Demystifying Deadline Sales

We are often asked by clients; vendors and buyers alike, to explain the intricacies of deadline sale. Deadline sales seem to be misunderstood – we would like to clear the confusion.

Becoming au fait with various methods of sale enables you to make a more informed decision and ultimately may mean achieving the best price for your property.

As with all methods of sale, Deadline sale offers unique benefits when selling your home and is particularly effective in markets such as what we find ourselves in presently.

For good reason, Deadline sales are seeing a surge in popularity and in current conditions, is swiftly becoming one of the most effective approaches to selling property.

Put simply, the ‘deadline’ of a deadline sale is the date the property will be under offer or – better yet – sold by! The property goes on the market about a month prior to this date without a price or reserve price. Within this time, interested buyers submit confidential written offers on a standard Sale & Purchase Agreement. The seller chooses to accept or reject any of these on the deadline date or if it has been advertised as ‘prior offers considered’, they have the right to accept an offer before this date.

In Essence:

·         A 3 – 4 week campaign

·         The deadline is a set date on which the seller announces their decision based on the offers which have been presented.

·         Offers prior to deadline date can be considered and accepted.

·         Conditional offers can be accepted. Buyers needing to secure finance or obtaining a building report are examples of this.

·         There is no cap, reserve or advertised price.

·         Offers are confidential.

·         A standard Sale & Purchase Agreement is used.

The Pros:

·         Excellent offers can be received due to confidentiality coupled with the absence of an advertised price and reserve prices.

·         Quick sales can be achieved due to the short campaign timeframe.

·         Sellers have control over whether they choose to accept early offers or wait until the deadline date; it is for you to decide.

·         You can set a preferred possession date.

·         Buyers are reassured that you are serious about selling.

·         Conditional offers expand your buyer pool.