Selling by tender or deadline sale
A tender is a form of selling property through advertising media designed to capture the maximum attention of customers within a set time frame. This property sales process is a private and confidential means of buying/selling real estate to determine the true market value of the property at that time.
The benefits of selling by tender are:
If the Vendor supplies a LIM Report or Title as a courtesy these documents should be reviewed to satisfy any uncertainty. While a Vendor may supply information, it does not represent any warranty on their part. If further clarification is required, you should seek legal advice before submitting an offer.
If you need to sell your own property in order to make a purchase, have it appraised by Property Brokers so that you have an accurate idea of its value.
What price should I offer?
A Deadline Sale gives you the opportunity to inspect the property for sale and time to research and compare other properties currently on the market with similar characteristics. This way you can get a good indication of what the property is worth. Further help is available by asking your Property Brokers agent; they will not be able to give you an actual figure but can give reference to other properties of similar value. You may also choose to employ the services of an independent registered valuer.
Do I have to be a cash buyer?
No, all offers will be considered. However, if the property owner (also known as the ‘vendor’) has to choose between a conditional offer and one with no conditions, the one with no conditions would give them greater certainty of a confirmed sale. Feel free to consult with your Property Brokers agent to enable you to prepare a more favourable offer.
I would have paid that!
Sometimes after a Deadline Sale unsuccessful buyers wish they had offered a higher price. Every offer is confidential so you will not know what other prospective purchasers are offering and it is unlikely that you will have the opportunity to make a second offer. To avoid disappointment make sure your offer has no or few conditions and is the very most you are prepared to pay.