Fancy a holiday with your home loan?
Get 300,000 Qantas Points with a new eligible home loan of $300k or more and LVR 80% or less. T&Cs apply.
Fancy a holiday with your home loan?
Get 300,000 Qantas Points with a new eligible home loan of $300k or more and LVR 80% or less. T&Cs apply.
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Auction vs private sale: pros and cons
Deciding whether to sell your home by auction or private sale? Here are a few pointers.
If you sell your home by auction, a date is set on which prospective buyers will gather to duel it out for your property. This might be in your backyard or at a neutral venue organised by your real estate agent. You set a reserve price, to ensure your property isn’t sold for a price that’s too low, by your reckoning. After bidding passes the reserve, the highest bidder wins, and the sale is binding - there’s no cooling-off period.
In a private sale (sometimes called a private treaty sale), rather than setting a date, you set a price. You then wait for a buyer to come along and make an offer you are willing to accept. Their offer might be subject to conditions, such as the buyer obtaining finance, and a cooling-off period of up to five business days may also apply, depending on your location.
Several factors will affect your decision. These include:
If you sell your home by auction, a date is set on which prospective buyers will gather to duel it out for your property. In a private sale, rather than setting a date, you set a price.
Information on this page is general only and is not a substitute for professional advice in relation to the costs of selling your home.
The information on this page does not take into account your personal needs and financial circumstances and you should consider whether it is appropriate for you and read the relevant terms and conditions, Product Disclosure Statement and the ANZ Financial Services Guide (PDF) before acquiring any product.
Applications for credit subject to approval. Terms and conditions available on application. Fees and charges apply. Australian credit licence number 234527.
Applications for credit are subject to ANZ’s credit approval criteria. Terms and conditions, and fees and charges apply. Australian credit licence number 234527.