Sell Your Own Home in Victoria: 10 Steps to a Successful Private Sale
Despite what estate agents want you to believe, you can sell your property privately in Victoria. It is perfectly legal, and not as difficult as you might think.
Here are 10 steps to selling your property in Victoria without an agent.
1: Prepare a Contract of Sale
The contract of sale is a document that shows the details of the property, all the relevant documentation, what is included in the property should it sell, and any other conditions.
It must include a vendor’s statement and should be available for prospective buyers to read on request before they make an offer.
2: Research the Market
Before listing your home, it is wise to research the market to see how much similar properties are listed for and what marketing style you like.
3: Set Your Price
Based on that research, you can set a price. It is a good idea to have your property appraised by a reputable third party to give you a better idea of what it is worth.
4: Get Listed
Listing is a crucial part of the private sale process. You must advertise your property effectively if you want it to stand out and get noticed, and it helps to list on as many websites as possible.
One of the best ways to get your property out there quickly and successfully is by working with the PropertyNow team, who can make this part a lot easier.
5: Hold Open Houses and Private Viewings
Open houses let people view your home without too much pressure. They are a form of advertising that helps clinch offers. You can also offer private viewings for people who are closer to making an offer.
6: Receive Offers for Consideration
You may receive offers in a few different ways, but only a written offer signed by the potential buyer is enforceable. Consider all offers, but don’t take verbal or informal offers seriously until you have them signed and on paper.
7: Accept and Make it Official
Accepting an offer is the exciting part. You can accept verbally, but it must be put in writing to be official. Signing the contract of sale is the usual way to legalise and offer acceptance.
8: Exchange Contracts
The exchange date is when both parties have received official signed (all relevant signatures) contracts of sale. Nothing is binding until this happens.
9: The Cooling Off Period
By law, buyers are allowed a short cooling-off period after the exchange, during which time they can cancel their offer and withdraw from the sale. In Victoria, the cooling-off period is three business days.
Buyers who withdraw during the cooling-off period must pay 0.2% of the property price to the seller. Sellers do not get a cooling-off period in Victoria.
10: Settle and Celebrate
The settlement date is when the buyer must transfer the balance of the agreed price. It is usually between 30 and 90 days from the exchange, but you can agree on this with your buyer at the time.
A solicitor is often used to manage the transaction, to avoid complications. Once the money is in your account, the deal is done!
FAQs
Can I sell my house without an agent in Victoria?
Yes, you can. No law says agents are required in property sales, and individuals can (with the right guidance) do everything by themselves. It is recommended that people hire a solicitor to look over the contracts and manage the financial transactions- just to be on the safe side.
How do I sell my property at auction?
Properties with a lot of interest can do well at auction, where people bid and the top offer wins on the day. To put your property up for auction, you should book an auctioneer before listing, then include the date and time in your ad.
Always set a reserve price (the minimum you want to accept). As long as this amount is met, the property is sold, and there is no cooling-off period for the buyer.
Is there an easy way to list Victoria properties for sale without using an agent?
Listing your property effectively is crucial to generate interest and find the right buyer. PropertyNow makes this very easy, by taking your property and marketing it across all the most popular and trusted listing sites.
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