Selling property without using an agent
- Thread starter Haakon
- Start date
dirtdad
Wants to be special but is too shy
Haven’t done it myself. Purple Bricks was an option until a few years ago. But they pulled out of Australia.
Personally, I won’t sign something as important as a real estate contract without a property lawyer looking over it.
If you already have one of those, you could speak to them about how to sell without a % commission agent?
Personally, I won’t sign something as important as a real estate contract without a property lawyer looking over it.
If you already have one of those, you could speak to them about how to sell without a % commission agent?
ozzybmx
taking a shit with my boobs out
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
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Haakon
has an accommodating arse
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.
ozzybmx
taking a shit with my boobs out
I think you get a FSBO sign for the property too.
Haakon
has an accommodating arse
Just an urban block of land in central Victoria I’m subdividing and flipping. After many years of pain from council of course….
pink poodle
気が狂っている男
I've done it. Was a piece of piss as I was in a hot location in a hot market. Always use a conveyancer. In my case selling myself didn't change their fees and they gave me a bit of a hand along the way.
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.
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.
ozzybmx
taking a shit with my boobs 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.
Dealing with people directly, haggling with people in $10,000 jumps on the biggest deal of your life.
I offered the seller $20k under asking price and they said they would have a think about it. In this time, anyone could have offered more and I wouldn't have heard a thing back. Would the seller have called me and said they had a better offer ? The real estate agent certainly would have.
After a week I called again and asked how much they wanted to seal the deal today. There are no offer contracts, no deposits, just you and them, a bit of trust and 2 x conveyancers.
Not that I think its better to have an agent but it certainly takes a bit of bullshit out of it... worth 2% of the selling price, might be to some.
pink poodle
気が狂っている男
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.
ozzybmx
taking a shit with my boobs out
Depends on how much interest and how hot the market is. They certainly want the easiest route to their cash.
I paid no deposit, first money that changed hands was the complete cost of the house.
Flow-Rider
Burner
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.
beeb
Dr. Beebenson, PhD HA, ST, Offset (hons)
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 (in regional Vic) 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.
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Flow-Rider
Burner
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.
Lots of things can screw you over with a sales contract, you don't know until you get caught out.
\m/ Moshboy \m/
Likes Dirt
We're hopefully at the tail end of selling a factory through the course of this week sans agent. Once we agreed on a price, just engaged the services of a conveyancer (can't recommend AB Morrison highly enough, if you're in the market for one for buying or selling) & away we went. This is costing us $2k. 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. If it all comes together, then we'll have been more than happy keeping the agent out of the equation.
pink poodle
気が狂っている男
Exchanging contracts is a key milestone. Once that happens you're into the formal process, with time frames and specified conditions. This is why agents push for it when offers are accepted. You need to push for that exchange with your buyer, as soon as you agree on a price get their conveyancer's details and get the ball rolling.
ozzybmx
taking a shit with my boobs out
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.
Delayed by no reply to offers, delays on bank reports as the property was attached to a business initially and a document sent to their Conveyancer was incorrect so the Conv emailed them back, which went unseen for 2 weeks until I asked and they called the Conv, who said 'did you not see the email'.
So a lot of slow and unnecessary actions that a greedy real estate agent would have been pumping hard to get their hands on the 2% fees.