This method is fundamentally the same as those of Auction or Tender but without the strict formalities. The standard Sale and Purchase Agreement is used where purchasers can include conditional clauses which opens up the property to a greater range of prospective purchasers.
The property can be sold prior to the Deadline Sale date. A normal multi-offer format applies if more than one purchaser.
A distinct advantage is the opportunity to see where the market value of the house is during the lead up to the Deadline Sale date. If the property is not sold by the due date, a far more educated price can be made than if the house is only just listed. This means the property won’t be undersold but should also prevent the inevitable damage if the house is placed on the market at a price beyond market value.