Should I sell my property by private treaty or Public auction?

In Ireland, a sale by private treaty and a sale by public auction are two different methods of selling property, and there are some significant differences between them:

Sale by Private Treaty:

In a sale by private treaty, the property is marketed by the estate agent or the vendor to potential buyers. The asking price for the property is usually advertised, but this is often negotiable, and the seller may accept an offer that is lower than the asking price. The negotiation process takes place between the buyer and the seller, with the assistance of the estate agent. If an agreement is reached, the sale is completed, and the property is sold to the buyer.

Sale by Public Auction:

In a sale by public auction, the property is marketed to potential buyers, and interested parties are invited to bid on the property at a specified date and time. The auction is usually conducted by a licensed auctioneer, and the property is sold to the highest bidder. The price achieved at auction is usually the final sale price, and the successful bidder is required to pay a deposit on the day of the auction. The sale is completed within a specified time frame, usually within 28 days, and the buyer is required to pay the balance of the purchase price.

Conclusion

Overall, the main difference between a sale by private treaty and a sale by public auction is the method of sale. A sale by private treaty involves negotiation between the buyer and the seller, while a sale by public auction involves a bidding process, with the property sold to the highest bidder. The advantages and disadvantages of each method depend on a variety of factors, including the type of property, the local property market, and the individual circumstances of the buyer and the seller.