Methods of Sale

What method you ask ?

AUCTION:
The market is buoyant and full of new buyers
It’s a HOT market at present in good school zones
The price is worked upwards, not downwards
Buyers are unconditional (cashed up)
6 open homes over 3 weekends (45 minutes each)
By Appointment viewings as well (where practicable)
Time frame to sell, under 30 days unless sold prior
Transparent Competition benefits the vendor
We have benefit of hindsight, and prior feedback from market on auction day
The vendor sets the reserve
Deposit is 10%
Vendor determines settlement date on auction documents – 30, 60 or 90 days.

EXPRESSION OF INTEREST:
Time frame can be longer to sell
Can sell anytime, but a deadline is usually given
Really a silent auction – buyers can not see their competition
No fixed asking price is given
Still have open homes and appointments
Interested parties put in their best offers
Offers can be conditional
(Owner chooses which offer suits them best)
Ample time given for buyers to view the property, source finance
Vendor does not have to take any offer
Can weigh up pros and cons of each offer (conditional and unconditional) in comfort of own home

SALE BY NEGOTIATION:
Put an asking price range on it, but no fixed price
Attracts a targeted group of buyers within a price range
Offers are made based on perception of market value from the buyer
Can be conditional or unconditional offers
There can be alterations to the details of the contract over time until agreement reached
Could be a multi-offer situation

SET SALE DATE:
Time frame attached to offers made within a limited time frame.
Both conditional and conditional offers considered

TENDER:
A process of selling , calling for Purchasers to make their best offer in writing by a set date.
Tender documents, giving the particulars and conditions for the property are obtained from the agent
A price for the property is not advertised allowing the market to decide value.
Tenders remain confidential until closing date, when the seller chooses one offer as being most favourable – no offers are accepted, and offerees have opportunity to increase their offer.
Offers can be unconditional or conditional
The details of any tender made, will not be divulged to any other tenderer or third party.
There is a lot of secrecy surrounding this process, and hence not as popular with agents , buyers or vendors.
Offers can not be made prior to Tender date.

SALE BY PRICE:
Works best with a lower value property
Has quick response to sell if priced close to or under market value
If priced too far above market value, the buyers do not inspect.
Requires extremely accurate estimate of price point to make the most of advertising spend.
Buyers tend to make offers under the asking price

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