It can be tricky negotiating the private sale of a property as a for sale by owner. This process usually begins with verbal offers but we highly recommend that when conducting a real estate private sale as a for sale by owner you encourage potential buyers to make all offers in writing. When a price and conditions are finally agreed on by both you and the purchaser, the offer must be made in writing and any amendments need to be made to the Contract of Sale.

Offers to purchase a property whether through a private real estate sale as a for sale by owner or through a real estate agent can be conditional or unconditional. A conditional offer is one that is subject to conditions that need to be met in order for the sale of the property to be finalised. If these conditions are not met within the pre-arranged time, then the offer is void and the private real estate sale will fall down. Both buyers and the for sale by owner may have specific conditions they would like to impose on the sale.

Buyer conditions may include things like:
• A building/inspection report which needs to be complete and match the buyer’s expectations.
• The buyer may want to move in immediately.
• The sale may be conditional on the buyer selling their property.
• The for sale by owner may be required to fix a default in the property.

For sale by owner conditions may include things like:
• A specific amount of money as a deposit from the buyer.
• An early settlement date.
• The option to lease the property for a period of time.
• The desire to maintain ownership of certain things attached to the property.

In most cases, an interested buyer will offer a price and wait for a response from the for sale by owner. The first offer is usually lower than the maximum price which the potential buyer is willing to pay. The for sale by owner selling their property privately can respond either by accepting the first offer or rejecting the offer and making a counter offer. If the first offer is accepted, then there is no need for further negotiation. If the offer is rejected, the for sale by owner will go back to the potential buyer with a counter offer or will see if they are prepared to make another offer and/or alter or withdraw conditions. Through a process of negotiation, the for sale by owner will eventually reach a mutually acceptable agreement to sell their property privately with a buyer.

Any for sale by owner conducting a private real estate sale should consider the following things in relation to offers and property negotiation:
• Negotiating Offers – The for sale by owner should ensure to do this as often as possible in writing. This documentation will be valuable if a dispute arises.
• Terms of Sales – The for sale by owner should not be afraid to trade terms of the Agreement for a greater sale price.
• Accepting Offers – The for sale by owner should accept an offer sooner rather than later. This will reduce the chance of a buyer changing their mind about the offer.
• Amendments to the Contract of Sale – Any amendments require the signature of both parties to be legally enforceable.

Often potential buyers will make low offers as they feel they can intimidate a for sale by owner conducting a private real estate sale. If you are a for sale by owner selling your property privately then all you need to do is decline the offer and stand firm on the money you are asking for. Remember, buyers do not know how many other potential buyers are interested in the property resulting in serious buyers having to make serious offers.

To sell property privately through a DIY sell is something which is still achievable given the current market conditions across the real estate industry. Many people believing selling property privately is no longer achievable but if you are a determined property owner and have access to resources like Privatepoint then a DIY sell can still work and with a little bit of luck you will sell your property privately.

Outlined below are the property auction results for this weekend according to Australian Property Monitors:

Total auctions: 526 (last week: 637)
Sold: 287 (last week: 320)
Withdrawn: 49 (last week: 63)
Clearance rate: 50% (last week: 46%)
Total Sales: $153,903,570 (last week: $ 156,894,140)
Median: $ 492,000 (last week: $ 493,750)

Privatepoint is a for sale by owner private (FSBO) real estate sale website allowing a property owner to sell privately and market their property to a large audience of potential property buyers. As a for sale by owner (FSBO) seller you can enter your property details into the Privatepoint website and have your property listing appear on a number of popular private real estate sale websites.

I recently had the pleasure of spending a week in WA and let me say things there are not looking too good for the Australian economy and the real estate sector. This is bad news for a private real estate sale or for sale by owner (FSBO) as it is going to result in lower demand for real estate across Australia.

You only have to open the WA Times to see numerous articles about the mining industry and how what were lucrative and long term contracts with China are now disappearing with the demand for coal drying up. This has resulted in mines laying off staff and in some cases mines moving into liquidation.

This loss of jobs and future job uncertainty has affected the property market in Perth with last quarter property market growth for the state falling to -4.8% and with this quarter forecasts looking even worse. The mining industry and WA economy has been the Australian economy’s savour in the past few years and with this faltering, could mean the Australian economy can’t avoid that recession which keeps hanging around like a bad smell.

