 'desktop' valuation stuff isn't considered to be quite as good as a proper valuation. In fairness lenders like a surveyor's opinion more than an estate agent's, but either would likely be more accurate then something sourced solely from averaging the data. Like I say, just my opinion, not trying to shoot you down here.

Most agents literally look for three comparables and take an average TBF.

When I had a place valued two different agents literally went on Zoopla in front of me and did this.

Sure if you’ve got a particularly unique property it might be more complex but if you’re selling a house similar to those around then there’s not much more to it.

 

[duffer]

Most agents literally look for three comparables and take an average TBF.

When I had a place valued two different agents literally went on Zoopla in front of me and did this.

Sure if you’ve got a particularly unique property it might be more complex but if you’re selling a house similar to those around then there’s not much more to it.

I'm not saying you're wrong, but that would be slack work.

There are lots of things that can make fairly big differences to a property's value, even if they're on the same street.

Ultimately of course, it's worth what someone is willing to pay for it, but averaging out the street data isn't always a reliable indicator of that imho.

 

[Kneeza]

Don't bother asking an estate agent, they only use the same data that's freely available to us all as a basis for making a valuation. The only thing you might need is a conveyancer.

Yes, I realise that, but I want to be able to show him figures as that'swhat he wants. As long as it doesn't cost me, who cares?
I know what it's worth.

 

[Kneeza]

I'd imagine the friend's family set the price but did they get that done professionally? Did the person who did your survey give you a valuation as well? Just wondering how to ensure both sides are getting a fair deal and noboy's getting ripped off - may find ourselves in a similar situation next year.

BTW sorry to hear about your mum Kneeza, must be a stressful time for you and her.

Thanks Reg. She's ok where she is now tbh. Getting very confused and forgetful, but fiercely independent, so it's a balance as to how much we can do.
She's warm and comfortable, and has most of her 'treasures' around her, and the family are all close by now, so all's good (as it can be).

 

[Kneeza]

Sorry to hear about your mum mate, this can't be an easy time. I'd agree with the stuff above, get a couple of valuations from Estate Agents first, and see if the neighbour is willing to match.

Bear in my that in my experience estate agents tend to overvalue a bit, to pull you in. So if the neighbour comes close, it could be a winner for you given you won't pay any commission. If anything falls through with the neighbour you'll be ready to go elsewhere, so I certainly wouldn't feel guilty about it.

I've done online conveyancing with a remote legal service and it actually wasn't that painful, but I did need to stay organised to keep on top of the paperwork. Send me a PM if you want the details, I'll need to dig them out.

Lots of good people here to pick up help and advice from, though some of them hide it well.

Shout up if you need anything, is my advice mate, and all the best sorting things out.

Thanks matey. Much appreciated.

 

[fernandopartridge]

I'd politely disagree here FP. Without boring you my work involves using valuation data and the 'desktop' valuation stuff isn't considered to be quite as good as a proper valuation. In fairness lenders like a surveyor's opinion more than an estate agent's, but either would likely be more accurate then something sourced solely from averaging the data. Like I say, just my opinion, not trying to shoot you down here.

In fairness duffer I'm basing it on my experience with my last agent, who did just do a very rudimentary 'comparable' exercise based on a list of sales from Zoopla!

 

[Grendel]

I'd politely disagree here FP. Without boring you my work involves using valuation data and the 'desktop' valuation stuff isn't considered to be quite as good as a proper valuation. In fairness lenders like a surveyor's opinion more than an estate agent's, but either would likely be more accurate then something sourced solely from averaging the data. Like I say, just my opinion, not trying to shoot you down here.

You can now see what houses have sold for so if there are properties sold in the area of similar spec you will get a idea

I sold a house a few years ago and the valuations were bizarre - highest was 75% higher than the lowest

 

[duffer]

You can now see what houses have sold for so if there are properties sold in the area of similar spec you will get a idea

I sold a house a few years ago and the valuations were bizarre - highest was 75% higher than the lowest

Absolutely, it'd certainly give you a feel for it, but things like a new bathroom, new kitchen, or posh decor can put an awful lot on houses that are otherwise identical. Or vice versa, of course.

