Selling a Home Privately in QLD

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  fruit on 27/08/2016 - 16:46

  +1

  I'll start the bidding at $1

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  subywagon on 27/08/2016 - 18:29

  There's a standard contract for sales of homes. I think it may be slightly different depending on states etc, but if you do a Google search for a house sale contract Queensland I'm sure something will come up. Good luck, I'm considering doing the same thing down here in Tassie in a couple of months.

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  altomic on 27/08/2016 - 19:20

  where in QLD are you?

  • 

    swilso on 27/08/2016 - 19:47

    South Burnett area.

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  Mad Max on 27/08/2016 - 21:10

  Can't you buy a copy of the REIQ contract?

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  ATD on 28/08/2016 - 00:22

  +2

  The only requirement in Qld is that a sale of real property must be in writing. This is commonly done by a sale contract such as a REIQ contract, but it is not the only format - the only criteria as I said is it needs to be in writing. You don't need a contract drawn up prior to listing in Qld.

  You should realise that buyers expect private sales to be cheaper than what they see at a R/E, so your "saving" may be less than you expect. I've heard mixed results from people self-selling, but at the end of the day if it is priced right and someone is keen, it will sell. If you aren't confident in the sale process, this may impact on your potential buyers if they aren't familiar with the process as well and can scare some off where it is easier for them to deal with a R/E.

  The seller (or their solicitor) is the one who is expected to prepare the sale contract (or the R/E if you engage one).

  I know you will be tempted at shopping around to get the lowest quote for conveyancing etc, but you sound like you would benefit from dealing with a solicitor who is happy to spend a little more time explaining the process and guiding you through it. You'll also be combining the sale with a purchase so a little added stress there. Of course, paying more doesn't guarantee a good result and I guess it just comes down to a judgement call - you won't know if it was right or not until you are into it and by that time it ends up more expensive to change solicitor so it is generally recommended to stick it out.

  There are numerous websites you can find by googling, where you can list your property privately, just don't fall into the mistake of buying some "Seller's kit" thinking you are saving money. The one I've been shown was a complete waste of time but the marketing b/s made it sound it was all you needed.

  Hope the above helps.

  • 

    swilso on 28/08/2016 - 20:49

    Thanks ATD.
    I will keep looking into it. I suppose the big draw back would be listing it lower privately but if it's unsuccessful over a couple of weeks then listing it for more with the realestate to counter commission but potential buyers having seen the lower private price. It was really just a thought to see if it drums up any attention before looking at going to a realestate.

    I was a bit put off when I asked the realestate agents if I sell a home and then buy one with them will they lower commission. They obviously said no, however the house we are keen on is listed with more than one agent so I may just look at buying through the other one if that's the case, unless they do a bloody good job securing a buyer for us.

    • 

      ATD on 29/08/2016 - 11:46

      I would put a price on it that is its market value and depending on how quick you want to sell it, don't discount it up front as it is easier to come down then come up. It will be a negotiation tacit by most Buyers to argue the point that you are not incurring sales commissions. Also if you do list it with an agent and put the price up, this could cause you some grief with a buyer who was previously keen at the lower price and won't want to come up. By being prepared/willing to drop your price as you see fit, it also gives them a psychological win which helps to commit them to the purchase. You really have to do your homework and see what alternative properties are going for in the area and price accordingly. Try to think as a buyer, not a seller.

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  Charity on 28/08/2016 - 03:20

  My friend has sold a couple of houses privately in QLD less than 3 months ago. He managed to list them on realestate.com.au for less than a grand ( Sorry, forgot the actual $ amount). Not a big deal considering what an agent will charge. He ended up getting a higher sales price than what a couple of agents quoted. Both houses were financed and sold to people needing finance. Yes, a solicitor needs their pound of flesh still. Even though they literally only cut and paste words in a template on a nice letterhead. Overall, it seems quite straight forward. Made going through an agent look silly.

  • 

    ATD on 28/08/2016 - 11:54

    -1

    "Yes, a solicitor needs their pound of flesh still. Even though they literally only cut and paste words in a template on a nice letterhead."

    You really don't know what is actually involved. The simplest way to think about it is you are paying for:

    1. Someone who knows what they are doing; and
    2. Insurance.

    By insurance, I mean that if there is an error or some problem causing a loss, the solicitor becomes professionally liable. Conveyancing is high liability and there is a lot to comply with to ensure the solicitor is covered by their compulsory insurer.

    Doing it yourself, you've got no one to blame if things go horribly wrong. I can assure you, there is a lot more involved than simply cutting and pasting text on some nice letterhead although I do accept that precedents are used which are applied to each property. The cut price conveyances work on minimal work interaction per file, so the usual complaint is that the person you want to talk to "isn't available" and simply doesn't return calls unless they want something. This can be distressing to some.

    In relation to your friend, there are successful stories out there for sure, but also unsuccessful ones as well with people spending $X thousands and the property still sitting there vacant 12+ months later while they are still paying for the mortgage and rates etc. As for your friend managing to list on realestate.com.au, it would be good to explain how he managed to accomplish that as the site only accepts listings from licenced agents. I could guess how it was done if he had a 'good' friend who was an agent, but quite risky for an agent to allow that.