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Selling a Property Privately

By: Beth Morrisey MLIS - Updated: 23 Mar 2013 | comments*Discuss
Selling Property Privately Home Asking

Many homeowners choose to sell their home privately to avoid paying commissions to estate agents. This route may help increase profit when it comes to making money from the sale, but it is also a lot of work so you must know what you are in for before you proceed. Prior to selling a home privately you must settle on an asking price, advertise your home, host viewings and decide when you will accept an offer.

Settle On An Asking Price

The asking price of your home is literally the price for which you would like to sell it. Normally buyers expect to be able to negotiate at least a little bit on price, or on the features you will include with the property for a given price, so it is better to think of an asking price as a guideline rather than a set number. This price should be set according to what the property is realistically worth, so having a property valuation carried out is important. Estate agents may be able to tour the property and provide a valuation, as would a surveyor. You will also likely get a feel for the property values of similar homes in your area once you tour a few of them yourself.

Advertising Your Home

When you know how much you will ask for your property you are ready to create an advertisement. How you advertise your home affects who will know it is for sale and consider it, so this step is crucial for private home sellers. Your ad should include details of your property, the asking price and if you will be hosting viewings or accepting private contact from potential buyers. Placing your ads in local, regional and national publications and directories, listing your ad in online databases and advertising your property on online sites should all help a wide audience view your home for sale.

Hosting Viewings

Those who sell their homes privately must arrange the viewings of their properties by potential buyers. A viewing is basically a chance for interested parties to tour the property and ask questions about it. Many private home sellers choose to do a practice viewing with a friend or family member, and to show off their clean, uncluttered home to the best effect with touches like fresh flowers, something fragrant baking in the oven and soothing music playing throughout. Smart homeowners also create literature to give out during viewings, including:

  • A brochure advertising the property, with picture, to remind buyers of what they viewed
  • A statement of the asking price with a short summary of property features
  • A list of key features which sets the property apart from others
  • A summary of the major appliances and features being sold with the property
  • A review of the features not being sold with the house
  • Contact information so that a buyer can get in touch for a second viewing, if desired.

Accepting An Offer

Hopefully after all the work you put in to selling your property you will have a number of offers after others view your home. Accepting an offer may seem as simple as agreeing to a price, but you will want to consider other information as well. How quickly you would like to sell and move out may affect the offer you accept, as may if the offered price will cause you to make or lose money, if the buyer has already been approved for a mortgage or is paying cash, and if the buyer is part of a chain who must wait on a third party before moving forward with the purchase.

Selling a property privately may help you save some money, but it is a big project. Settling on an asking price, advertising your home, hosting viewings of your property and eventually accepting an offer are just a few of the responsibilities private home sellers must undertake.

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