Property selling by tender?
'To be sold by tender', what does this mean?
Asked on Jan 31 2013,
General in Manchester |
Selling by Tender
A Tender is a form of selling property through advertising media designed to capture the maximum attention of buyers 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.
The benefits of a Tender
Your selling process will produce a result that is both private and confidential.
Creates potential for premium price through buyer competition.
Creates a finite selling time for interested buyers who must act with more urgency.
Weekly market feedback to assist you in establishing the selling range of your property.
Allows the Seller to be more flexible with the terms and conditions of the sale, eg you choose the settlemnet date.
Your property gains prominence through high profile marketing.
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 buyers.
The offer can by be conditional, however an unconditional, cash tender will always be more attractive and the tenderer is advised to organise finance prior to submitting their offer.
There are three options where someone can submit a tender while they still have to sell a house;
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 make an offer on an unconditional basis but with a longer settlement date giving them time to sell and settle their property.
Answered on May 1 2013,
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