private sale of a house – how to go about it?

Hi Deepak,

Terry Ryder has a book on this. check out hotspotting.com.au

If you've got your mind set on doing it yourself and its your first time, best to find someone who has done it before and get some in-depth advice.

I understand a lot of owners want to save on selling costs by not including a real estate agent, but unless you know your state's legislation regarding property sales it can be fraught with danger.

There are a few basic points to consider no matter where you are located:

• How have you decided your selling price? You could even arrange a few agents through to give you their market value and expectations based on their sales in the area to gauge whether the price you want is realistic.
• What type of sale works best in your area? Some locations are auction orientated and therefore achieving the best price by private sale may be difficult
• Where and how will you advertise your property? Private sellers don't have access to major real estate sites so it is important to find an online advertiser who will gain good exposure for your property in a market where a majority of buyers go online to find property, but there are a few sites out there now gaining momentum for private sellers.
• How will you find buyers? Relying on advertising alone can extend the amount of time the property is on the market. Good agents have a database of qualified buyers in your area.
• How will you qualify your buyers to ensure they are not time wasters?

What are your reasons for selling your home privately? If it is to cut down selling costs, I would suggest that if you find a great agent in the area you're likely to get a higher sale price.

Just read some of the posts on this forum and you'll see people like buying from private sellers because they feel that getting a lower price is easier. This is something you'll need to keep in mind if you go ahead.