In a private sale, the property is advertised and offers are invited from prospective buyers. The sale is negotiated between the buyer and seller, usually with the help of an agent.
Common features of a private sale:
• the seller and buyer negotiate a sale price
• the contract may be conditional – with the seller’s approval, the buyer can make the sale subject to finance (obtaining a loan), a satisfactory building inspection report, or other conditions
• there is a three business day cooling-off period (with exceptions) for residential properties.
Source: Consumer Affairs Victoria