Buying at Tender
A GUIDE FOR BUYERS
BUYING A PROPERTY BY TENDER
How do I go about it?
- Purchasers view the property and decide what price that they will offer.
- The Vendor has the right to accept or refuse any offer.
- Cash offers will be viewed more favourably by the Vendors but conditional offers will certainly not be discounted. Offers can be made on a conditional basis, like subject to finance or valuation or upon a building inspector's report or LIM (if you are not sure what these conditions mean ask your Real Estate Agent).
- Offers can be made prior to the Tender closing date, and as the Agent we will submit the offer. The Vendors can decide to make a decision or wait until the Tender close date. This offer remains strictly confidential to other parties. The property is for sale. The Vendors do want to sell the property and often view early offers favourably.
- Settlement date is flexible. You choose the date although this may need to be discussed if the Vendors decide.
- Do you need to sell your property I can discuss this with you. We can have a look at your property and see where it sits in today's market. If you haven't had it valued recently you may get a pleasant surprise.
- Tenders are submitted at Tender closing date by filling out the Tender documents available from the office and returning in a sealed envelope. If you wish to submit an offer earlier please talk to your Real Estate Agent.
- Unfortunately the Real Estate Agent does not know what price this property will sell for. The market will decide. The success on purchasing any property is dependent on what the others buyers do.
Good luck in your property hunting.
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