Putting your house on the market is a big decision. Now you must choose “how” to do it. Which of these three sales options best fits your circumstances, ambitions and expectations?

Auction

Auction is a private sale at a specific place, time and date. A marketing campaign quickly corrals motivated buyers into an intense emotion, high pressure situation. Feelings of urgency can prompt buyers to finalise a deal instantly — avoiding a negotiation stage, where your risk increases. A skilled auctioneer and competitive bidders, can deliver great results.

Advantages

  • price is flexible
  • set date encourages people to act quickly
  • auctions flush out potential buyers to negotiate with, if your minimum price isn’t reached
  •  sale is guaranteed once you hit your reserve.

Private sale

With private sale — or private treaty sale — you fix a price and anyone can respond. ‘Unsuitable buyers’ should be weeded out, as people immediately know if your property is affordable. Your price is also a starting point for negotiations. Unlike auctions, there’s no specific time window, so you remove urgency and just wait for the right offer.

Advantages

  • at Kay and Burton we don’t charge an auctioneering fee
  • buyers don’t know other buyers’ offers
  • more time to consider offers.

 

Expression of Interest (EOI)

With an EOI, buyers submit a written offer for your property by a set date and time. EOIs generally run four to six weeks so your agent can get the word out and source interest. After the close-off date, you and your agent review the submissions.

Advantages

  • keen buyers, who don’t want to miss out, make their best offer
  • buyers don’t know other buyers’ offers
  • if no offers reach your reserve, the passed in price remains confidential and won’t impact future selling potential.

Don’t hesitate to get in touch with us if you want any further advice on how to sell your home.

 


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