Tenders are often used where the real estate agent believes there may be a varied range of potential buyers for a property.  It encourages buyers to offer their very best price, since they don’t know what the other tender prices are.

How does it work?
In a tender, no price is set.  Interested buyers are asked to submit written offers for your home.  All offers must be submitted by a set date and time (offers may include conditions).  Bidders do not get to see what the other offers are.  When all the offers are in, you open them and then decide which offer, if any, you want to accept.

Unlike an auction, you don’t have to accept the highest or indeed any offer.  You may instead choose to negotiate on any of the tendered offers.  The real estate agent will act as the go between in this case.

Next page | Negotiating strategy >>

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