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Selling your house is a big decision. Here’s what you need to know about selling your own house in NZ.

If you are selling your house, you will need to:

  • find a lawyer or conveyancer to help with legal documents
  • choose a licensed real estate agent (or find out how to sell the property yourself)
  • understand the value of your house and decide on a selling price that you would be happy with
  • know how to deal with potential buyers and offers
  • know how to complete the sale
  • understand if you have any tax obligations resulting from the sale.
The real estate transaction is a complicated and legal process. That’s why most people leave it up to licensed real estate agents. However, real estate agencies can charge hefty commission fees and marketing and home staging costs. Even for the sale of a modest home, these costs can easily add up to thousands of dollars. Selling your house privately can save you money on commission, provided you’re familiar with the process and understand the risks involved. It also gives you more control over the process as you will be dealing directly with potential buyers. But finding a buyer can be the easy part, getting it over the line, at a price you are happy with, is often a different story. If you are thinking about selling your house privately, you should first know what is involved so you can make an informed decision.

Before you start thinking about how much you would be happy to receive or the sale of your property, it’s helpful to understand the current market value of your home. This value can then be used to help you determine what a reasonable asking price for your property would look like. If you set the sales price too high, your property may languish on the market for a long time.

You can find out the current market value of your home by researching online to get an idea or paying for a registered valuation. You can easily find registered valuers in your area with a simple Google search.

While real estate agents often offer free current market appraisals (CMAs), please consider that most of these appraisals are not accurate. Real estate agents usually inflate the appraisal to make you list with them. For this reason, banks and other institutions do not lend on appraisal prices.

When you are selling your house privately in NZ, you need to share all relevant information about the property with your buyers. What is relevant will vary between properties but may include weather-tightness issues, boundary issues, and any alterations to the property completed without consent.

If you withhold any information that buyers should be aware of, you may be at risk of the sale falling over and even legal action.

When you receive an offer from a potential buyer, you can decide whether to accept, reject, or negotiate the offer.
If you are selling privately and wish to accept the offer, you should forward the buyer’s details and agreed upon price to your lawyer or conveyancer to prepare the sale and purchase agreement.

If the buyer has presented the offer in the form of a sale and purchase agreement and you wish to negotiate a counter offer, you can make the changes to the agreement and present it back to the buyer.

There is no legal obligation until both parties have met the agreeable conditions and the sale and purchase agreement has been signed and committed.

Write to us today for a friendly, no obligations consultation and some helpful advice.

*Please, only contact us if you are 100% sure about selling your property. Let’s save your time and ours.
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