When selling a property, we have three primary methods of sale choices:
Private Treaty
- Buyers can purchase subject to finance, satisfactory building and pest report or cooling off period
- More flexible time frame for buyers
- Good for first home buyers
Auction
- Unconditional sale, which means buyers cannot buy subject to finance, satisfactory building and pest report or cooling off period Fixed time frame for the sale.
- Definite date to bring buyer’s interest to a decision
- Social proof for buyers to bid more Decreases the length of time on the market
- The property is judged on its merits and not price
Tender, expression of interest or by negotiation
- Fixed time frame for the sale
- Bids are kept confidential, which
leads to buyers competing against
themselves not others - The seller has control. They don’t have to accept the highest tender if they don’t want to, but knowing this figure can lead to future negotiations