Some answers to commonly asked questions about tenders
What is a real estate tender?
A tender is a form of selling property through advertising media designed to capture the maximum attention of customers within a set time frame. The process is a private and confidential means of purchasing/selling real estate to determine the true market value of the property at that time.
What are the benefits of selling by tender?
Your selling process will produce a result that is both private and confidential.
Creates a finite selling time for interested customers who must act with more urgency.
Your property gains prominence through high profile marketing.
You as the client have a three day irrevocable period in which to decide which offer to accept.
Allows you the seller to be more flexible with the terms and conditions of the sale
e.g. You choose the possession date.
Creates potential for premium price through customer competition.
No price marketing - you are never limited by an asking price that is too high or too low.
Extensive use of open homes during a planned timetable allows easy access for customers.
Weekly market feedback to assist you in establishing the selling range of your property.
Can someone submit a tender if they have to arrange finance?
The offer may be conditional, however an unconditional, cash tender will be more attractive and the tenderer is advised to organise finance prior to submitting their offer.
Can someone submit a tender if they have a house to sell?
Yes. There are three options:
They may make a tender conditional on the sale of their property.
If they are in a sound financial position they can arrange a bridging loan to cover any delay in settling their property. They may offer on an unconditional basis but with a longer settlement date giving them time to sell and settle their property.