Sale Methods

The way you sell should suit your property, your timing and the buyers it is likely to attract. Ray White Invercargill explains the available methods and helps you choose an approach, with the campaign and costs agreed before marketing begins.

Auction

An auction brings buyers together to bid publicly at a set time. The seller sets a confidential reserve, and the property can sell when bidding reaches that level. Buyers need to complete their investigations and confirm finance before bidding, because auction purchases are unconditional under the agreed auction terms.

Any proposed changes to the terms need to be arranged beforehand with the agent, seller and the buyer’s lawyer. The successful buyer is committed to the purchase and usually pays a deposit on the day. If the property is passed in, the agent explains the next negotiation process. Read Settled’s auction guidance for preparation and obligations.

Deadline sale

A deadline sale invites offers during a campaign with an advertised end date. Buyers can submit conditional or unconditional offers, and the seller considers the terms as well as price.

A seller can accept an offer before the deadline, so interested buyers should register with the listing agent early. The highest offer does not automatically have to be accepted. The agreement sets the conditions, deposit and settlement arrangements. See Settled’s deadline-sale guide.

Tender

A tender invites confidential written offers on tender documents by a specified closing time. Buyers may propose conditions, and the seller can accept, reject or negotiate an offer. The documents explain submission, deposit, the period during which an offer may be accepted and any early-sale provisions.

Register interest with the agent so you can be told about changes to the timetable or a possible early sale. Have your lawyer explain the tender terms before submitting, including the effect of making another offer while your tender remains open for acceptance. Read Settled’s tender guidance.

Price or negotiation

A property may be marketed with an asking price or by negotiation. Buyers make written offers and the seller considers price, any conditions and timing. This approach allows discussion of the terms as offers arrive. Your agent explains how offers, including competing offers, will be handled.

Choosing the approach

Your agent’s recommendation should reflect your property and priorities. Discuss the timetable, presentation, marketing budget, buyer feedback and the next step if an acceptable offer has not arrived. The agency agreement and sale documents set the terms, and your lawyer can explain them before you sign.

Arrange an appraisal to discuss the options for your property. Buyers can use our property checklist to prepare for viewings and offers.