Auction, tender, deadline sale and negotiation are the typical ways property is sold.
For auctions you should register your interest in the property and ask to be notified if an offer has been made pre-auction and if the auction date is being brought forward. The agent will give you the legal documents which set out the auction’s terms and conditions and its wise to get your lawyer to review anything you don’t understand before bidding.
If, before the auction, you wish to make changes to the terms and conditions and the seller agrees, your lawyer can help you write a variation of agreement.
When a property is being sold by negotiation there is no set date for buyers to make offers by. It may be advertised with a price or sometimes with an indication of price range.
Tenders require interested potential buyers to give confidential written offers to the agent before a set end date, although they may also say ‘unless sold prior’ allowing acceptance of a satisfactory offer prior to that date. As with auctions, registering your interest with the agent enables you to be informed about other offers or changes to the tender process.
Prospective buyers can add conditions to their offer and typically provide a deposit with it. The seller usually has up to five working days to evaluate offers and may seek to get you to change the price or conditions.
In a deadline sale buyers can make an offer at any time up until the set date the buyer has specified. Buyers and sellers can add terms and conditions to the sale and a deadline sale does have the potential to become a multi-offer process if there is more than one offer.