I bought one with no agent.Anyone done it? Would be nice to cut the vultures out of the equation…
Yep was looking at that. It’s a just a vacant block of land too. Don’t need agents to do open houses etc, buyers can go look and kick the dirt whenever they want!I bought one with no agent.
You deal with the buyer/seller, negotiate and agree the price yourself. Then take the information about the new buyer, price and their Conveyancers details to your Conveyancer and it goes through like normal.
Potentially saving you $15k-$20k in Agent fees.
I may look into the 'For sale by owner' option myself next time, then you get the glossy pics online.
For Sale By Owner | Sell On Realestate.com.au & Domain.com.au
For Sale By Owner: List your property on realestate.com.au & domain.com.au Sell your house or land privately and save thousands through Australia's leading FSBO website. Sell My House & Rent Your Property packages available to sell privately without using a real estate agent.www.forsalebyowner.com.au
I think you get a FSBO sign for the property too.Yep was looking at that. It’s a just a vacant block of land too. Don’t need agents to do open houses etc, buyers can go look and kick the dirt whenever they want!
Just an urban block of land in central Victoria I’m subdividing and flipping. After many years of pain from council of course….Yeah sold a few without an agent .
if it is a simple sale no problem.
ATM you will get much the same price as an agent depending what it is ?
Just get a lawyer or conveyancer to check it out.
The thought of it scares people. How much is the house worth ? Get an appraisal done. Should you add another $50k on to it, should you go way over and ask $200k more just in case.Given how easy it was and how many avenues for selling cars and other items exist, I am still amazed that the real estate industry hasn't been crippled by people cutting them out.
You put a lot of faith in agents. Around here they employ the "if the potential buyer isnt chasing it, they aren't interested" method.Would the seller have called me and said they had a better offer ? The real estate agent certainly would have.
Depends on how much interest and how hot the market is. They certainly want the easiest route to their cash.You put a lot of faith in agents. Around here they employ the "if the potential buyer isnt chasing it, they aren't interested" method.
As for the deposit, that went to my conveyancer.
While this is likely an emotional issue for you, I would argue they didn't "lose" 1 million on the deal - they just didn't realise what it could've been sold for (or were extremely unlucky in the timing of the sale).My parents did an off market deal over 25 years ago and lost more than 1 mil, the buyer added subclauses to the contract on development approval and managed to hold the property without paying for it over a year and without anyone's knowledge, they on-sold for a 1 million more before they even paid for it. No one knew until years later because the new owners contacted us for other issues.
That's how much the property value increased in 12 months at the time, it's a long story but it was a forced sale to start with because of other partners involved. It's fairly normal for pending sales on DAs with large blocks of land for 3 month wait but not 12 months. It's illegal to sell a property without full ownership also, they could have taken legal action against the buyer. It was all handled by a solicitor, the solicitor didn't happen to advise on the multiple extension clauses of the DA subclause, but no one knew any of the wiser until years later, once we started to talk with the new owners all the grubbiness came out. The solicitor was a total cockhead and I bet he got a kickback from it, I pleaded with my parents not to use him but they thought they knew what was best, the solicitor and the seller were known to each other.While this is likely an emotional issue for you, I would argue they didn't "lose" 1 million on the deal - they just didn't realise what it could've been sold for (or were extremely unlucky in the timing of the sale).
Arguably they either under-valued the property a lot when selling, or the property went up significantly in value over that 12 month period, or the buyer/flipper was creative enough to "sell" the extra "value" to the new buyer (ie: they made a very good sales pitch/or had a buyer in mind who was looking for a similar parcel of land).
While it sucks for your parents, what's written in the contract is there for all to see before signing and a good conveyancer should insist on the removal of such clauses for the seller's protection. Finding a good conveyancer can be a challenge though, and that's where the risk lies when you DIY. You could be saving thousands in estate agent fees, but it's not without risk.
Real estate agents are largely shiesters though and if I had to sell in a metro area again I'd try to DIY the sale, I certainly could've done a better job than the knobs that "sold" my last place.
Flip side was the one who was handling the sale of the place I bought was really good, gave me (and the seller I suppose...) proper old-school customer service. For example, he went and took pictures of the gas & electric meter serial numbers for me (we're talking several weeks after signing of the contract) so I could organise getting the utilities connected before moving up (the utilities companies couldn't find the right meters in their databases for some reason...). He wasn't even in town that day, but drove 1/2 hour out of his way to do it on the same day I called him (I'd just asked him "in the next few days, if possible..."). There was a few other little things throughout the sale too (I setup a weird rent-before-settlement deal so I could move in before the settlement of my previous house, and he convinced the sellers to go with that when they'd been initially hesitant), so I would definitely consider hiring him to sell my place again if I ever move just out of respect for how much effort he put into the sale of a relatively low-value house.
Mine was similar, only I was the buyer. Nearly 3 months from negotiations till keys were handed over and I had finance in place and the house was empty.Only down side with our deal has been, there's nothing formal in place as to when things should be done by, so by the time we agreed on a price, to the the contract becoming unconditional, it's going to be just under 3 months. This hasn't been the end of the world, but if the deal falls over on the line, it's 3 lost months. It would have been nice if all conditions (finance was specified up front, building & pest inspection were late to the party) were specified up front & not 2 months into the initial agreement.