Method of sale:
There are three methods of sale to consider.
1. Private Treaty
This means that you offer the property to the market and at a predetermined price where you invite offers from interested purchasers. This is the most common method of sale. The standard approach is to advertise the property by various means and is usually opened for inspection at suitable times for potential buyers .Your agent then negotiates with potential buyers until an agreeable sale price is achieved. Contracts are then signed by all parties.
Auction sales are best suited to properties which may be unique in some way and hard to put a value on or circumstances require a quick sale. An auction is a public sale that happens at a specific date, time and place after a set marketing period. You put a reserve price on your property and prospective buyers bid for your home. If the bids reach your reserve or an acceptable figure the highest bidder enters into an unconditional contract to buy your home at their offered price.
Sale by tender is marketed in much the same way as auction with the exception that the offers are undisclosed to other interested parties. These offers close at a time, date and place as specified at the commencement of the marketing period. The potential buyers submit an offer (tender) for your home. Your agent advises on the detail of the offers and you then either accept the best one or reject all. On acceptance your agent will prepare contracts in the usual manner.