Methods Of Sale
With a private sale, the owner and the agent agree on a fixed price. Discussions are conducted with interested parties on behalf of the owner by the agent and when a buyer who is willing to purchase at the agreed price is found, a deposit is paid and the terms of settlement are set. With a private sale a property can sell at any time from the day it is placed on the market.
Price By Negotiation
This is very similar to a private sale, but instead of fixing a price, a price range is agreed on between the owner and the agent. Discussions are conducted with interested parties on behalf of the owner by the agent with the agent using his considerable negotiation skills to get the highest possible price. When agreement has been reached on price between the owner and the buyer, a deposit is paid and the terms of settlement are set.With a property for sale by negotiation, the property can sell at any time from the day it is placed on the market.
An Auction is a public sale carried out at an advertised time and place where people interested in purchasing the property bid against each other. Unlike private sales, Auctions have a high degree of emotion as interested parties compete with each other to obtain the property they have set their hearts on owning. The emotive nature of Auctions can often lead to bidders exceeding their pre-determined price limit to secure the property. A property that is advertised for Auction can sometimes be sold before the Auction date if agreed upon by the vendor and your agent, if an acceptable offer has been put forward by a motivated buyer.
There is generally no advertised asking price when a property is for sale by tender. Buyers are asked to confidentially put in writing their offer by a fixed date accompanied with a 10% deposit. Unlike a public auction potential buyers are not aware of the other bids. However many buyers exclude properties that have no price indication. Some buyers are wary that all ‘bids’ are confidential and may not put their best foot forward. This method of sale on the right property, one that is truly unique with features and a location that seldom comes on market, can achieve an outstanding result.