buying privately

stratastruggler · Aug 01, 2014 11:08 am

Hi All

I know of many people who have sold their homes themselves without an agent. But would like to know if anyone has bought without an agent and if they had found their home privately.

I am in the search for a home. Am over the open houses (want my weekend life back and hate the people who monopolise the agents time so no one else can ask a question) am not interested in going to an auction at the moment (some people go crazy bidding to "win" the house). So was considering my own letterbox drop or advertising for a house.

I have started putting the word out to anyone and everyone I meet who lives in the areas I would like to buy. My family have previously sold a house by word of mouth. And I bought my first apartment when an acquaintance said he was about to sell, and I was about to look. So far, I have had a couple of "leads" but am still on the look out. So was wandering if anyone else has tried to find and buy themselves.

Cheers

Saint Mike · Aug 01, 2014 12:12 pm

Nothing wrong with it per-se ... but I'd want a good legal team to ensure all the dots and crosses are there at the signing stage.

It might save money - but you'd need to do some research too - eg has the pool got a certificate, have their been alterations etc etc. You can get this from the experts - but it's nice to know at the start - ie ask. Look for improvements - eg decks, pools, retaining walls etc.

Do you need a surveyors certificate - who actually owns the house etc.

There is a mob who assist people in selling their own homes - ie they have lists etc - so maybe look for the opposite - or check the lists for the former.

qebtel · Aug 04, 2014 10:39 am

I dont understand your question. There is no such thing as buying privately or publicly.IF you mean you want to buy without dealing with real estate people, that's an admirable strategy.

Unfortunately in this country, For Sale by Owner (FSBO) hasnt taken off because sellers are still labouring under the foolish idea only RE agents can sell your property effectively. Most sellers are too uninformed or lazy to do some work on their own and discover they could easily sell their home by themselves. In the USA the RE market is about 25% FSBO.

Any seller who has an agent engaged, will probably be locked in via an exclusive/sole agency clause for at least 60 days, which effectively means they must pay the agent commission even if they sell the house by other means. So you'd have to approach the seller first,and then offer to deal privately with them after their contract engagement expires with their current agent. This alone will present difficulties, because a lot of them will just refuse outright to talk to you - they will steer all personal inquiries back to the agent.

Your best bet is to place an ad in the paper under "RE Wanted to buy" and state no agents. But guess what, you'll still get bombarded by RE agents. Yep, they dont take no for an answer, and they really have the RE market sewn up.

More Australians need to wake up and follow the trend of FSBO in America.

stratastruggler · Aug 04, 2014 11:01 am

I mean buying without an agent. Leaving flyers from myself in peoples letter boxes saying I am in the market for a house if they have been thinking of selling. So except for solicitors/conveyancers, no agent involved, no advertising. And the seller would get to keep their agents commission.

I have previously sold a property by word of mouth. I have bought from a friend without an agent (they were thinking of selling, I was thinking of buying). I have been putting the word out to anyone I run into. Have had a couple of leads this way. But was wondering if anyone else has ever taken this approach to buying.

There may be someone out there who has thought about selling and with the chance to sell and not have to pay commission, they may be prompted.

qebtel · Aug 05, 2014 10:50 pm

Well I have given you the answer above. You will reduce you choice enormously by refusing to deal with seller's agents. But good luck with it.

Just another caution. do not make contact with sellers via their agents. Or if you do, dont give them your real name. Because if a subsequent sales occurs to you, and the agent notes the sales as one of his previous listings that didnt sell, he may look at the sales data and get the buyers name. He will then look thru his appointment records to see if he has taken you through. If so, he will stitch the sellers up for full commission which he is entitled to do.

michae · Oct 17, 2017 5:00 pm

You absolutely can buy a house without one. But there are plenty of other reasons, too, for using an agent. They do a lot of behind-the-scenes work. They know what other documents are necessary where you are.

qebtel · Nov 04, 2017 8:19 pm

So tell us what this "a lot of behind-the-scenes work" is they do? They are not solicitors and actually mostly dont know much about the legals. Contract and a few warning notices they must offer by law is all they know.