Charles explains the difference between an auction and a private treaty sale, depending on your needs and your timelines, your agent can help you decide the best option for you.
“So when I do an appraisal, often a lot of people are wanting to know what’s the difference between the benefits of auction and a private treaty.
What an auction gives you is a timeline – start, finish, auction. So there’s three parts to it: there’s the campaign phase which is prior and when offers can be accepted at any time, there’s the auction day and there’s what I call “post-auction day”, where the property is priced and put on the market based on the feedback from the auction campaign prior.
Private treaty does have its place, and particularly in the market that is a little bit unstable. So what that gives is the buyer a little more time, maybe to make a decision, because they’re probably looking at more properties, seeing more banks, so they probably need a bit of time and they’re not forced into a time pressure from an auction perspective. As a result, I think you would probably have more buyers at your disposal than necessarily an auction might offer.”
– Charles Wiggett
