Buying a house without estate agents

englandcrew

Hi , any help would be appreciated.

We have heard through friends that a house will be available to buy soon. The seller has several people interested so may sell without going through an estate agent.

What are people's views on this?
Does it save time?
Is it easy to do?
Who does it save money, I'm guessing the seller.
Is there any benefits to the buyer?

That's a few questions I have currently but I'm sure I will think of more soon.

Thanks

googler

If there's several people already interested without putting on the open market, if I were the seller, I'd be putting it on the market double quick to see who else might be interested - regardless of any fees I might have to pay.

steve1980

englandcrew wrote: »

What are people's views on this?

Each to their own

Does it save time?

No

Is it easy to do?

Yes

Who does it save money, I'm guessing the seller.

Seller only

Is there any benefits to the buyer?

No!

That's a few questions I have currently but I'm sure I will think of more soon.

Thanks

See above.

englandcrew

Thanks for the replies. Im a FTB and unsure of how much of a difference having no estate agent will be.

What will the procedure be without one?

steve1980

englandcrew wrote: »

Thanks for the replies. Im a FTB and unsure of how much of a difference having no estate agent will be.

What will the procedure be without one?

You'll deal directly with the seller with those awkward offers you decide to put in.

If/when accepted you then only be able to chase up your own solicitor and the vendor will only be able to chase their solicitor (an agent does both free of charge as their job is only to find a buyer).

googler

We don't know what the initial procedure will be - that depends on how well you know the current owners, and whether you approach them, or they approach you.

From there, it will be, broadly speaking -

Figure out roughly what you think it's worth
Make sure you have or can get the money to buy it
View the house
Decide if you want to buy it
Haggle with the owners over the price and other terms
If you agree, instruct your solicitor regarding conveyancing
Once your sol confirms you've bought, make plans to move in

SailorSam

If i were a seller and i had people interested i'd sell without an EA, the fees are better in my pocket than his.

bobthedambuilder

I have both bought and sold without an EA, and it's not a problem. You still have your respective solicitors, and as a buyer you can employ a surveyor for your own survey if you want (recommended). As a seller, you can still get a valuation from an EA (usually free as he wants your business), just don't commission him to sell once you've got the valuation.

With any luck, if you get in early as a buyer, you can agree a deal and avoid a bargaining scrum.

googler

SailorSam wrote: »

If i were a seller and i had people interested i'd sell without an EA, the fees are better in my pocket than his.

If you already have more than a few people interested without openly advertising, then don't you think you're likely to get significant interest when you do go to the public, and that might result in a higher selling price, possibly leaving you better off even after the agent's fees have been taken into account?

richardw

googler wrote: »

might result in a higher selling price...

Who has the 'perfect' selling price forecasting knowledge then, Vendor or EA?

googler

richardw wrote: »

Who has the 'perfect' selling price forecasting knowledge then, Vendor or EA?

The vendor can decide whether or not they want to settle for whatever their private buyers can offer, but bear in mind that private buyers, consistent with previous threads on this forum, are likely to deduct a figure equivalent to what they perceive the seller's fees to be from what they offer

A vendor can set an asking price, an EA can set an asking price, but at the end of the day, any house is worth what someone is willing to pay in the market at the time of sale. Nobody has a crystal ball.

The house is obviously in demand, assuming the owner to be telling the truth about the level of interest. Don't you think that interest would be magnified by telling more of the general public about the house?