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Methods of Sale

Methods of Sale – A Guide for Sellers

As your preferred real estate agents in Surrey Hills, we’ll help guide you on the best way to maximise your sale price according to the type of property you have.

That said, all properties for sale are different and there are a number of sale options available to you that might not always be explained clearly.

We’ve detailed below the 3 main options you have when it comes to property selling, along with some commentary on the benefits and additional costs if applicable.

Auction

This is perhaps the most popular method selling your property in today’s market. Taking your property to auction tends to create a greater sense of urgency and competition between buyers as the only opportunity to ‘bid’ on the property is on an Auction Date set by you and your agent. You will be able to set your own reserve price on Auction Day and the property will not go ‘on the market’ until it has at least reached that figure. With auctions, there is no ceiling as to where the price could finish, no cooling off period, no conditions such as Finance and no reason you still cannot take a suitable offer prior to Auction Day. There will still be open for inspections, private inspections and buyer conversations right up until Auction Day. Additional costs may include an Auctioneer’s fee.

For Sale / Private Sale

If you choose to sell your property as ‘For Sale or Private Sale’, you and your agent will agree on a price to advertise and ultimately sell your home. There will still be open for inspections, private inspections and sale negotiations however, there will be no essential ‘end time’ for the sale process. All offers will be presented to you on their merits until one best meets your requirements. There is also a 3 day cooling off period applicable to both buyer and seller once a sale agreement has been reached. There should be no additional costs outside of your Marketing Campaign for example: an Auctioneer Fee.

Sale by Tender/Set Date

A Sale by Tender or Set Date essentially draws on the best aspects of both selling by Private Sale and Auction. Like both of the above, the property will be marketed according to a Marketing Campaign schedule, however there will be a set date deadline for suitable offers. Buyers can submit offers at any time throughout the campaign which can either be accepted or declined by you as the vendor (owner). Registered buyers will be contacted 24 hours prior to the deadline date with the option of putting in their absolute best offer. All offers on the property for sale are kept strictly confidential which means most of the time, buyers will submit their absolute top offers for the property. You as the vendor can choose the one that suits your situation the best. There should be no additional costs however, the 3 day cooling off period does apply.

When it comes to selling your property there is no ‘one size fits all’ regime to follow. Each property has its own unique quality, features to highlight and location to laud. As your experienced and knowledgeable agents, we’ll help you find the best fit for both your situation and your property.