Benefits of a Private Home Sale

Should I Be Wary of a Private Home Sale?

I often have people ask me for tips on selling their home because of an upcoming move. While most people hire an agent to sell their home, some prefer to make the sale on their own. There are pros and cons to private home sales, with some buyers wary of purchasing such a large ticket item without the guidance of a real estate agent. However, private sales offer a chance to deal direct with the owner.

Benefits of Private Home Sales: for the Buyer

  • As the buyer, you will have direct access to the owners who possess all the ready facts, information, and history about the home. Often real estate agents are unable to answer all your questions or queries. For example: what exactly has been done to the various rooms, floors or walls? And what might be included in the offer, as well as possible possession dates?
  • The real estate agent has never lived in the house and therefore doesn’t have personal knowledge of that particular house or area. The owners know in which rooms the morning sun will alight, as well as what the heating or electric bills are like in January.
  • Because there is no agent, the owner does not feel the need to inflate the asking price in order to cover an agent’s commission.
  • At the end of the day, all real estate transactions must be done through the buyer and seller’s lawyers; the agent’s function is merely to bring buyer and seller together. The lawyers are therefore the key players in any real estate deal, ensuring everything is done properly and that both parties are equally protected under the law.

Whether you purchase your next home privately or through an agent, just remember that you need to ensure that you feel right about your purchase; that you've completed all the necessary inspections and that you have a good lawyer to see you through the final sale.