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Get a better result with a Timed Auction or Timed Sale
So your agent has suggested you sell your property via a Timed Auction or Timed Sale. What does that actually mean?
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Timed Auctions and Timed Sales are a great way for your agent to manage multi-offer scenarios with speed and accuracy.
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Everything is conducted online, meaning buyers can participate at any time, from anywhere, widening your buyer pool.
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The process is completely transparent – everyone can see the current highest bid or offer – building trust with buyers.
How does it work?
A Timed Auction and Timed Sale is run completely online and to a deadline. A Timed Auction is overseen by an auctioneer and is unconditional and binding. A Timed Sale is similar to a private treaty campaign – it’s a conditional sale, overseen by an agent and with a cooling off period. Both are transparent, trustworthy and secure.
FAQ
Do I have to sell to the highest buyer?
If it’s a Timed Auction and your reserve has been met, then yes. A Timed Auction is run as a standard auction and follows the same legal protocol as one.
A Timed Sale is a conditional sale with a deadline. At the end of that deadline, it’s still at their discretion who to sell to. Their choice could be influenced by the conditions attached to your offer. For example, the settlement periods, reduced deposits or similar considerations.
How can I tell the buyers are legitimate if everything is online?
Buyers must register online and provide relevant identification in order to participate. Your agent must approve the registration, ensuring they’re real buyers beforehand.
Does the buyer have to proceed with the sale after the countdown finishes?
Timed Auctions are conducted under the same terms and conditions as a regular auction, meaning that if your reserve is met, the sale is unconditional and the buyer must proceed.
Timed Sales are a conditional form of sale, similar to a private treaty sale. This means the final offer is non-binding until the buyer signs the contract. Likewise, you may choose an offer with more favourable terms.
FAQ
Do I have to sell to the highest buyer?
If it’s a Timed Auction and your reserve has been met, then yes. A Timed Auction is run as a standard auction and follows the same legal protocol as one.
A Timed Sale is a conditional sale with a deadline. At the end of that deadline, it’s still at their discretion who to sell to. Their choice could be influenced by the conditions attached to your offer. For example, the settlement periods, reduced deposits or similar considerations.
How can I tell the buyers are legitimate if everything is online?
Buyers must register online and provide relevant identification in order to participate. Your agent must approve the registration, ensuring they’re real buyers beforehand.
Does the buyer have to proceed with the sale after the countdown finishes?
Timed Auctions are conducted under the same terms and conditions as a regular auction, meaning that if your reserve is met, the sale is unconditional and the buyer must proceed.
Timed Sales are a conditional form of sale, similar to a private treaty sale. This means the final offer is non-binding until the buyer signs the contract. Likewise, you may choose an offer with more favourable terms.
“A Timed Auction removes pressure on the day. The agent can spend that effort and energy negotiating with buyers, supporting them in their decisions and getting the best result for the vendors."