As a for sale by owner (FSBO) trying to perform a private real estate sale it could be best to accept that property offer which is just below the price you are expecting to receive. If not, then you need to lock yourself in for a long ride as the Australian real estate market will only go one way from here.

Some news for private real estate sale and for sale by owner property owners is that Prime Minister Rudd has just announced that the first home buyers grant is to double to $14,000, and then increase again to $21,000 if buyers purchase newly constructed real estate.

What does this mean for private real estate sale and for sale by owner sales in Australia? Not a whole lot but it will spur on first home owners to consider getting into the real estate market. With interest rates and property prices on the fall means there is no better time for first home owners to enter the real estate market.

Lets just hope that job uncertainty doesn’t scare away first home owners from entering the market.

As soon as a property owner decides to sell their property as a for sale by owner through a private real estate sale results in everyone attempting to take advantage of the for sale by owner. There are so many dodgy for sale by owner and private real estate sale websites and services which offer an ordinary service and charge the real estate owner ridiculous fees.

I came across another for sale by owner and private areal estate sale website yesterday called Private Sales Gurus, I am not providing a link as it is not worthy of one. They spruik themselves on providing all the secrets about for sale by owner and private real estate sales. They charge $14.95 a report and of course there about 7 reports which can be packaged up and purchased together.

I briefly had a look at their content and there is nothing there which can not be found on this website or on a real estate agent websites for free. It annoys me that private real estate sale websites like this try and take advantage of for sale by owner property owners.

If you are a for sale by owner who is selling your property through a private real estate sale then before you spend any money have a good look around the internet for free private real estate sale websites as a lot of these websites like Privatepoint have very useful information available at no cost in their blogs.

Outlined below are the property auction results for this weekend according to Australian Property Monitors:

Total auctions: 334 (last week: 492)
Sold: 206 (last week: 280)
Withdrawn: 33 (last week: 28)
Clearance rate: 56% (last week: 54%)
Total Sales: $138,608,000 (last week: $159,686,000)
Median: $672,500 (last week: $545,000)

Don’t forget that Privatepoint is a free online real estate private selling website allowing private sellers to market their property to a large audience of potential property buyers. As a property owner you enter your property details into the Privatepoint website we then automatically send your property listing to a number of popular real estate advertising websites.

I spent a few days last week working in Brisbane and was able to spend a bit of time around the Gold Coast, Hope Island and then up to Maroochydore. Although property prices have reduced from what they were 12 months ago the reduction in this area of Australia has been far less than anywhere else.

The reason property prices have stayed strong in this part of Australia is because it is the destination of choice for both domestic and international immigrants. South east Queensland has approximately 2000 people immigrating to it each week, it is this demand which is stabilising the price of houses in the region.

Why are people moving there? Well, there are a number of reasons including:

• Climate with winter days similar to a late spring day in southern NSW.
• Generous tax breaks, although NSW has removed vendor tax QLD state taxes are more attractive to investors.
• Lifestyle, because the Gold Coast and Sunshine Coast is spread out over a vast array of coastline means many home buyers can live the dream of being next to the beach.
• Affordability, this dream is affordable.
• Retirement, a large portion of Australia’s retirees are settling there.

The goal of Google is to map every street in Australia so users searching through Google Maps not only view structures from the top but also from the side. This is great for the real estate industry as it means online property seekers are better able to grasp the property they are looking at over the internet.

The only concerns which have been raised are those regarding individual Privacy as these street view images could be infringing on our personal lives. Similar concerns were raised when Google launched Google Maps but were soon forgotten once the application was accepted and used.

Google Street View is great for private real estate sellers as it is free and easy to use and will provide added marketing for your property. We are currently in the process of optimising our website for this new feature and will let you know when it is complete.

We held off releasing this section of the website because this is a secondary function of Privatepoint. The primary function of our website is to provide a facility for property owners to submit their property listing. Privatepoint will then send your property listings to 3rd party real estate advertising websites allowing the property owner to update, amend or delete the listing on all of these websites from one central location within their Privatepoint account.

We now feel users understand what Privatepoint is about and because we have over 320 properties it is necessary to release the property search tool. Thanks to everyone for their patience and in particular to the users who sent us an email about including the search tool, your comments were not wasted.

Regards

The Privatepoint Team