You will need to decide whether you want to sell your property by private treaty or auction.
Private treaty
Private treaty sales are the most common way for property to change hands. This includes property for sale by owner in a private sale and also property for sale through a real estate agent. A real estate agent, or the owner themselves negotiates a price for the property with a prospective buyer in private. The process is quite straight forward and there is plenty of time to consider offers and negotiate a price.
Selling property at Auction
Auctions are a more public way of selling property. Prospective buyers come together at the auction, bid on the property, with the highest bidder buying the property (subject to the reserve price being met).
The auction process can be very fast-paced and unpredictable. You will not know how many people are really interested in buying your home and how much they are willing to pay until the day of the auction (although your agent may have some indications). Auctions usually attract many onlookers including neighbours having a ‘sticky beak’ or people researching the market.
How to sell a house
In a nutshell, these are the steps you need to take to sell your house :
Choose a real estate agent (if you’ve decided not to put your house for private sale )
Decide on a method of sale, i.e. private treaty (agent or property for sale by owner) or auction
Agree on an appropriate marketing/advertising program
Decide on your asking price (and the rock bottom price you’ll accept)
Sign an agency agreement with your real estate agent
Prepare your property for sale
Arrange for buyers to inspect property
Receive offers and negotiate a price or nominate the reserve price if you are selling via auction.
Sign a contract of sale
Conveyancing - arrange with solicitor/conveyancer for transfer of property
