INFORMAL TENDER - A BASIC GUIDE

Property marketed by this method allows interested parties to 'bid' whatever they consider their 'best price' is within a specific timescale stating their purchasing status.

Asking prices can be exceeded dependent upon demand and buyers offers are held 'sealed' until the Tender Close date.

The Vendor reserves the right to decline all offers received as well as the right to accept not simply the highest sum but give consideration to buyers financial ability to proceed.

The method of sale usually for 'individual' properties allows demand to dictate the ultimate sale price.

In the event of more than one party offering an identical amount to another and, based upon financial status, both parties may be invited to tender a 'best and final' bid using unequal amounts (i.e £999,999.99)

After acceptance of any offer an agreed timescale to exchange may be targeted with the potential withdrawal of acceptance in the event that agreed timescales fail to be met.






Click here to go Back