Sale by tender

[DaveHerns]

Can the OP's friends reduce their offer on a take it or leave it basis?

 

[Doggit]

Your friend will need to read the contract carefully Hawkeye, as it's possible that there is no right to withdraw the offer once made without incurring a penalty. They may even need legal advice. The Scottish system is sale by tender, but I'm not sure who pays the fees, but if your tender is accepted, then you are committed to buy. In England, you can withdraw from a sale right up to exchange of contracts, but if they've signed anything during the tender process, then they may be stuffed. Normally, if you withdraw, then the estate agents would go back to then next highest tender, and deal with them.

 

[HawkEye244]

Hi,i dont involve any agents.
1,set up an internet site, if i was selling 10 downing street i would get a internet site as close to the selling address as possible ie www.10-downing-st.con.
put all the details there,photos,video tour,as much detail as possible.include an email and landline phone number,my solicitors details etc.
2,put up forsale board with the www address,email and landline.private sale only.
3,solicitor will verify the buyer has access to funds. and start the sale process.
4,yes i do the viewings,apart from the viewings i have local area knowledge and can make further comments for example,last sale 1 buyer asked is the local future cross rail station within easy walking distance,apart from saying yes it is,i walked them to the station.Stopped off for a coffee on the return and they offered the asking price.They now live there.

Rufus ?

Interesting info. Sorry I read your name as Rufus, I was in a hurry when I posted.

If what you did works, it works. Can't argue with that and many thousands saved in commission.

 

[HawkEye244]

Your friend will need to read the contract carefully Hawkeye, as it's possible that there is no right to withdraw the offer once made without incurring a penalty. They may even need legal advice. The Scottish system is sale by tender, but I'm not sure who pays the fees, but if your tender is accepted, then you are committed to buy. In England, you can withdraw from a sale right up to exchange of contracts, but if they've signed anything during the tender process, then they may be stuffed. Normally, if you withdraw, then the estate agents would go back to then next highest tender, and deal with them.

I'll make sure they don't sign anything to be safe.

They are still undecided on the property at present and still house hunting. The scale of work involved in bringing it up to scratch is what is most offputting I would think, it would be to me.