Tips When Buying a Property Privately


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No Commission Means Buyers Can Save Money As Well
 
Buying a property privately means that you may stand to benefit from the fact that the vendor is saving thousands in an agents commission. People selling direct do not need to factor in an agents commission into the asking price and can be more responsive to an offer. Many savvy home buyers will actively seek a private sale dealing with the vendor directly can mean more flexibility on behalf of the vendor. You are also more likely to get to know more about the property, its location and gain a vital insight into living in the area from a home owner.

Finding Private Property For Sale

In you plight to find a home being sold directly it is important to appreciate that many websites do not allow private home sellers to advertise directly. Rightmove.co.uk, Primelocation.com, Globrix.co.uk, Zoopla, Findaproperty.co.uk are just a few examples where you will NOT find properties offered for sale by the owner.

Once you have found a home that is being offered for sale without an estate agent ask the vendor to email you the Home Information Pack. One part of the HIP that will be of particular interest is The Property Information Questionnaire (PIQ).The PIQ will reveal lots about the home and what has been done to it by the owner. 

 

Obtain Intimate Details From The Vendor

Unlike many estate agents the vendor knows intimate details about the costs of running the home. Utility bills, council tax and property maintenance costs may add up to more than a monthly mortgage payment. Obtain this information direct from the home owner. Make  a list of questions before you view the property.
Take the vendors property description and discuss this with them to clarify what is on offer The legal process is your protection and will iron out all the important facts including what is staying and what is being taken with the vendor on sale. 

Top Tips 

 
1.) To avoid wasted viewings ask the seller to send as many pictures as possible so that you get a good feel for the property. 

2.) Interview your vendor: why are they selling? What don’t they like about the property? What would they do to improve it? These answers will reveal vital information which would be hard to come by when dealing with an estate agent. 

3.) By using an on line conveyancing company you will save hundreds of pounds in legal fees, many conveyancers do not charge you for a sale that flls thru.  

 

 

 


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