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What is it? |
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Competitive
sales forum where buyers bid against each other until the highest
possible price is reached. |
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Confidential
process where buyers tender their best offer by a set deadline. |
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Buyer/Seller relationship |
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Process
relieves tension between buyer and seller by creating open competition
amongst buyers. |
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Process
relieves tension between seller and buyer by creating 'anonymous'
competition amongst buyers. |
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Impetus on Buyer |
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Buyers
are required to pre-arrange finance and come to the auction prepared
to purchase unconditionally. |
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Buyers
are required to prepare (conditional or unconditional) offers prior
to a tender deadline. |
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Sale deadline |
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Marketing
campaign works toward a set auction date, avoiding prolonged negotiation
periods and ongoing open homes. |
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Marketing
campaign works toward set tender deadline, avoiding prolonged negotiation
periods and ongoing open homes. |
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Price expectation |
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Price
expectation can be expressed as a range and seller can set a minimum
price (reserve). |
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Price
expectation can be expressed as a range. |
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Seller control |
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Seller
can consider pre-auction offers and property can be either sold
prior or the auction brought forward. |
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Seller
can consider any offers at tender closing deadline. |
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Sale Price |
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Property
is not limited to a set price and is sold at its highest market
value. |
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Property
is not limited to a set price. Seller can consider all offers and
reserves the right to accept the offer most appropriate (not necessarily
based on price). |
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