What is a sale by tender?
A "sale by tender" is a property sale method where buyers submit confidential offers within a specified deadline. Similar to a silent auction, interested parties are encouraged to submit their best offers without knowing others' bids. After the deadline, the seller reviews and selects the preferred offer.
What are the benefits of E-Tender compared to conventional methods?
E-Tender is an innovative approach to property tendering. Compared to conventional methods, it offers a simpler and faster process with several advantages:
- Fully online and hassle-free.
- Lower tender deposit required (3% compared to 10)
- Simplified and user-friendly tender process.
- F.O.C Tender documents.
- Professional real estate agency services.
How do I make an E-Tender?
All tender sales on our platform are listed by the respective REA/REN. You can contact the agent in charge for inquiries and request a property viewing. Once you have chosen a property, you can submit your E-Tender offer via our platform, pay the tender deposit, and accept the tender document. You willl be notified of the tender result within 5 working days after the deadline, and then you can consult with the agent for the next steps.
Do I have to put down a deposit, and is it safe?
A deposit is required for all property tender exercises. Rest assured, the deposit is safe as it will be held by the appointed Registered Estate Agency in their client account as a stakeholder sum.
If my tender is successful, what's next?
If your tender is successful, you will need to complete the sale by signing the SPA with the vendor within the stipulated timeframe.
If my tender is unsuccessful, then what?
If your tender is unsuccessful, you can discuss with the agent whether there’s a possibility to renegotiate the deal or request a full refund of your deposit.
Is the refund of the deposit guaranteed?
Yes, the refund of the deposit is fully guaranteed by our platform and will be processed within 3 working days upon request.
