Sunday, 4 July 2010

Sunday, 4 July 2010

The perils of a private sale

Something happened this week to a client that had viewed with our agency in June, and it has prompted me to comment again about the dangers of buying and indeed selling privately, by cutting out the agent.
There are a thousand and one things that could go wrong, but between them, this buyer and vendor had contrived to hit upon several classics and had found themselves in a dispute, that doesn't look like being resolved.
Why do vendors market properties privately ? Sometimes to give the impression of a lower price, (minus the 6% or so agency fees). But many sellers advertise at the same price in any event ! Often, private ads are out of date, and the agency sites have a lower price than a private ad. Sometimes, the vendor will have advised the agency of their "bottom line", so the agency can steer a buyer towards a successful offer, rather than a blunt take it or leave it offer.
We have produced a guide for both buyers & sellers explaining why they should use an agency. They may actually save money in the end!
In our (perhaps biased) opinion, there is no substitute for using a professional agent, who is likely to market the property more successfully than a private vendor, and get a sale agreed quickly, at a price determined by the market. We look forward to working with you given the opportunity.
Peter Elias (Agent Commercial)
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