Are you in the process of looking for a new home to purchase, and have you come across a deadline sale? You could be unfamiliar with the term and might have never heard about this way of selling before. In this blog, Hayman Lawyers explains how a deadline sale works and why it is an appealing way of selling for some. What is a deadline sale? There are three major ways vendors can sell their home: an auction whereby interested buyers bid on the property, by tender where offers are submitted before a deadline or by private agreement between the seller and purchaser. A deadline sale comes under the private agreement category; however, it is similar to a tender process. Here is a short summary of a deadline sale: The property is put up for sale with no fixed price by the vendor. After viewing the property, prospective buyers can put in an offer until a set deadline. The sellers then consider all given offers once the deadline has passed. They can then either accept the best bid or start negotiating with people who gave the highest offers. When putting up a deadline sale, the vendors aren’t fully committed to selling, only if they receive an offer to their liking. Why would you want to sell through a deadline sale Now that you understand the concept of a deadline sale, you might be wondering why sellers might choose this option over tender. The main reason is that it is less restrictive towards interested buyers. A standard Sale & Purchase agreement is used where prospective buyers can include negotiable details, such as the specific amount they will put down as a deposit, when they want to settle, and any other conditions that will work in their interest. In a tender, purchasers often need a 10% deposit to accompany the process, constantly putting a few prospective buyers out of the run. The deadline gives a sense of urgency to the purchasers, encouraging them to provide an appealing offer early in the process and speed up their decision making. For a seller, it will be easier to manage a large number of offers and ensure that your property won’t be on the market for months to come. It also doesn’t require them to set a fixed price or advertise the sale as “by negotiation”, which usually brings a significant number of enquiries. Deadline sales are a strategic way of selling and buying a home, and it requires thorough thinking from both parties. It is essential for a buyer to take their time when sending in an offer, as they should not play their chances early. Sellers should refrain from accepting an early offer quickly, as they may miss out on more appealing ones later. Having a supporting individual around you is crucial to get the most out of your deadline sale! How do you know what process to choose for your property sale? With what process you want to sell your home depends on several conditions, such as how quickly you want to sell your property, what the market conditions are, and how other houses are being sold in your region. Ensure you talk to an experienced property lawyer and real estate agent before putting your property on the market. They can help you select the most suitable selling process for your circumstances and ensure you get the results that you want from the sale. Get in touch with the property conveyancing team at Hayman Lawyers, who can support all the legal requirements of your home sale or purchase and will give expert advice about what action you should be taking! We have helped numerous vendors and buyers previously and are looking forward to offering our support to you in the near future!