SELLING BY INFORMAL TENDER

The alternative route to selling your property

There are definite signs of a sustained revival in the UK economy and government schemes connected with property purchase have helped to create a buoyancy that looks set to continue into the foreseeable future. The upshot of this is that there are signs of a scramble for properties, particularly in London and the south-east region of England.  Indeed, we are increasingly experiencing cases where the number of potential buyers offering on a single property is approaching double figures.  In the light of this, we recommend an alternative route to marketing your property, which is sale by informal tender, commonly referred to as sealed bids.

In simple economic terms, this is our swift response to a supply and demand situation where the latter is now far outstripping the former, something which could be most advantageous to local homeowners thinking of selling in the near future.  Selling your property by informal tender through ROFFEYS involves buyers being invited to submit in a sealed envelope their best offer, along with supporting information regarding their financial situation, buying position and other relevant information, on our prescribed bid document by a specified closing date.

All offers remain strictly confidential and immediately following the specified closing date, we will open and qualify the information of all the offers. Once this important task is completed all the offers and supporting information will be submitted to our client for their consideration. Alternatively, we are happy to arrange for all sealed bids to be opened in the presence of our client.

The above procedure follows a period of us marketing your property at a figure we have agreed with you inviting OFFERS IN EXCESS OF the quoted price for a specified period to allow time for it to be thoroughly advertised and viewed by arrangement through ROFFEYS.  With reference to viewing arrangements, we strongly recommend that this is carried out through our Open-House viewing days.

Some of the main advantages of selling your home by informal tender may be summarised as follows:

• This form of sale works well if the seller wishes to sell within a certain timeframe as it brings matters to a head quickly
• Selling a property by informal tender will allow sellers to see all offers made for their property with full transparency
• Tenderers will be mindful of likely fierce competition for your property, which in turn is likely to maximise the price achieved for its sale
• There is no obligation on the part of sellers to accept the highest, or any of the offers, if none is found acceptable and the option remains for us to revert to  potential buyers to see if any of them are prepared to increase their offer
• When sellers make their decisions, all parties will be notified whether they have, or have not, been successful but the agreed sale price remains confidential
• The sale progresses subject to contract within an agreed timeframe for exchange of contracts, through a solicitor/licensed conveyancer
• It is an effective method for selling properties where competition is strong and a choice of buyer is likely or anticipated. For example, properties requiring modernisation and/or with development potential.
• Properties with unusual characteristics, making them difficult accurately to value, also tend to realise optimum prices when sold by informal tender
• Sellers in the position of being executors for an estate, with responsibility for fully testing the market before agreeing a sale, are assured that the best possible price has been achieved
• The sale by informal tender process tends to lead to higher offers because each bidder will have to state the highest price they are willing to pay, unaware of what others may be bidding.