Private Real Estate Sales

By Author: Glen Johnson
Total Articles: 5
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Private real estate sales are something mystical. What's interesting is that in most of the cases, private real estate sales are usually committed when there is a lot of money involved in buying the property hence real estate agents demand 3 to 7 per cent of the commission. Also, buying the property from a private landowner, the process is a hell of a lot faster than a) getting a real estate agent; b) specifying your request; c) waiting for him to find you a suitable property to buy; d) buying the property, and of course, paying the agent a commission fee.

There are, of course, downsides to buying properties private real estate sales. First of all, it is quite hard to find them. Secondly, the price may be inadequate, so there's a lot of research to be done or you need to hire an appraiser. And last of all, there's a lot of risk involved with money transactions. Real estate sales which are listed in newspapers and classifieds are generally safer than buying directly from the owner for one simple reason: the real estate agent will probably be the party interested the most, and he'll work for both the seller and the buyer ...
... to be fully content with the upcoming deal.

So how can you find private real estate sales? For one, look in magazines. Local magazines like Private Real Estate (Ontario), City-Habitat (New York City) and others can help you a great deal. The other possibility is spoken word, the third - classifieds (look for classifieds labeled with property for sale by owner).

When searching for a property to purchase, don't forget that you probably need an appraiser. You can't know the market value of the property you want to purchase until you've contacted an appraiser. For estimates (so you don't have to contact an appraiser for every property you could be interested in), just search for similar properties put up for sale and subtract a few thousand - you can make an approximate guess from the other properties in the neighborhood.

It is a common practice among banks to make auctions of acquired real-estate solely for the people known to the one in charge (e.g. the bank manager), but there are more private auctions that you could visit. So if you know a bank clerk or a manager, ask him around, just remember that actions like these are usually not for free, unless the bank worker you know is a really close friend.

If you can find private real estate sales, you can save thousands. And the seller is more committed to sell the house, because the seller doesn't have to give away too much excess cash to real estate agents. Why most of the properties are sold by real estate agents then? Because people are insured and feel safer when buying a property - it is true that you have to be close to a real estate expert to buy properties relying solely on instinct - and that is generally what private real estate sales are.

In today's fluctuating financial times private real estate sales have become a more popular way to sell a house. You can find more private sale houses and real estate on the market, with people trying to save on agent fees.