Informal Tender can be a really effective way to sell properties that need complete modernisation or any other kind of development opportunity such a houses with planning to significantly enlarge or building plots. Take for instance this large four bedroom detached house that we recently agreed a sale on through informal tender:
It was in a prime location and clearly had scope to significantly improve and extend so I advised the client to go the Informal Tender route. What we did was set a deadline for buyers to get their bids in by, usually four or five weeks after you start marketing, and then agree a guide price range, in this case £500,000 – £550,000. The range gives buyers an indication of the sort of price you expect to achieve, though it is quite common for the winning bid to beat the top end. You then arrange a couple of Open Days so that you get lots of buyers around in a short space of time to create a sense of competition. Once marketing is finished people fill out the Tender Forms which outline their bid and how good a position they are in. Then on the day of the deadline you open all the bids and decide which offer to take. This may not be the highest as clearly the buyer’s position is also an important factor.
So if you have a property with potential please call us. We know how to get you the best price – and it’s through an Informal Tender!