The acronym FSBO stands for FOR SALE BY OWNER

Why should I consider buying a house privately?

It is of course obvious what the main advantage of bypassing agents is to the seller – they could save £1000s on the commission which is almost always based on a percentage of the sale price – but the advantages to the buyer are perhaps not so immediately obvious.

The first thing to note is that because a private seller is potentially saving several £1000s in commission, they may be more willing to negotiate on the asking price. In many cases the saving in Estate Agency fee in selling directly is reflected in the pricing of the property. One of the many reasons that people like to deal privately is that they feel they are getting more for their money – and this is often the case. A house sold privately will often be bought at a lower price than the same house bought with the assistance of an Estate Agents services yet both buyer and seller are better off.

Direct access to the seller is a major advantage. For instance, a snap decision to revisit the property accompanied by a spouse or other relative can be arranged rapidly and directly with the seller. This contrasts with the situation where a prospective buyer would need to wait until the Agency re-opens for the Agent to contact the Seller (probably the next evening) and then get back to the prospective buyer later still. A whole delaying loop is taken out of the process.

When you are buying directly from the owner you are more in control of the process. No more three-way phone conversations ("Hold on I'll just have to call the vendor and ask them that.") You can get information and ask questions out of office hours. You will know EXACTLY where the process is. No excuses why something hasn't happened from an uncontactable third party. It's just you and the vendor and that's that!