Tendering is the process of purchasing Real Estate through a confidential written offer. Should you wish to purchase a property by Tender, prepare your best offer in consultation with your solicitor and/or agent and place it in the “Tender” box at the participating Real Estate office by closing time on the nominated date.
These tenders are then opened with the vendor and real estate agent present. The vendor will take into consideration the price offered and any additional conditions contained within the tenders.
- There is no reserve price
- You will be required to fill out two Sale and Purchase Agreement Forms for Sale by Tender (your real estate agent will supply these).
- You can put conditions into your tender offer (unlike an auction), however it is prudent to resolve as many of those conditions as possible before submitting the tender. Preference may be given to the buyer(s) placing an unconditional offer.
- A LIM (Land information Memorandum) Report will normally be available for purchasers to view on request.
- The price that you tender is the price that you are prepared to pay. Other people may perceive different values than your offer.
- Tender offers are submitted privately and separately, customers will be unaware of the prices offered by competing buyers.
- The client is not obliged to disclose any details about the sale process.
- The client is not bound to accept the highest or any offer.
- A deposit cheque should be attached to the tender (normally 10% of the purchase price). The only cheque that is banked is that of the successful tender, all remaining cheques are returned to the unsuccessful tenderers.
Purchasers are encouraged to pay what they feel the home is worth. If this is their dream home and they want to ensure they have the best possible chance to own it, they should put their best offer forward as they will be unaware of the prices offered by competing buyers. A registered valuation should be considered if an independent assessment or a finance condition is required.
Should you require any assistance please contact Westbay Real Estate Ltd either by phone
07 578 2405 or email us at: email@example.com
All the best on submitting your tender.