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Selling your Home Privately: Advantages and Disadvantages

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When you have made the decision to sell your property, you have a choice to either sell it privately or make use of an estate agent. This is a difficult choice to make, especially if you are inexperienced in dealing with sales, advertising, residential property conveyancing services or determining selling prices. By understanding the procedures as well as the advantages and disadvantages in choosing to sell privately, you will be able to make an informed decision on whether to go the private route, or make use of an estate agent.

The advantages and disadvantages of selling privately

The number one advantage of selling your property privately is to save on the real estate agent commission cost, you could save thousands depending on the selling price of your home. For those of us who like being in control and overseeing everything, the next advantage would be the fact that you are obviously always actively involved in the process, having direct contact with the potential buyers and having more control of the negotiation process.

On the other hand, the disadvantages of selling privately, especially if you are inexperienced, include that you may not have enough skills and knowledge to price correctly or to know where to advertise and list your house. You will also need to have negotiating skills and be comfortable with presenting your home to strangers on your own.

A quick outline on how to sell your home privately

To sell your property successfully, in anopportune timeframe, and at a good price, the following steps are usually followed:

  • Selling price: make sure that the price you put on your property is at fair market value, otherwise your property may take way longer to sell, or too quick at a steal!
  • Prepare for sale: ensure that your house is in tip-top condition, not only for when viewers take a look at the place, but also to stand out from other properties on sale.
  • Advertise the right way: get your marketing skills up to scratch and list your house on various platforms to get the maximum possible exposure.
  • Choose a property and conveyancer lawyer: as the seller you need to choose a property conveyancing lawyer to handle the legal work and transfer ownership of the property.

And, Sold!

The buyer will need to sign an offer to purchase in order to get the ball rolling, once this document is signed by both seller and buyer it then becomes a legally binding sales agreement. Your residential property conveyancing lawyer will provide you with the offer to purchase document and will expertly guide you through the legalities of the process. Once the agreement has been completed and signed, it is then submitted to the property conveyancing lawyer who will then handle all the paperwork from there. The property and conveyancer lawyer will liaise with various people to get the property rightly transferred from your name to the buyers. The conveyancing lawyer will also ensure that you have received all the proceeds of the sale.

At Engelbrecht Attorneys you will receive all your residential property conveyancing solutions to help you out on the selling of your home. Engel brecht Attorneys ensure a seamless sale process, be sure to read more about their property transfers and conveyancing services, one of their many specialties.