Off market word of mouth purchase

For Michael and Sarah, a chance connection through an old high school friend led to a less common property journey. 

Their friend's neighbour was looking to sell their home before relocating overseas, with a preference to sell privately without an agent. 

Michael and Sarah had not been looking specifically in that area, but after no suitable properties had come up in their area, they were open and flexible to exploring this potential option. 

Both the property and the area provided a lot. A short walk to the beach, lovely surroundings and a solid secure house.

What positives did they take away from this experience?

The absence of competition from other buyers freed them from the pressure they'd previously faced when agents repeatedly pushed them to increase offers. Instead, they negotiated a price fairly without the worry of being outbid or rushed. 

They discovered the advantages of direct seller communication. By talking to the owners directly, they felt that they could uncover more detailed property insights. The owners will provide a two-day handover period to show how everything works, including which keys are used for what.

Sarah noted that it was a big advantage,

They shared that it was the trust and rapport established with the vendors that enabled this - and that this may not be an experience easily replicated.

There was flexibility amongst both parties. The buyers willingness to accommodate the sellers' overseas move with a longer settlement timeline. The vendors were flexible when they wanted early access to the property for works.

Approach with caution

Though their experience was overwhelmingly positive, Michael and Sarah caution that this approach requires the right circumstances. Both parties need a foundation of mutual trust, flexibility with terms, and commitment to proper legal processes despite the friendly nature of the transaction. 

Interestingly, while they bought without an agent, their past difficulties with tenants convinced them they would likely still use an agent should they themselves sell again  - recognising the advantages of a professional buffer when complications arise.

For buying, they shared that it would have to be a very similar set of circumstances to buy privately. They acknowledged that this experience may not always be easy to recreate, given the reciprocal goodwill and rapport that developed between the parties.