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Article source: http://www.askfinancing.com/. Used with authors permission.
It is one thing to sell a Pac Man Fever lunchbox, a slightly damaged golf bag, or a used pink bathrobe. But how many people are bold enough to sell their house on the World Wide Web?
Lots, according to a survey by first4sale, an innovative online property website. Research by YouGov, which questioned nearly two and half thousand UK citizens, found that 70 per cent are comfortable selling their most valuable belonging - their property - over the World Wide Web. The relatively new idea of SIY - Sell it Yourself - could save four billion pounds in unnecessary estate agency fees, reasons first4sale.com. It reflects consumer confidence in the internet, says Mark Fisher, First4sales.com chief executive. The net has over ten million users in this country. SIY has evolved quickly from dealing in smaller, low-valued possessions. More than 190,000 cars are sold on the Internet each year, and houses are now the latest big-ticket item to sell yourself.
It makes sense. By selling online, you avoid the estate agents commission, usually 1·5 to 2 percent of the price. Fisher points out that on a £300,000 house, , the owner could save more than five thousand pounds.
But does it work? Three months ago, Richard Batten, a computer company director from Finchley, north London, put his deceased fathers property in Golders Green on the market for £799,000 with first4sale.com. I dont trust agents, says Mr Battern, and as I was not under pressure to sell quickly, I thought Id give it a go. Within two weeks, Mr Battern had 15 enquiries - mostly from the For Sale board, he adds - and an offer from a family in Hampstead that is going through at just below the asking price. He has had a survey done and Batten hopes to exchange shortly. I do not see the added value from an agent, and this way you deal directly with the buyer. Now he is selling his own home, shared with his family. Now he has two potential buyers who did turn up both put in offers. Altogether, I will save £22,000 on agents fees, he says. Edward Bennett
http://www.first4sale.com
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