What Does Sale By Private Tender Mean?

Sale by private tender is becoming more and more popular with the rising number of urgent property sales. It is especially useful to sellers that need to meet deadlines and still achieve market-related prices. The question is: What exactly does this selling option involve?

Sale by private tender is in many ways like a silent auction – interested parties submit their written offers before a certain date. Offers are not transparent, meaning parties are not aware of what other offers are being submitted. There are limited viewing or show days and the seller are not allowed to except an offer before a specific date. On the determined date the seller can accept or reject the offers.

A clear advantage of a private tender is that it is sure way to sell your home fast. The fact that potential buyers can’t see each other’s bids also means that all parties put in their highest possible bid in order to secure a sale. As a seller you are in no way forced to accept the highest bid.

However one of the biggest advantages of sale by private tender is that buyers are not at the mercy of banks’ strict lending criteria as no loans can be taken on the home. All transactions are strictly cash.

Common Mistakes When Selling Property

iAfrica asked Saul Greffen, CEO of ooba, to point out some of the common mistakes made by property sellers. Here are the nine selling flaws:

Overcrowded Rooms
Don’t overcrowd your rooms with furniture. This makes the room look small and not necessarily cosy.

Bright, Busy Carpets
Taste differs, so rather keep to something neutral.

Badly Built Extensions
A space that disrupts the flow and form of a house is not appealing.

Carpets in the Kitchen/Bathroom
Most buyers will be thinking of the cost of removing these carpets or presume that you are hiding something underneath them.

Too Many Colours
Buyers will definitely ask for money off should they not like your busy colour scheme.

Garden Gnomes
Hide these pieces because not everybody thinks they are cute.

Lime Scale and Dirt in the Bathroom
Get rid of grime and lime scale built-up. Buyers will remember the impression of an icky bathroom.

Gloomy Lighting
Bad lighting looks depressing compared to the cheerfulness that bright lighting offers.

Dirty Light Switches
Potential buyers might think there are something wrong with the wiring if light switches are dirty, so rather clean them properly.

Greffen concludes by saying that ignoring these things might be costlier than fixing them.

Knysna Property Sees First Quarter Growth

The first quarter of 2009 has seen the Knysna property market grow with around 28%. Alan Evans of Seeff Knysna said that their agency had 10 sales totaling R22,5 million and nine sales totaling R28,99 million. He added that although numbers were down by 10%, the value was up by 28%.

According to Evans most of these sales were Thesen Island property – two of which was over the R7 million mark. He added that the majority of these sales were cash transactions.

Another area that has seen growth is East London as it attracts many buyers from Guateng and the Free State looking to settle in smaller cities.

Tulbach is another area showing growth. This is mainly due to the realistically priced property that can be found in the Witzen Valley.

The information in this article is courtesy of Property24.