Q & A: Buying And Selling Privately


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Q & A: Buying And Selling Privately

Here are frequently asked questions on buying and selling privately, without a real-estate agent.

Can I buy or sell a house without a real-estate agent?
Yes, most definitely! A real-estate agent is just an intermediary between the buyer and the seller.

Will I need someone to ensure the
process is done legally and properly?
Whether privately or through a real-estate agent, a
lawyer is needed to ensure proper legalities of the Agreement Of Purchase And Sale. Legal fees are identical either way — however, the seller saves hefty realty commission by listing and selling his house on SaultHouses.com.

What are the advantages of selling a house without a real-estate agent?
First off and most important, the seller saves significant realty commission. Still very important, the seller knows the house better than any real-estate agent — so the seller can oftentimes show the house to potential buyers better than an agent.

What are the advantages of buying a house without a real-estate agent?
Usually the seller is more willing to negotiate as he knows a big chunk of the asking price will not go to realty commission. Also, the deal may be sealed quicker with no agent or go-between. Buyers can get better, more detailed answers about the house and its history from the actual owner than a real-estate agent.

Are there disadvantages to selling a house without a real-estate agent?
Not really. Only be prepared for potential buyers' criticisms on your castle. One disadvantage used to be advertising the private house sale with costly newspaper advertisements — this is no longer the case with SaultHouses.com.

Are there disadvantages to buying a house without a real-estate agent?
Two disadvantages, both easy to overcome: Research and negotiation. You need to research the process a bit (this Tips & Tricks section is designed to help). Some people don't enjoy negotiating price, others don't mind — often negotiating face-to-face with the owner is better and quicker than through an agent.

For sellers, what are the steps to
selling a house without a real-estate agent?
   1. List your house with SaultHouses.com.
   2. Keep your house neat and clean, ready to show to prospective buyers at their convenience.
   3. Gather information so that you are prepared to complete the Property Condition Disclosure Statement, available
        free-of-charge here on SaultHouses.com (click here). This statement asks questions about your house
        and property. If you make false statements, knowingly or unknowingly, you will be held accountable once the
        transfer of ownership occurs. (For example, if you state you never had water in your basement but you had,
        and the basement floods a month after the sale, you may be responsible for costs to repair. If you state you
        had water problems and there is a flood, you are not responsible.)
   4. Negotiate an agreeable selling price and possession date with the buyer.
   5. Allow your house to be inspected. If you know nothing is wrong with your house and you would like to speed up
        the selling process, you may want to have the inspection done yourself so you can show it to prospective
        buyers. An inspection costs about $300.
   6. Hire a lawyer to complete the sale transaction. There is much less for a lawyer to do on the seller's end but
        one is necessary, nonetheless.
   7. Start packing.

For buyers, what are the steps to buying a house without a real-estate agent?
   1. Go to SaultHouses.com to find the house of your dreams.
   2. Contact the owner and arrange to see the house.
   3. If you like the house and want to place an offer, contact a lawyer to help draw up an Agreement Of Purchase
        And Sale. This is a standard legal form available free-of-charge here on SaultHouses.com (click here).
   4. Bring the offer to the seller. Be prepared for a counter offer (it almost always happens).
   5. Negotiate an agreeable selling price and possession date with the seller.
   6. Arrange to have the house inspected — it is a good idea to have a satisfactory house inspection stipulated as
        a condition on the Agreement Of Purchase And Sale. An inspection costs about $300.
   7. Let the lawyer take care of the rest.
   8. Get ready for moving day!

All information contained herein is deemed accurate but is not guaranteed and may be subject to errors and omissions. SaultHouses.com will not be liable or responsible for any damages or injuries caused by use of this information.