If you’ve decided to sell your home or are even considering it, the first thing to say is congratulations. Deciding to sell is a big moment in a homeowner’s life and the start of a new step on our journeys. In order to make the selling process as fast and efficient as possible, it’s important to take a range of steps.
Remember to research the perfect estate agent for you and consider getting your home officially valued. It’s also important to find a conveyancer who can simplify all the important legal elements of your sale.
Another important thing to consider is the method of sale you’re going to use. This decision encompasses important legal factors and can make or break your sale, so it’s important to get it right.
Here are a few major methods of sale to consider for getting your property over the line.
As one of the more well-known ways to sell your home, it seems that everyone loves an auction. Here are some of the main aspects of an auction.
They are marketing driven
- They provide 3 opportunities to sell – before, during or immediately after the auction
- They create urgency and a sense of competition for buyers
- They come with a reserve price which bidders much reach – otherwise the property is passed in
If interested parties don’t make any acceptable offers before auction day, the event goes ahead and your auctioneer pits prospective buyers against each other. If the reserve price is reached, the highest bidder wins the property but if it isn’t, you can continue to negotiate.
The Legal Side
When selling at an auction there is no cooling off periods and contracts are unconditional. This means that the winning bidder can’t just change their mind and that the contractions are signed on the day without further negotiation.
It may not be the most exciting, but sale by private treaty is the most common way for South Australians to sell their homes. Here’s how it works:
- Your home is put on the market and purchasers are invited to make offers
- You can accept or reject offers, as well as negotiating with interested parties
- You have a greater time limit to sell your home and greater flexibility in the process
- Marketing costs are generally lower for sales by private treaty
This method sale may not be as manic, but it gives all parties – including buyers – the chance to change conditions, negotiate and get further advice.
The Legal Side
The flexibility in private treaty sales also extends to the law. Contracts are often subject to certain conditions like the buyer wanting to conduct inspections or needing to have their finance approved. Contract negotiation is also more likely in these cases. Finally, there is a two day cooling off period, which means signing the contract isn’t always the end of the story.
Those are the two major methods of sale, both with their advantages, disadvantages and legal considerations. Of course, there are other ways to sell a home, such as through expressions of interest. This is essentially a private, silent auction where written and confidential bids can be submitted over a limited period of time.
Whatever method you choose to sell your home in Adelaide, be sure to choose a find a conveyancer to handle the legal side of the sale. Conveyancing Centre is Adelaide’s local expert team, with more than 50 years of combined experience. Contact our team when you’re ready to sell.