Tender is one of the sales method which has the following characteristics:
- Upon the vendor's agreement, we can proceed tendering under which all potential purchasers together with their offered prices can be identified.
- There is no asking price from a vendor required. The potential purchasers will make offers and flexibility can be maintained. Normally, the potential purchasers will provide offer letter together with casher order as deposit. Besides, there is restriction of canceling the offer unless 7 days lapses so that the vendor can have enough time for consideration. It can
- limit the time risk of the vendor.
- Before the acceptance of the offer letter, the vendor has no commitment to sell the properties.
- Most suitable to arouse interest of potential purchasers to bid for properties with special characters or high value.
- Most suitable for properties requiring to sale in a specific period of time or in open atmosphere. This method of sale can reduce the risk of legal disputes.
- Under the presence of many potential purchasers, bidding price will tend to be pushed up to the highest.