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Reck B

Sale By Tender

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There's a house listed on rightmove which is for sale by tender. I don't know much about this process;

Does this just mean you submit an offer?

Do they always have a reserve price?

Can you buy with a mortgage?

The house is listed on Rightmove between 2 houses, one for £359,950 and the other for £399,950 - is this an indication of where they expect the offers to be?

Thanks in advance

Edited by Reck B

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There's a house listed on rightmove which is for sale by tender. I don't know much about this process;

Does this just mean you submit an offer?

Do they always have a reserve price?

Can you buy with a mortgage?

The house is listed on Rightmove between 2 houses, one for £359,950 and the other for £399,950 - is this an indication of where they expect the offers to be?

Thanks in advance

When I see this it says to me...don't bother looking at it they want some mug to pay over the top for it.

Edited by TheCountOfNowhere

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When I see this it says to me...don't bother looking at it they want some mug to pay over the top for it.

It's an executor job too.

Might be worth a cheeky punt, maybe relatives who just want some cash.

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What do the photos show you? Is it full of old people's furniture, is it clear of everything including fittings and / or is there any tape over the gas, water etc,

I'm wondering if it is an estate sale or a repo

When we have looked at "tender" sales the EA has asked for full and final offers to be submitted to them by a particular date. We did put in an offer once, the EA rang after the offers were supposed to be in and tried to get more out of us. Their first attempt to get a sale in this way failed and they came back to us to see if we wanted to put in another offer. We did but it sold for a higher price and was bought by a BTL'er

When you search for a price range in Rightmove that is where the agent has placed it. When we went through the above procedure it sold for more than that range.

Edited by Flopsy

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There's a house listed on rightmove which is for sale by tender. I don't know much about this process;

Does this just mean you submit an offer?

Do they always have a reserve price?

Can you buy with a mortgage?

The house is listed on Rightmove between 2 houses, one for £359,950 and the other for £399,950 - is this an indication of where they expect the offers to be?

Thanks in advance

"informal tender" means at a set date they will review all the offers on the table and may accept one or may not. You have no obligation either to proceed with your offer. These are common.

"formal tender" means at a set date they will accept the highest offer on the table. You are committed to proceeding with your offer. These are rare.

You can buy with a mortgage if the property is mortageable, i.e. sound construction, has a roof, has a kitchen - the usual criteria. The position on Rightmove indicates the guide price - doesn't mean it won't go for radically different to that.

We've offered on a few informal tenders but always on the low side and never been accepted. Generally for a house to be listed as tender there is a problem (e.g. condition, by a motorway, by an airport etc - similar drivers that lead to auctions) or it's being disposed of by an institution or charity.

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Apologies for dredging up an old topic.

But it looks like Ward and Partners are massively encouraging Sale by Tender.

Example property I went to check out

http://www.rightmove.co.uk/property-for-sale/property-48733273.html?premiumA=true

It sees the veno=dor pays a fixed fee of £150, there is an open house arranged, you are handed a bid form and you submit a bid.

If your bid is chosen and you exchange contracts, the BUYER pays the agent the fees.

I have refused to look at any property with this kind of marketing. Why should I pay the fees of the estate agent that the vendor has chosen ?

In the area I am looking I am seeing that boomers are using this method more. Greedy!

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Apologies for dredging up an old topic.

But it looks like Ward and Partners are massively encouraging Sale by Tender.

Example property I went to check out

http://www.rightmove.co.uk/property-for-sale/property-48733273.html?premiumA=true

It sees the veno=dor pays a fixed fee of £150, there is an open house arranged, you are handed a bid form and you submit a bid.

If your bid is chosen and you exchange contracts, the BUYER pays the agent the fees.

I have refused to look at any property with this kind of marketing. Why should I pay the fees of the estate agent that the vendor has chosen ?

In the area I am looking I am seeing that boomers are using this method more. Greedy!

We have bought a property this way. It's quite simple, you just offer the fair price less the amount you will have to pay in fees. In fact it is the buyer that saves in this scenario, as stamp duty is paid on a smaller amount

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On 15/03/2015 at 4:35 PM, wotnocrash said:
On 15/03/2015 at 9:06 AM, gerkin said:

Apologies for dredging up an old topic.

But it looks like Ward and Partners are massively encouraging Sale by Tender.

Example property I went to check out

http://www.rightmove.co.uk/property-for-sale/property-48733273.html?premiumA=true

It sees the veno=dor pays a fixed fee of £150, there is an open house arranged, you are handed a bid form and you submit a bid.

If your bid is chosen and you exchange contracts, the BUYER pays the agent the fees.

I have refused to look at any property with this kind of marketing. Why should I pay the fees of the estate agent that the vendor has chosen ?

In the area I am looking I am seeing that boomers are using this method more. Greedy!

We have bought a property this way. It's quite simple, you just offer the fair price less the amount you will have to pay in fees. In fact it is the buyer that saves in this scenario, as stamp duty is paid on a smaller amount

But it can be more expensive overall by "sale by tender". I thought about selling my house through an estate agent who wanted 1.5% + VAT commission. The same agency charge 2% + VAT for buying by tender. Total rip off as there's no real extra work.

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Ah Wards. If you can, avoid. They are utterly incompetent, their descriptions are corny beyond belief and their photos contain fake sky. 

 

They price on the cheaper side to reel people in and bid against each other hoping someone will over bid. To me it just says greedy seller who grabs money, there are plenty of houses round here that went to informal tender with them and didn't sell by it so went onto the market as normal. I looked at one in July last year that's just been reduced for the 3rd time this week funnily enough. 

What i used to do is ring up and ask for a viewing but when told it was by informal tender tell them im not interested. 

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  • 238 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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