This term relates to the sale of a property that takes place without the use of an estate agent. The whole process relating to selling the property, from placing adverts to hosting viewings and going through the sales process, is handled by the person selling the property, with no outside assistance from an estate agent.
There are pros and cons to taking this route. The biggest advantage for many is not needing to pay an estate agent any commission for making the sale. This means more cash is kept from the sale of the property, leading to a bigger profit for the seller. However, there are downsides too. The process of advertising, managing viewings, settling on an agreed price with a buyer, and so on, are all labour intensive and require a lot of time. You also need to use the services of a solicitor to make sure the contract for the sale is legally binding and ready to be signed by both parties. An alternative would be a conveyancer for handling this part of the process.
Many people would prefer to pay an estate agent rather than going down the private sale route. If you work long hours, for example, you may not have the time to handle viewings as well – viewings an estate agent could handle for you while you are at work. Think carefully before taking this route and consider whether the potential savings involved could outweigh the extra work you would need to do as the seller in this situation.