Private House Sale - anyone done it?

[Beccarollover]

I viewed a house on Friday that I/we really, really love - while we were there the vendor mentioned us being the first viewers and "he hadnt even signed the estate agency forms yet" so in my excitement I mentioned a private sale - he gave us his home number and said to give him a ring if we wanted to make an offer.

He also mentioned viewings that were taking place today (first time buyer) and Tuesday. As well as these viewers someone from the street he lives on is also very interested in buying it off him (privately I presume) and she was apparently getting back to him with an offer this weekend.

The question is, is there anything i should be wary of going the private sale route? We are seeing it again today and thinking of offering the asking price - (with estate agency fees removed he will in actual fact be getting almost 2k above the asking price).

Any advice?

I REALLY WANT THIS HOUSE

if you really want it offer him the price and sit tight.But be careful because we started out selling ours privately and it is quite hard to do the negotiations face to face in the end have used a local agent and seems to be going smoothly this time!You save money the other way but it is hassle

How did you hear about the property and how was the viewing arranged? If it was through the estate agent, then, even if he hasn't signed the papers, he will probably be liable for their fees. If they introduced you and you buy the property, then they have kept their part of the contract. The contract does NOT have to be in writing. A contract can be verbal.

It won't necessarily affect you, but, if he is suddenly landed with extra costs, he may try to pass them on to you.

I heard it about through agent and they arranged viewing, it was just at the viewing he mentioned he hasnt finished negotiating fees and hasnt signed - Im happy enough to go through agent (would probably be happier really) but thought it would give him more incentive to accept our offer as he is in effect getting an extra 2k.

He would still have to pay the agent as they introduced you-I think

Hypothetically how would they know? If he hypothetically took it off the market then instructed a solicitor

Am I getting into naughty ground?

They seem to have a way of finding out. I've heard of similar instances and the agents have sued the vendor. As I said, it isn't really your problem as the contract is with the vendor, but it might put a spanner in the works further down the line if the agents find out.

There was a thread last week from the vendor angle about less than scrupulous estate agents some of which coudl be relevant. Even if they haven't signed an agreement the fact that they are marketing the property (particulars, board, appointments to view etc ) could constitute a verbal contract. If a sale progressed whilst this was happening or even after it was "withdrawn", fees could still be payable whether they introduced the buyer or not. However it is the vendors issue to resolve - if they were upfront now perhaps they could pay less commission - but make sure you instruct a solicitor/conveyancer to protect your interests.

If you offer the full price via the agent why wouldn't you get it?

Well, I see my "competition" in getting the house the woman from the street who seems to have broached the private sale route too - so by me offering via the agent if she offered the asking price privately he would effectively be getting 2k more by going with her.

but if you are in a good position he may go with you.I personally would hate to sell to someone I had to see in the street every day because house buying/selling is so stressful it is best done more anonymously

DP is ringing now to offer the asking price..........

Fingers crossed!

How did the woman in the street find out about the sale?

Their children play together and when she was collecting her daughter it was mentiond in conversation they were putting the house on the market - apparently.

WE sold ours privately -- I was trying to find a past thread which I think was all about selling/buying privately, but no luck!
Anyway, as sellers, we hit pitfalls.. basically, because the buyer was a neighbour, we knew the mortgage offer was probably based on false information, but naively thought it wasn't our problem! Whoops! Buyer lost his mortgage between exchange and completion, and we were lucky to get out of the contract relatively painfree.

Anyway, last time the topic came up nobody could come up with many drawbacks for the buyers. I would definitely make sure you get a good conveyancer, though, and you have to do all the chasing if the sellers are slow about aspects of the sale, so are you up to being bolshy if necessary?

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