A real estate tender is a method of selling a property through the process of private and confidential offers made by a set deadline.
Offers need to be submitted on the standard Tender Document (talk to your Barfoot & Thompson salesperson to get a copy of this) and deposited at the specified closing location by the tender deadline. Barfoot & Thompson will hold your offer secure until the deadline.
All tenders are opened at the same time in the presence of a Barfoot & Thompson Manager or Auctioneer. Although clients reserve the right to negotiate with any Tenderer, in most cases a decision is reached on the Tender day. If your Tender is accepted you are legally bound by the terms and conditions of the tender document.
Purchasing by tender gives you one chance to present your best offer to the property owner. Unconditional, cash tenders are traditionally the most attractive offers for the client, but conditional offers may also be made.
Use a combination of your own instinct and market awareness to decide your price. The salesperson can offer you information about property sales in the area, or you can obtain infomation from other sources, for example Quotable Value or a registered valuer.
If you may be interested in submitting a tender for a property, make sure you register your interest formally with a Barfoot & Thompson salesperson. That way, if there is any change of circumstance your salesperson will be able to contact you.
Any property marketed as a tender by Barfoot & Thompson is a "pure" tender, where the property cannot be sold before the tender closing date.
This means that you are able to carry out any due diligence you need to with confidence that the property will not be sold before the deadline.