Selling? Know Your Options

There are 3 different methods to sell your property.

1. Private Treaty
The most common method of sale where the property is listed with a price decided by the seller. Prospective buyers express there interest by offering a contract to the vendor, who can then choose to accept or lodge a counter offer. Private Treaty is good for properties where there is plenty of competition in the area.
2. Public Auction
Involves the appointment of a Licensed Auctioneer to offer the property for sale to the public and sells to the highest bidder. The seller can choose to set a reserve (lowest acceptable bid), which if is not meet during auction the Auctioneer will "pass in" the property and negotiations may continue with the highest, or any bidder under Private Treaty terms.
3. Tender
Predominately used in the sale of commercial property, Tender involves properties being sold without the seller disclosing a price. This allows for prospective buyers to submit a Tender for a nominated amount for the property by a specified closing date from which the vendor can choose the most "attractive" contract.
Good for residential properties that are hard to determine "market value".
The opinions expressed here are those of the individual and not those of Homely.com.au.
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