This is how it worked out in my experience...
I sold my parents house directly to a buyer who, like you, sent me a letter explaining their situation.
The buyer actually grew up in the neighbourhood, had moved away, now wanted to come back and live near their parents.
I had already recently got the house valued by estate agents, and knew what the price of similar had already sold for (using Property price register).
I didn't price too far from that ballpark value.
We met and agreed a price which was also subject to the buyers getting a surveyer.
At this point, it is still all verbal and NO agreement yet existed.
No deposit was paid - this is where you could argue having a agent might be a benefit, because now we are just trusting each other.
The process was;
- Agree a price but do NOT exchange money (ie deposit) directly between buyer and seller. Could cause all sorts of problems if anything goes wrong.
- Both sides to engage a solicitor ASAP.
- Let the solicitors deal with everything from now on - deposits etc...
- The conveyencing process should now follow its normal course via legal reps.
- The buyer should get a survey done.
- The seller needs to get a BER (buyers solicitor will insist anyway)
Overall, there was no price advantage to either side but I didn't have to pay estate agents 1.5% out of it, and the buyer got the location they had their heart set on.
It was also faster as we didn't have to search for a buyer.
I sold my parents house directly to a buyer who, like you, sent me a letter explaining their situation.
The buyer actually grew up in the neighbourhood, had moved away, now wanted to come back and live near their parents.
I had already recently got the house valued by estate agents, and knew what the price of similar had already sold for (using Property price register).
I didn't price too far from that ballpark value.
We met and agreed a price which was also subject to the buyers getting a surveyer.
At this point, it is still all verbal and NO agreement yet existed.
No deposit was paid - this is where you could argue having a agent might be a benefit, because now we are just trusting each other.
The process was;
- Agree a price but do NOT exchange money (ie deposit) directly between buyer and seller. Could cause all sorts of problems if anything goes wrong.
- Both sides to engage a solicitor ASAP.
- Let the solicitors deal with everything from now on - deposits etc...
- The conveyencing process should now follow its normal course via legal reps.
- The buyer should get a survey done.
- The seller needs to get a BER (buyers solicitor will insist anyway)
Overall, there was no price advantage to either side but I didn't have to pay estate agents 1.5% out of it, and the buyer got the location they had their heart set on.
It was also faster as we didn't have to search for a buyer.