When a home goes on the market, it's listed with a particular sale method. Knowing how each one works helps you prepare, whether you're buying or selling.
By negotiation
The property is marketed, often with a price guide or asking price, and buyers make offers. Offers can include conditions, and the seller can negotiate. It's flexible and one of the most common approaches.
Deadline sale
The seller sets a date and time by which offers must be in. Buyers make their best offer before the deadline, and the seller then considers what's come in. It gives everyone a clear timeframe.
Tender
Buyers submit sealed offers by a set deadline, and the seller reviews them all together. The seller can choose an offer or decide not to accept any of them. Offers usually include the buyer's conditions.
Auction
Bidding happens live on the day, and the sale is generally unconditional. That means you need your finance and any reports sorted before you bid, and you'll usually pay a deposit on the day. It can be quick and competitive.
If you're buying
- Ask early which method is being used and what the dates are
- Have finance and lawyer ready before you offer or bid
- For an auction, do your reports beforehand
- Set your limit ahead of time and stick to it
If you're selling
The right method depends on your property, your timing and the market. We'd talk it through together, weighing up the pros and cons for your situation, before you decide.
Quick tip
The wording of every agreement matters. Check the terms with your lawyer before you sign, whichever method is used.
This is general information only, not legal, financial or building advice. Rules and market conditions change, so check the details with your lawyer, lender or the relevant authority before making decisions.
