Private Sale tips & tricks?

[TheLiberalLeft]

As much as everyone loves to hate & slag off RE agents, the NZ mindset is one that is a little suspicious of private sellers, I think. Don't ask me why.

[Maccachic]

Was this survey on people who had tried after selling on TM got big? The way I see it in the past there was the property press / newspapers so it was harder to advertise your property without an agent - now with Trade Me being most people first point of call for just about everything it is a lot easier.

There isnt really much reason to distrust a private seller if you do you due diligence properly. I brought privately without any issues. House had however been private sale > agent sale > private sale and had been on the market for around a year.

Issue I believe they had, was there was something was wrong with TM listing and the add didn't come up in any of the searches until you used the street address.

Actually did have one drama with the fact it had been agent listed when inlaws went through it (months back) and sellers had to check that this wouldnt attract commission - turned out to be a non event as it only applies to the actual purchaser.

[DaveW]

Only the buyer needs to get an RV in a private sale, they are the one who needs to convince the lender.

The RE sells it a few weeks later because the private seller has usually been "conditioned" and reduced their price expectations after trying privately.

If its an attractive property then do a sale by deadline with no asking price with only mentioned of the CV. Your lawyer will help you set this up it's straight forward. You can always add a price if this doesn't produce a result.

I agree with home staging, fresh smelly stuff, professional photography, signs, and leaf-lets, and also get a LIM report prior to listing so there are no nasty surprises for you. Again your lawyer will know what to look for.

Don't list on trademe until you have all your sale info spot on, you only get one crack at landing in watchers inbox as a "fresh new listing".

Give yourself a couple of months and listen to what buyers are saying about your price expectations. If enough of them say you're dreaming, then adjust it immediately.

[speights boy]

Only the buyer needs to get an RV in a private sale, they are the one who needs to convince the lender.
.

I agree with Davo36 on the RV, and think it is a good idea for the seller to have one done for a private sale.

Provided:
1. It supports your asking price;
2. It is done by a valuer that is likely to be accepted by the major lenders.
The valuer will often 'sign across' the valuation to the bank, for a fee payable by the purchaser.
3. You are open about the need for the purchaser to get their own valuation if they do not wish to use yours.

Not all purchasers need a mortgage.
To have this RV along with the LIM, title, rates notice on the table during viewings give private buyers confidence.

[OneWayTraffic]

Float it on Trademe on a $1 reserve. It will sell.

And you will probably get a fair price, with all the attention that will get.

Need big gonads though.

[ladyagent]

Some fantastic ideas and advice!

That is why only 1 in 10 Private For Sales are successful.

I would have had the property under offer by now at a good price, with all questions answered!

[MarkButThis]

-$20,000 for your efforts lady agent.

No thanks.

Have sold privately once. Have also listed privately and had a couple of offers fall through, then listed with an REA and sold.

It is worth the punt, and in the case of where my private sale worked, I got more than a general listing REA could get me in offers, and I saved about $22K. To put it into perspective you could have a brand new car and 2,000 snickers bars... or you could give the money to lady agent. Try private first, then capitulate if it doesn't work - at 1 in 10 odds with a 2K advertising downside and a 20K upside, you have the odds on your side.

MBT

[SwissKiwi]

Some fantastic ideas and advice!

That is why only 1 in 10 Private For Sales are successful.

I would have had the property under offer by now at a good price, with all questions answered!

Where did you get that statistic?

[PatMat]

Float it on Trademe on a $1 reserve. It will sell.

Like this one? http://www.trademe.co.nz/Browse/List...x?id=456200615

[WaterfrontNZ]

Geez, $1 reserve, that would take some gonads... And not sure if the auction at no reserve for charity really counts, as it isn't an investment. Also people seem to pay more when it is for a charity. But hey, atleast that has over 15k hits right?

[Blackbill]

$1 Reserve! Yes a lot of people will view your add but are they genuine potential buyer? I wouldn't be surprised if it mainly attracts bargain hunters. As a genuine buyer, I would be put off by this kind of listing, thinking the seller is a time waster.