Your next decision will be to select the method you will choose to market your property. Basically, there are two common options:
Option 1: Sale by Private Treaty
Option 2: Sale by Auction
Private Treaty
The main benefit of a Private Treaty sale is that the process is the most common and therefore readily accepted by buyers. The property is marketed with a definite ‘asking price’ and by making the buying decision easier, buyers often feel more comfortable with this form of sale. They can look at a number of homes comparatively and make an unhurried decision. This does not mean though, that the competition cannot be just as intense as in an auction, and our skilll is to create this demand driven competition in order to achieve your desired outcome.
Auction
The primary benefit of having your property auctioned is the competitive nature of the auction process which can work to your advantage to push the sale price higher than expected. Bidders, can often exceed their own limits, and your expectations, for the sale. Auctions work well for properties that are highly prized, have unique features or reflect current market trends and demand. The process is simple and straightforward. In consultation with you, a reserve price is set. This price is your ‘safety net’ and the property cannot be sold below your reserve price, and on your terms. On auction day the highest bidder at or above the reserve wins the property and must pay a deposit to finalise the sale, which is then a firm contract. Your solicitors then set about transferring title, discharging mortgages and completing the necessary paperwork to effect settlement. An auction sale is focused on a specific date and time and, once achieved, the transaction is complete.
Is my home suitable for Auction?
If after four weeks of high profile marketing, is it likely that more than one buyer will be interested in purchasing your home? If the answer is yes then let LJ Hooker create the competitive marketplace at auction.
