Whether you plan to sell your home for personal reasons or have simply outgrown it, it’s good to know your options. There are various methods to put up your house for sale in the Adelaide Hills: via auction, a private treaty, or through a tender.
How to know how to best sell your house
You’ve probably seen enough Hot Property or House Rules to know all about selling at auction. This method is usually backed by an extensive marketing campaign over a period of time. It’s designed to attract a wide range of potential buyers, who are ready to competitively bid for your property.
As the seller, you’re obliged (by law) to settle on the day. Yet, if an attractive offer presents itself before, you can take it. Something called a ‘reserve price’ protects you, in case the bids don’t reach your desired amount. Consider that you’re willing to settle for, pre-auction.
We’ve got something to help you with this, at the end of this article.
Opening up your Adelaide Hills house for sale to the public can help you access more people (and increase the likelihood of a high sale price). Expect to allocate 3-5% on auction costs.
This is the most common way to sell property. It involves a seller (or agent) listing the house ‘for sale’ and asking for a fixed or set price. Potential buyers put in offers and cross their fingers, as the agent negotiates the best possible asking price.
It’s important to be aware of cooling-off periods. Under auction, there is no ‘buffer’ or room to change your mind. But with private treaty, sellers (and buyers) have more flexibility when it comes to timing. All negotiations are performed in private, with private treaty. The agent facilitates the entire process.
High-price or unique homes are typically sold by tender. While less common, it’s similar to auction in that it relies on competition among possible buyers. What differentiates a tender is its secrecy. The parties don’t base their offer on what others are bidding, but rather, on their individual perception.
The seller sets a deadline for offers and makes a decision, based on the results. A tender submission is binding once the seller accepts. The seller has the power to reject offers, if unhappy.
Privately, by Owner
And of course, privately, by the owner. It might be tempting to handle the house sale process yourself, but the question to ask is, am I willing to take this risk?
Yes, the self-seller has more information than ever before. But private sellers lack skills, knowledge, networks, and often, the time. For the sake of a small percentage of your house price, it’s worth having the support of real estate agents – who are there to help you get exactly what you want.
That’s where we come in.