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PROPERTY ADVICE << back to property advice main page
Privately sold properties on average are 12% higher than market value due to the inability of the private seller and/or private buyer to correctly price the unit. These sales are usually controlled by emotion. Selling privately is a complete breach of security, as you invite strangers into your family home. Usually the lack of negotiation skills, knowledge of market trends and contract buyers and sellers alike can run into major difficulty and financial trouble during this process. A seller opens himself up for a double commission claim when selling privately, although this is the exception and not the rule - it is currently a real factor in the South African market. Even with all these pitfalls, some people prefer to deal with private sellers -- that is their choice -- but ensure you know the risks involved.
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Many people consider this option, because they have a perception that they will be saving commission. This is actually the most dangerous decision a seller could make.
