Selling at an advertised price or “Asking Price”
When you list your property at a set price, interested buyers will make written, signed offers through your real estate agent using a sale and purchase agreement. If more than one buyer is keen, your agent will likely notify them that an offer has been made, which could lead to a multi-offer scenario. You’ll have the opportunity to review each offer and decide whether to accept it, reject it, or propose changes. Should you choose to negotiate, your agent can handle the discussions around price or conditions with the buyer on your behalf.
Deadline Sale
For a deadline sale, your agent will present each offer using a sale and purchase agreement. You can choose to wait until the advertised deadline to assess all offers together or accept any offer at any point during the listing period. If multiple buyers are preparing to make offers, your agent is likely to inform all interested parties, which may result in a multi-offer situation. As the seller, it’s your choice to accept, counter, or reject any proposal. If you wish to negotiate, your agent can assist in adjusting terms with the buyer.
Tender Process
In a tender, buyers can submit offers at any time before the closing date, and you’re not required to wait until then to make a decision. Your agent will present all written offers, submitted via a tender form (similar to a sale and purchase agreement) and keep you updated on buyer interest.
Early offers may include expiry dates and times. You can:
- accept any offer,
- reject all offers,
- or negotiate with one or more buyers through your agent.
If you wait until the tender deadline, you usually have up to five working days to decide whether to accept an offer. You don’t have to accept the highest bid. If negotiations happen after receiving an offer, any changes must be agreed to and initialled by both parties. Always review amendments carefully and seek legal advice before signing.
Difference Between Deadline Sale & Tender Process
The key difference is that in a deadline sale, you can negotiate and make counter-offers as offers are received, while in a tender process, negotiation usually happens after the tender closes – unless an early offer is accepted.
Auction Process
Properties sold by auction use a specific sale and purchase agreement, which interested buyers receive once they show genuine intent to bid. This document includes important details like the settlement date and a list of chattels. If your property is marketed as “unless sold prior”, you can consider offers before auction day. These pre-auction offers are usually unconditional and submitted on the auction agreement.
- Accepting a pre-auction offer often triggers an early auction, with the offer becoming the opening bid.
- Depending on your agent’s process, you may still negotiate or accept the offer directly, cancelling the auction.
If the property doesn’t sell at auction (“passed in”), you can:
- Negotiate with the highest bidder.
- Receive unconditional offers under auction terms for a short period after the event.
- Reassess your sales strategy with your agent once that period ends.
Before auction day, buyers might request changes to the agreement (e.g. settlement date). You don’t have to accept, but if you do and that buyer wins the auction, those terms will apply. If the property sells at auction, both you and the buyer must sign the agreement immediately after bidding ends.