Private Sale (No Commission to Realestate Agent)

I'm just looking for some advice on how to best to progress a private sale without the involvement of a Real Estate Agent.

We are about to put our Brisbane Property on the market and have some friends of friends who are keen to buy. We have signed no agreement with a Real Estate Company and this couple have offered us the price we want.

Obviously we want to avoid the approx $12K Commission that the Real Estate agent will pick up for selling this. What's the best (cost effective) way forward to ensure a smooth run to settlement without the agents involvement.

EG:

Can we throw all this at a solicitor to knock up the contract etc?
Should we down load the relevant contracts and complete ourselves?
Should we go back to the Real Estate Agent and ask for a flat fee to progress this?

Hoping someone can advise us the best way to go on this or share any experiences/learnings that you may have had. Also any contacts in Brisbane that can help us take care of this.

Cheers

Steve
 
I'm just looking for some advice on how to best to progress a private sale without the involvement of a Real Estate Agent.

Ok

We are about to put our Brisbane Property on the market and have some friends of friends who are keen to buy. We have signed no agreement with a Real Estate Company and this couple have offered us the price we want.

Great

Obviously we want to avoid the approx $12K Commission that the Real Estate agent will pick up for selling this. What's the best (cost effective) way forward to ensure a smooth run to settlement without the agents involvement.

EG:

Can we throw all this at a solicitor to knock up the contract etc?

thats how I'll do it

Should we down load the relevant contracts and complete ourselves?

No

Should we go back to the Real Estate Agent and ask for a flat fee to progress this?

No

Hoping someone can advise us the best way to go on this or share any experiences/learnings that you may have had. Also any contacts in Brisbane that can help us take care of this.



Cheers

Steve


Get the purchases solicitor details from them, pass them onto your solicitor so he can prepare contracts - you sign contract with your solicitor, purchaser signs contract with their solicitor - solicitors then send/swap contracts = property sold
 
If you have any drams send me a pm - happy to answer any more specific questions you may have for free. Just check how much ur solicitor will charge to prepare the documents - I am licenced and will do it for a cup of coffee! :p
 
I did as mentioned above. Our conveyancers used their standard contract, both parties sign on the dotted line. $300 on my end, done. Doubt his end (seller) would have been much more.
 
pleasure...anything for a ss'er!! :)

Possibly no charge -they may do it as part of their conveyancing fee... Some may add a couple of hundred though for "professional" advice and form filling out etc.

It is potentially very stressful & they are highly trained to fill in a few gaps in a preformatted form you know... (insert sarcastic giggle here!!)
 
If you know that your friend is giving you the best price possible, then as others have commented, there is absolutely zero need for a real estate agent.

However, how do you know that an agent couldn't get you a higher price? Say more than the combined amount of your friend's price plus an agent's commission?

I've never seen this done before, but could you possibly instruct an agent to find you a buyer at a minimum of $x, but with the clear clause that if he can't get you that price, you can sell to your friend without a commission to the agent...probably depends on how desperate your local REAs are for listings.
 
Jonathon, what you are describing is effectively a sole agency agreement. Allows the vendor to sell the property themselves with no commission to the agent- I.e. The agent only gets paid if s/he is the cause of sale. No need for fancy clauses, the vendor doesn't have to agree to sell at a price less than what they want + comms.

Of course a good agent would only touch it if priced right- but for the purposes of your example, that scenario is handled very simply.

Cheers UC
 
It is potentially very stressful & they are highly trained to fill in a few gaps in a preformatted form you know... (insert sarcastic giggle here!!)
Fair go, cuz! I know you were joshing, but please excuse me for offering brisbaneroyal some contrary advice. :D

I don't think I've ever done a deal without some alterations to the "standard" contract, and in each instance where an agent has offered to insert wording for me (prior to legislative changes that killed this practise), their proposed wording was woeful (didn't have the legal effect that I intended, or no effect).

brisbaneroyal, UC has made you a very kind offer ('cause he's a great guy ;)), but I recommend you seek advice from your solicitor about potential pitfalls and get the contract customised to your situation.

When there's a personal connection, it's even more important to have the agreement precisely recorded and unambiguous, to prevent things getting ugly and potentially risking the friendship of the mutual friends stuck in the middle! Damaging the friendship is a risk anyway, but lessened if both parties have a clear - and more importantly mutual - understanding.

Personally, I'd insist (well, encourage as strongly as you can ;)) that the other party get independent legal advice prior to signing, to prevent any "nasty surprises" and for everybody's protection. Tell them that you'd hate for anything to damage your friendship, so since your solicitor has drafted the contract, you really want them to have another solicitor look it over, to ensure that it's completely fair to both parties.
 
I'm just looking for some advice on how to best to progress a private sale without the involvement of a Real Estate Agent.

We are about to put our Brisbane Property on the market and have some friends of friends who are keen to buy. We have signed no agreement with a Real Estate Company and this couple have offered us the price we want.

Obviously we want to avoid the approx $12K Commission that the Real Estate agent will pick up for selling this. What's the best (cost effective) way forward to ensure a smooth run to settlement without the agents involvement.

EG:

Can we throw all this at a solicitor to knock up the contract etc?
Should we down load the relevant contracts and complete ourselves?
Should we go back to the Real Estate Agent and ask for a flat fee to progress this?

Hoping someone can advise us the best way to go on this or share any experiences/learnings that you may have had. Also any contacts in Brisbane that can help us take care of this.

Cheers

Steve



Very very easy , I've done a few now with no experience or hassle at all and I just did a new one last mth.

You just agree on the deal , thats up to you. You don't need an agent or solicitor to tell you whether you like the deal or not. If and when you do like the deal just hand the lot to your solicitor and go home. 6 wks later cash is in the account or wherever . Thats what we pay them for , this **** and to watch our butt.
Their deposits and solicitor just deal with yours and you don't have to do a thing.
There's no reason at all why we can't just do our own deals , throw it in the solicitors door on the way out and off you go.

Cheers.
 
Blaster you hit the nail on the head...

Before you consider selling property privately you have to ask yourself the question...

Do I want to pay myself $500 - $1000 an hour (based on my selling experiences) to put up some adverts, answer a few phone calls, host inspections and and negotiate a price, or am I willing to pay someone else who doesnt care half as much about my property than I do? The answer is clear as day for me everytime

You have to prepare your property and seek assistance of a lawyer regardless whether you have an agent or not, hence time spent in these areas is not included in my rough calculation above
 
Although I must admit , I was more talking from the perspective of actually handling the purchase or sale once you'd actually done the deal itself as the easy part. That's exactly what the solicitor will need to do regardless of whether it comes from the RE or your own private deal, just less one quite sizable fee and middle man basically.
Any special clauses or conditions , same again you just tell him and they sort it out , write it up or advise you whatever , that's there job.

The selling or buying part itself , does depend on the persons make up I guess , it can be trying but basically it's just like negotiating a car or something only bigger.
I sold one in the trading post a few yrs back and one on the net just recently. It was a bit nerve racking, one fell through and I had to resell, still that happens through an agent also .
But of course they have the skills, judgment and know how which I also must admit at times I did wish I had an pro handy .

But , I got the job done both times and I've also negotiated a couple of buys privately. All the same , once done it just goes to the solicitor. I never take or handover any money or deposits myself, it's best if that's done properly encase it gets messy.

Good luck
Cheers
 
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