There are a number of ways to sell a home or apartment in New Zealand. The nature of your property, the state of the market and personal circumstances are all factors your experienced Raine & Horne property agent will take into account before making a recommendation.

The big things you need to know

• Selling by negotiation, advertised price and deadline sale are all popular selling methods for which a standard sale and purchase agreement document are used.
• Your agent may also discuss the option of selling by auction or by tender, which require special sale and purchase agreements.
• In all these methods, apart from an auction, buyers can make conditional or unconditional offers. If an offer is accepted, the seller and the buyer can then negotiate through the property agent.
• In an auction, once the highest bid above reserve is accepted and the auctioneer’s hammer has fallen, the sale will be unconditional. The buyer will be obliged to complete the transaction.

Selling with or without a deadline and by negotiation

If a property is offered for sale at an advertised price without a time limit a buyer can make a conditional offer or an unconditional offer at any time. In a deadline sale, a property is marketed for a set period without an advertised price and a fixed end date, although an offer may be presented at any time. The seller chooses between the offers but is not obliged to accept them.

Price by negotiation may be used as a selling method when it is hard to estimate the price a property is likely to sell for because of its special nature and where there are few comparable sale examples.

Selling by auction

A property auction is a fast-paced public sale. A well-run auction campaign creates a sense of urgency and encourages competitive bidding and decent offers. The property is sold to the buyer with the highest bid after the seller’s reserve price is reached.  If the wording 'unless sold prior' is included in an advertisement for the property a pre-auction unconditional offer can be made before the auction. If the offer is at an acceptable level, the agent will then follow the pre-auction process and bring the auction date forward. While the pre-auction offer remains confidential, it will set the reserve price. Other interested parties will have the opportunity to attend the auction and compete for the property along with the original offeror. Should no further bids be received, the original offeror will be the successful purchaser.

Selling by tender

When a property is being sold by tender without a fixed price, prospective buyers must make written offers to the agent before an advertised deadline. Prospective buyers can make an offer at any time before the tender deadline and their offer can be conditional and subject to securing finance or a satisfactory property inspection, for example. Buyers can also attach conditions to a sale, such as nominating a settlement date or listing chattels that the buyer wants to transfer with the property. Once the tender has closed, sellers usually have up to five working days to decide which offer, if any, they will accept. Usually, the tender document states that sellers can negotiate price and/or conditions with anyone who submits an offer.

Whether you want to buy, sell or rent a property, don’t hesitate to contact your local Raine & Horne office.