Selling guide
Sale by tender: a NZ homeowner’s guide
Tender is one of the most popular property sales methods in NZ.
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AI summary
Sale by tender is a property sales method where buyers submit confidential, binding offers by a set deadline. This competitive process can achieve a higher price, as buyers are unaware of competing bids.
Unlike an auction, sellers are not obligated to accept any offer and have five working days to review bids and negotiate. This flexibility makes it ideal for unique properties and offers greater privacy. The main risks include higher marketing costs and receiving no suitable offers.
What does it mean to sell a property by tender?
You'll receive tender offers in sealed envelopes.
What’s the difference between a tender sale and a deadline sale
Tender sales can lead to higher sales prices.
Advantages of sale by tender
1. Opportunity for a higher selling price
2. Time to think
3. Buyer flexibility
4. Ideal for unique properties
5. Privacy
Disadvantages of selling your home by tender
1. Risk of lower offers
2. Seller uncertainty
3. Risk of buyers working together
4. Marketing costs
5. Buyer reluctance
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