buying house private sale

cheepskate_2

Hi

Just wondering how we would go about buying a house, say when it has never been on the market and is just between the 2 parties.

I assume i would not need an estate agent.

How would i know the value of it etc, would this be done through a lawyer.

Thanks for any advice

Tiger_greeneyes

If you sign up for an account with rightmove you'll be able to see all the comparable sold prices since 2000. Another method would be to get a couple of estate agents around to value the house at a realistic price - tell them that you want a price that it would sell at in today's climate rather than over-inflating it 'to see what happens' as they can tend to do.

cheepskate_2

Hi

Thanks for the advice,

I have tried right move , but house is old , one of a kind , the others are all perfect with lots of rooms, this is a teeny bit small and needs major refurb, nothing in near/ wider area like it.

I did think of the estate agent to value it, but when they came out to value mine they were very vague as my type in near surrounding area had not went up before so thye gave a very rough estimate.. I'm looking for a more definate figure

thanks

Tiger_greeneyes

Why not get three agents around and then use the average value? There's really not an exact science to valuing but that's the next best way of doing it. If the agents don't know the local values then nobody else will tbh. When surveyors value a property, the first people they ask for guidance are the local estate agents.

privateseller

No you don't need to use an Estate Agent! Have a look at this private sale site. It gives advice on all aspects of the mechanics of Private Sales and who does what.

Using Estate Agents to 'value' your property is one route BUT it's a little unethical if you don't intend to use them. In any case it's only a guess. How good a guess it is depends on how good the agent is and what has sold in the area recently. The guess always depends on comparable properties in the area and if there aren't any they will just make a stab at it by trying to imagine another 'standard' property on the site and then marking yours up or down for good points or things lacking. At the end of the day, the price you can get nowadays is only what your buyer will accept. Make up a price and then use that to start the discussions. Has the buyer proposed a price?

If you are both happy, then that is the 'value'.

BTW if the buyer just came to you out of the blue and asked if the house would be for sale, then you are that rarest of breeds - a legally 'private seller' and don't need a HIP!

cheepskate_2

Hi

Thanks for the info private-seller, .

It is us who are the buyer and hopefully the people with the house will sell, long shot i know, but here's hoping

Thanks

GDB2222

You can pay for a surveyor to value it for you. However, if it's a one-off property, there's bound to be a wide margin for error.

sdooley

If you are buying with a mortgage the mortgage company will insist on using their own surveyor for valuation purposes - you can't rely on this value being right but it should be within the ball-park as the bank are putting their money on the line based on it.