INVESTING
Goosen elaborates by saying that , “ The private seller wants to save commission . The buyer , on the other hand , will be cognisant that the seller is saving commission and might , want to pay a lower price for the property and possibly less than what it is worth .”
Malan says , “ So you ' ve got the buyer that wants to be discounted on a private sale , and you ' ve got the seller that wants to gain more out of a private sale . And that ' s where you get that clash of expectations that makes the negotiation process very difficult .”
Transfer of ownership
Malan highlights that knowledge of the transfer process is also of the utmost importance from sale to the actual transfer of ownership . “ Is there a bond , for example ? Here we ( agents ) connect to a bond originator and connect with the buyer and monitor the process ,” he explains .
Typically , the seller should appoint the conveyancer ( according to common law ). If a knowledgeable estate agent is involved this will be pointed out to the seller . The buyer doesn ’ t usually get a say in who the transfer attorney is , unless agreed otherwise . This could be the case in a private sale , where a buyer wants to use their own transfer attorney . The danger here is also that the transfer attorney could be a friend or colleague of the buyer and will favour the buyer in the transaction .
“ If you ' re selling privately , you
SA Real Estate Investor Magazine APRIL / MAY 2023 54