Selling Methods
There are three methods to selling a property.
Private Treaty (Sale)
Auction
Tender
Each has its own advantages. Helen will go over each option with you and guide you on the best method for your property.
Private Treaty
A Private Treaty is where you set the price or a price range for your property to be advertised. Your property will compete against others in your area on the basis of your asking price. You are in control and you can accept, negotiate or refuse any offer.
Inspections with potential Buyers are conducted by open homes or private appointments.
A Buyer has a cooling-off period between ‘Offer of Acceptance’ and ‘Exchange. This is the time they get their finance sorted, and their building and pest inspections done. If all is satisfactory exchange takes place and the property sold.
Auction
Normally a 4-week Marketing Campaign prior to auction takes place. This is where we find every available Purchaser for your property. It is more about creating competition. It is great for properties that are of high demand. Buyers know there is a deadline therefore a sense of urgency is also created.
Buyers are required to pay a 10% deposit and sign an unconditional contract at auction. All inspections of the property such as building and pest inspections must therefore take place prior to auction. There is no cooling-off period for Buyers.
Buyers must have finance arranged prior to auction.
Tender
For sale by Tender method works well when there is likely be a large number of Buyers interested in your property. Tender is basically a private auction for your property. There is no asking price, but there may be a price guide given to interested Buyers.
Potential Buyers submit their offer/bid in a sealed envelope, it is private and confidential unlike public auction where it is public. None of the interested parties can see each other’s bids. The Vendor can choose the offer that best suits them, or they can negotiate with the Buyer until they get to an Offer of Acceptance.