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.