In France, it is estimated that more than half of real estate transactions are carried out between individuals, most often to save agency fees reaching between 4 and 10% of the price of the property. However, we must remain cautious not to be cheated.
The first problem is the selling price. The owner may be tempted to set the price at the same level as if he had had to pass on the commission of a real estate agent. Not to mention that sellers very often overestimate the value of their home. Logical consequence: the sale will take longer to be completed and will undoubtedly be the subject of greater negotiation.
In the context of a transaction between individuals, it is therefore essential to learn about the local real estate market, both on the seller’s side and on that of the candidate for purchase. To do this, consult the indices published by the Superior Council of Notaries on its site Immobilier.notaires.fr, and take a look at the prices charged by the real estate agencies around you. As an owner, do not hesitate to have your property appraised for free by two or three professionals, asking for a low and high estimate, in order to determine your selling price as accurately as possible.
Rather than overvaluing the value of your home, take advantage of this direct transaction to set a price a little lower than that of agencies offering properties similar to yours. This will increase your chances of selling faster.
By renouncing the services of a professional, the owner undertakes, moreover, to assume sole responsibility for the promotion of his property by disseminating a real estate advertisement in accordance with legal requirements. But irregularities can hinder the smooth running of the sale.
In addition to mentioning all the characteristics of the accommodation and its location, the seller must specify his energy performance scale, the DPE. In addition, all the technical diagnostics must be provided to the buyer upstream, then annexed to the sales agreement.
The very description of the house is often the object of deception: the temptation to embellish the property, random measurement of the living area, imprecision of the services … Writing a complete and reliable advertisement including good quality photos constitutes fire proof for the owner. As for the buyer, he must question the seller in depth before visiting the property, so as not to be fooled.
Select your buyers
To do without a real estate agent is also to do without his expertise, especially in the selection of potential buyers ready to make an offer for your home. However, their financial capacity is a difficulty often underestimated by owners.
Generally, real estate agencies select the files upstream, by imposing, for example, the agreement in principle of a mortgage. The private seller must therefore be inspired by this practice if he does not want to risk seeing the sale fail during the procedure.
In addition, if recourse to a professional can be limited to a minimum, the final conclusion of the transaction does not however escape the approval of the notary, who will guarantee the legality of the sale.