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  1. #1
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    Default Selling home privately? Has anyone done this?

    My next door neighbour's daughter wants to buy our villa "as is" for a price that we are happy with. We have moved out and had plans to fix it up a bit (it's a mess) before putting it on the market.

    This would save us thousands in cleaning/painting etc and real estate fees, plus they already know about the problems our villas have lol. plus not worry about waiting for a buyer!

    but all the advice on the net is to not sell it privately? Why?

    Has anyone had any experience? I know we need a lawyer to organise a contract...apart from that we are clueless

    Eta : the buyers also needs to arrange finance, would this affect their prospects of getting approval without it going through real estate?
    Last edited by Little Miss Sunshine; 12-05-2014 at 08:21.

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    Private sale is just as legal and just as safe as using an agent if you follow the right steps. The contract of sale is still the same. My in laws sold their (expensive) holiday house privately. Discuss with your solicitor and it should be easy.

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    Little Miss Sunshine  (13-05-2014)

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    We bought privately so not quite the same but the solicitors drew up the contracts and each party reviewed and the solicitors did the settlement. Saved our seller thousands too and if you can do it is a great way to do it. We had to get finance to purchase and as per normal there was a clause saying subject to finance - it didn't make a difference not having an agent as even an agent contractor would have to have subject to finance put in.

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    Little Miss Sunshine  (13-05-2014)

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    We've sold several properties privately. It's a piece of cake! Especially when you already have a buyer sorted!! Just organise your solicitor to draw up the contract of sale, then they will guide you through the exchange, deposit and settlement etc.

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    Little Miss Sunshine  (13-05-2014)

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    if you have a buyer already there is no problems with selling privately.

    The advice not to sell privately mainly refers to advertising, attracting a buyer etc. In most cases you will get more money if you advertise/sell through a real estate agent.

    That doesnt apply to a situation like yours though. If you are satisfied with the offer - go ahead.

    You can get standard real estate contracts from your state Real Estate Institute and complete them with the help of a lawyer for a couple of hundred bucks.

    you will still need a settlement agent to arrange settlement.

    You can put on the contract that it is subject to finance (but they need a date when finance is approved, and to send that to you to make the contract unconditional)

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    Little Miss Sunshine  (13-05-2014)


 

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