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Methods of Sale

You may wish to consider the various methods of sale available to you which we detail as follows:-

FOR SALE BY PUBLIC AUCTION

This involves a short intense marketing campaign of your property without a price. This method tests what buyers are prepared to pay for your property within a specific time.

Auction generally provides a good response to a higher profile marketing programme giving purchasers the opportunity of forming their own view as to what they may consider an appropriate figure to bid. That coupled with the excitement of the sale deadline on Auction day, when hopefully buyers will compete against one another to achieve the premium price within the market place on the day.

Bids are made with no conditions attached and exchange of contracts is achieved on the day. You can choose to sell the property prior to the Auction on the day and if unsuccessful a sale can be achieved thereafter.

This method of sale is normally adopted where a property is unique, difficult to accurately value and believed to have considerable appeal to the market with an agreement between the auctioneer and the seller as to what may be achieved so there is no difficulty on the day of the auction when finally setting the reserve.

This method of sale does however often discount those purchasers who are reliant on selling their property from bidding, as does contractual tender.

CONTRACTUAL/FORMAL TENDER & INFORMAL TENDER

This method of sale is like Auction; however, all purchasers submit written offers (called “Tenders”) which are accepted up to a certain date. Everyone with an interest to purchase must seal their offer with a deposit for Contractual/Formal Tender.  For Informal Tender, buyers must just send their written notification of their best offer, subject to contract. All tenders are then opened at the accepted deadline and you are totally in control as to whether you accept any of the offers, decline all of them, or continue negotiations with any interested party. Contractual/Formal Tender can provide an instant exchange of contracts if you accept a bid, as the property particulars are contained within the contract. Informal Tender is still subject to contract.

The main difference between Auction and Tender is that at Tender, the price accepted is not publically disclosed and other parties who have tendered are not notified of any other offers.

In addition, Tenders can have conditions attached to them.

As with Auction you can sell prior to the Tender, at the closing date of the Tender or after the Tender if you do not have a successful bid. Selling prior to Auction or Tender is generally discouraged.

PRIVATE TREATY

This is the most common method of sales for a property and one where you disclose an asking or guide price and invite purchasers to make their offer at any time after the property is placed on the market.