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

Steven Kirk | Licensed Real Estate Agent 2008

Queenstown and Southern NZ Realty Limited | Licensed under the REA Act 2008