Buying from a private seller

newtoitall

Anyone got experience dealing with private sellers. There is a house for sale on a new build development and someone is selling theirs (only been in it 10 months). They have a genuine reason for selling (relocating) but the price seems a tad high.

The development is half way through and new builds are still up for sale £245k. The private seller wanted £235 a few months back and now it's changed to £236k.

Is it worthwhile dealing direct with private sellers compared to estate agents? How would you approach the subject of making offers? Just drop a note through the door?

Thanks for any help.

rosyw

I've sold mine privately, the only difference for the buyer is that they have dealt directly with me, rather than an EA. I did get my solicitor to run some financial checks on the buyers before agreeing the sale, but other than that it's all straight forward, and I've saved myself a rather large chunk of cash.

googler

How do you know it's for sale?

Newspaper advert? Sale board on the property? Something else?

Wherever you saw it, what contact details were there? Phone number? e-mail? I'd suggest you follow these indicators.

newtoitall

They stuck a private for sale sign on the front lawn. On it they have contact numbers landline and mobile.

I know people who have viewed it and asked a few questions. Also the sales lady on the new build development knows of this private sale and seems to think it's all genuine.

hazyjo

I read somewhere on these boards that it can be impossible/difficult getting a mortgage on something that someone's lived in less than a year. Chances are, it'll take 3 months or so to go through anyway, but it might be worth mentioning this to your mortgage company before you apply for a mortgage. They might have standard terms on it. I think some specify 6 months, but, in this current climate, the majority could well state 12 months.

We've just sold a flat privately, albeit to a friend. Was MUCH simpler than dealing with estate agents, and we could approach everyone direct (and suss out which solicitor was 'extending the truth' about what had been sent/signed/requested, etc).

Have to be on very good terms though with whoever you're dealing with. I could imagine it being an absolute nightmare as you have to deal direct with them for everything. Maybe view, see what you think of the vendors, and take it from there.

I think I'd personally prefer to cut out the EAs if possible as we've had nothing but absolute 'uselessness' from ours (and are changing next week). As you'll see, we don't want to sell without them as we both work full time (and hubby can't have phone on for much of the day) and it's not always easy to deal with a stroppy or impatient buyer on the end of the phone, plus the EA can sometimes make a buyer see sense whereas the vendor might not be able to.

Pros and cons, I guess. Can only suss them out and see if you think you'd be able to deal with them. Ask about their timescale for moving. If they're in a rush, they might be tough to deal with if the chain's any longer than just you two. Are they buying or renting when they relocate? Could make a big difference.

If you do view (or have already) and want to offer, you won't want to do it on the first viewing so either arrange a 2nd and discuss it (I'd have a preprepared letter with contact details and the offer on it), or post the offer. If you do it verbally on the 2nd viewing and have it in writing, just make sure they know you want them to discuss it and get back to you in writing - you don't want an immediate verbal answer.

Good luck.

Jx

googler

newtoitall wrote: »

They stuck a private for sale sign on the front lawn. On it they have contact numbers landline and mobile.

So you've answered this question;

"How would you approach the subject of making offers?"

newtoitall

googler wrote: »

So you've answered this question;

"How would you approach the subject of making offers?"

I'm sorry, I worded the question incorrectly. Do you make offers to a private buyer in a similar way that you would to an EA. I was wondering if you verbally told them via a call and then posted a confirmation through the door after, or just send them a letter.

hazyjo has already answered this for me so thanks.