There are 2 primary sales methods in selling your house; private treaty and auction.

A private treaty sale occurs when a property is listed for sale, the buyer makes an offer to the agent who then presents the offer to the seller who can then decide whether or not to accept the offer.

A private treaty sale is a 3 step process:

1. Offer and acceptance (verbal agreement negotiated by your agent)
2. Exchange of contracts (buyer pays 5% or 10% deposit) SOLD
3. Settlement (sale is completed, buyer pays the balance)

An auction is a public sale in which goods or property are sold to the highest bidder.

Auction is a preferred process for many vendors as bidders compete against each other for the property and contracts are exchanged on auction day meaning the settlement process is fast tracked.