Vendors will often have different priorities when selling. While achieving the highest price is often one of them, others might include a quick sale or maintaining one’s privacy. Those priorities – together with the type of property, its location and local buying trends – help you in conjunction with the trusted Todd Property team determine which sales method, auction, private sale, by tender or expressions of interest is the most likely to achieve your goals.
In a private sale (or private treaty):
Is by far the most popular and preferred method to sell real estate in the Heathcote area. The selling price is pre-determined and based on careful market analysis. The price may or may not be advertised, it gives buyers an indication of vendor’s expectations and sets the benchmark for lower offers. The price can be re-assessed as needed throughout the sales period. It offers more privacy than an auction. It has an open-ended timeframe and is a highly successful sales method.
Sale by auction:
Requires that a reserve (vendor’s lowest acceptable price) is pre-set. Competitive price bidding means there is no upper price barrier, making unusual or highly desirable properties often better-suited to this method. This is the most public way to sell your home. Setting a date creates a clear timeframe and can minimise selling time by creating a sense of urgency. If the reserve is achieved, the property is sold.
Expressions of Interest (EOI):
A third option to selling your property is to invite offers to purchase by a specified time and date. This is typically called For Sale by Expressions of Interest (EOI). An expression of interest is similar to a private sale/treaty however a formal written offer detailing price and sale terms must be submitted for the property by a specific date. If an acceptable offer is not found, the property may be placed on the market as a private treaty sale or EOI's may be called for again.
A tender is a very formal sale process, which requires potential buyers to submit a proposal in response to the request to the owner’s advertised tender. Given the complexity of this process, it is usually only reserved for premium properties in the residential sector.