And yes, estate agent valuations are strange things, but the trick of overvaluing a property compared to other agents, in order to draw in a vendor, isn't exactly unknown.

 

[duffer]

We should probably check with Dion, now I think about it...

 

[Kieranp96]

Go through shortland and horne, i put mt property on last wensday had veiwings Saturday and accepted a offer today =)

Best oay the £2400 and have the securrity.

 

[SBAndy]

I'd politely disagree here FP. Without boring you my work involves using valuation data and the 'desktop' valuation stuff isn't considered to be quite as good as a proper valuation. In fairness lenders like a surveyor's opinion more than an estate agent's, but either would likely be more accurate then something sourced solely from averaging the data. Like I say, just my opinion, not trying to shoot you down here.

Yes, a full valuation from a RICS surveyor is likely to be the best bet but in terms of estate agents very few go into the granular detail.

My job involves reading the bloody things!!

 

[SBAndy]

Go through shortland and horne, i put mt property on last wensday had veiwings Saturday and accepted a offer today =)

Best oay the £2400 and have the securrity.

With respect, he doesn’t need viewings and an offer; he has a suitor already. That is what you typically pay the agent for, so in this instance that £2,400 would be dead money.

 

[Kieranp96]

With respect, he doesn’t need viewings and an offer; he has a suitor already. That is what you typically pay the agent for, so in this instance that £2,400 would be dead money.

But the Security of doing it through an estate agent, no worrying about where the money is from, no worrying about if he is dodgey or not, but totally understand your point.

 

[shmmeee]

But the Security of doing it through an estate agent, no worrying about where the money is from, no worrying about if he is dodgey or not, but totally understand your point.

The layers do the AML checks not the estate agent. Once an offer is agreed they basically do fuck all but get in the way in my experience.

 

[Grendel]

But the Security of doing it through an estate agent, no worrying about where the money is from, no worrying about if he is dodgey or not, but totally understand your point.

They are pretty poor. They take a chunk of the fee generally negotiate on behalf of the buyer not the client to get a quick sake and have very little marketing knowledge

 

[hill83]

I sold a tent once. Got twenty quid for it!

No strings attached

 

[Mcbean]

Be careful what you say to the estate agent if you get them out to value - they might claim that they created the interest

 

[skybluesam66]

Got 3 valuations on my last house
300k 300k 400k
Put it up for 390 and got 375

the house was different to others in the street. The agents didn’t have a clue

 

[Kneeza]

Be careful what you say to the estate agent if you get them out to value - they might claim that they created the interest

They can try.
Not sure how they'd prove anything though as I have no intention of signing anything, and they won't even have my home address

 

[Kneeza]

Got the house cleared now, and should be getting valuations during the week.
It's definitely a doer-upper, and in pretty much the same state as one that sold recently a few doors away. That went pretty quickly for near asking price (which was very realistic IMO) so I'm pretty sure what the valuations will be.
In fairness, I'm looking for a quick sale as we need to get it done sharpish, not so much maximizing the sale price, so saving the agents' fee is a small bonus and will pay for a few weeks fees/rent.

 

[Kieranp96]

Got the house cleared now, and should be getting valuations during the week.
It's definitely a doer-upper, and in pretty much the same state as one that sold recently a few doors away. That went pretty quickly for near asking price (which was very realistic IMO) so I'm pretty sure what the valuations will be.
In fairness, I'm looking for a quick sale as we need to get it done sharpish, not so much maximizing the sale price, so saving the agents' fee is a small bonus and will pay for a few weeks fees/rent.

No such thing as quick sale, always takes about 3 months laeyers takes ages even the top ones.