Admin Edit this page Content chunks Hide. Informal Tender. What is Informal Tender? How is it different to a traditional method of sale? What are the fees for the buyer? Why do Waterfords Estate Agents offer this selling method? Arrange your free valuation. First name. Last name. Valuation For sale To let. Get emails with the latest news and information on the local property market, our products and services. You can unsubscribe at any time.
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Hi Andrew Interesting article — thank you. Our daughter is looking at buying a house in the Hawkes Bay. It is by tender process. Our daughter is wondering if it would be better to make a pre tender offer instead of putting in an offer via the tender process.
Would appreciate your thoughts on this. Regards Ali. Hi Ali, thanks for visiting the site. There can be benefits to offering early — everyone else has less time to get their ducks in a row so you may have a little less competition. Also, the owners might jump at the opportunity to secure a sale early in the process and avoid the stress of waiting until the Tender day.
Put it this way — the best results I have seen for owners that is have always come about when they wait until the Tender date to accept an offer. So if your daughter can secure the home early, it may be a good thing! Thanks so much for your blogs.
Not quite there yet but hope to be soon. Hi Justine, thanks for your message! Best of luck with your search. Let me know if I can help in any way. How about deadline sales when there is no other offers. It seems deadline sales are to the benefit of the vendor not the buyer. Sadly, I have also heard of this happening. Would love to find a way to add more transparency to the multi-offer process.
A file storage system that notifies buyers as to when their offer document is opened, downloaded by the agent or the owner would be a good start. We just won the first tender we put in thanks to your advice …. Thank you Andrew! I will recommend your blog and ideas to others. Thank you! My husband and I are putting an offer in this week on a deadline treaty in the Waikato, and having missed out on a couple already, we are going to try the letter and the crossed out numbers!
Thank you Andrew, this article was very helpful. Hi Arihia, thanks for commenting. Best of luck with your next offer! The letter can work really well.
A lot of owners are really interested to know who is buying there home and sometimes a positive feeling about a certain person, couple or family can mean a lot more to them than a few extra dollars. The property market can easily fluctuate and is highly competitive so it is arguable that the buyer and seller must not close off their options and instead assess all open to them. However, whilst such a method has its advantages for both the seller and the buyer it also has disadvantages.
Selling and buying a property is a major life transaction, therefore, in terms of the conflict of interest issue, you must be sure that the estate agent you pay your fees to has your best interests at heart and not those of the person you are transacting with.
As pointed out, this method of sale does have rules surrounding it which estate agents must comply with so if you do choose to take this method for your property transaction, in addition to the information we have given you here, make sure you are up to speed with these and feel secure about the method you have chosen. Your email address will not be published. Save my name, email, and website in this browser for the next time I comment. What is stamp duty? It also avoids the lengthy purchasing procedures and the uncertainty of a seller pulling out at the last minute.
However, when the hammer falls the property is yours, so it certainly pays […] Understanding the complex process of buying a house should help a first time buyer through some of the stressful aspects of house buying.
So having made the decision to buy your first home, the excitement can soon be turned in to a nightmare if you are unprepared. Following this guide can help to ensure that […] The conveyancing process for house buying and selling in England, Wales, and Scotland or vice versa is often difficult to understand for Vendors and Purchasers alike, not least of all because the processes are different in the two places.
Cross Border Qualification When moving from Scotland to England or Wales, or vice versa, you will need two solicitors, […] What is sale by informal tender? The potential problem with the informal tender process. Advantages Buyer: Whilst this method of finding a property to buy incurs a fee, the buyer is made aware of exactly what this is upfront so can factor it into their prospective bid.
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