You may have different reasons to sell off the property. And so will be your asking rate. The real estate market of Australia is witnessing ups & downs in different states. Like, New South Wales (NSW) and Victoria are going through a tough market with market values of properties touching their all-time low. Whereas, the Western Australia is witnessing a boom in reality sector.
Mind making for selling the property takes time. The next time after taking a call on property sell-off is how to find the buyer. There are two different ways of selling a property. One is through auction and second option is to complete the procedure through a private sale. Both the process includes a fair deal of advantages. But, handing over keys through private sale offers more flexibility in comparison to the auction procedure.
Let us have a look at the benefits of Private Sale.
No set deadline
The private sale allows you to pick the right deal. The seller is likely to earn more profit through this process. The open market gives you an opportunity to negotiate as far as you can avail profit at large.
Offer complete privacy.The property sellers keep the details of each client secret. The agents won’t discuss properties for sale with different sellers. This increase the chance to seal the best cost efficient deal.
Crack the deal at market price
Selling property through private sale gives the seller a right to hold the property until getting an exact price for the property. You can analyse the current market trend before making the final deal. This sell off option won’t allow you to hand over the keys even if you are not making the minimum profit out of the deal.
Most common practice
Private sell off is the common practice opted by the sellers. The clients believe in earn the expected amount for their property by making sell through this procedure. Amongst the country, the maximum number of sellers believes to opt for private selling type over auction deals.
Reasons to give Auctions a miss
Minimum Sale Price
The auction process sets a minimum selling price for your property. The auction is a scheduled process that takes place at the property location. The client bidding for the lowest buying price keeping in mind the minimum selling price have is eligible to take over the possession. It means the seller has to accept the minimum price bid for the property. He/She can’t break the deal.
Terms & Conditions
If the property scheduled to auction won’t suit a particular number of property seekers then it may be cancelled. This means your property gets publicity but for the wrong reasons.
Same Market Price
In case a property comprising a society is scheduled for auction, then it is surely a loss making deal. As people know the expecting rate for the property. If one property is identified for the low selling price, then other units in the same locality also have to bear the heat of less selling price. In short, other sellers also have to bear the burn of less profit or no profit in some cases.
Forced Selling of Property
The seller is deprived of his/her right to hold back the selling of property. As the person doesn’t find the selling price accurate according to the property market.
Keeping all the above-mentioned points we conclude the article with the opinion to go for private sale rather than putting your property for auction. The seller holds scope for gaining more profit through a private sale.