METHODS OF SALE

Expression of Interest/ Set Sale Date/ Deadline Sale

• This method of sale requires parties to register their interest in the property within a certain period of time

• There is no price set so price is not an objection

• Vendor may choose who they negotiate with

• Invites conditional and unconditional offers

• Most commonly used where there are multiple possibilities for the sale or lease of the property

Auction

• The auction method of sale is a highly effective way of creating buyer competition to ensure that the best possible price is achieved

• The auction process places a time frame (usually over a 3-4 week period) on the sale. This in turn instills urgency into the minds of the prospective purchasers and allows the vendor to determine the terms and conditions.

• When a property is sold at auction, the sale is unconditional, a 10% deposit is paid and settlement date is pre-determined

• Auction is the only way of creating open transparent competition between buyers to drive the price upwards.

Tender

•  A Tender allows the vendor to deal with the preferred party

• It sets a specific timeframe (usually over an 4-5 week period) which allows purchasers time to carry out their due diligence) and then make a formal offer

• It provides the flexibility for the vendor to countersign the preferred offer

• It also encourages tenderers to complete due diligence and have finance in place, reducing the time delay between acceptance and settlement

• The tender process requires purchasers to submit on the vendor's pre-determined terms and conditions

Priced

•  An asking price is placed on the property

• Purchasers can make conditional offers on the property at any time during the marketing campaign

• Encourages both conditional and unconditional offers

• Benefit to purchasers as they are aware of the vendors expectations

• No time pressure on vendors or purchasers

Selling Guides