Buyers

All you need to know when buying a property using T-SALES Revolving Tender®

There is nothing to fear when buying a property using T-SALES, but there might be a lot to lose if you don't!

Buyers are often heard to protest “I would have offered more to get it if I had been given the chance!” Perhaps you have missed out on the right property before you even had the chance to see it? Unfortunately, and far too frequently, properties are offered to agents 'pocket buyers' or preferred contacts and buyers without offering the property to the broad market, and genuine buyers who would like to have 'had a go', and who might have paid more, don't even get the chance to view the property.

Let’s look at the most frequently asked questions that buyers ask.

“What is the price?”

With T-SALES Revolving Tender® these isn’t a price! That’s right. You see, when we advertise a property using T-SALES Revolving Tender® we often haven’t even talked about price with the vendor. Of course, if they ask us, we will tell them what we think, but really, the market price is the price at which a willing vendor will sell their property to a willing buyer who makes a reasonable offer. If you want it, make sure your offer is at least up for consideration!

And that’s the whole point for buyers! If you don’t make an offer, you will possibly miss out on your dream home – and it happens. We don’t get offended if your offer is too low to entice the vendor – we are the messenger! So if a property is for sale by T-SALES and you like the look of it, just come and take a look. The worst that can happen is that you can’t buy it at your price – big deal! But what will make you mad at yourself is if it sells for less than you would have paid. What’s that saying? Oh yeah, “Nothing ventured, nothing gained”!

“What price do you think it will sell for?”

You're asking me? I'm the agent and my job is to do the best for the vendor. Now the thing is, sometimes the best thing for the vendor is getting the property sold at any reasonable price, so your offer, even if it is too low, is very important to the vendor and might even be the one they accept.

If I tell you what to offer, you might pay too much for it. But the real problem is if I tell you a price and you submit an offer that gets beaten by someone else and you miss out for the sake of a few thousand dollars...and then you will hate me and kick yourself! Come take a look, offer what's fair to you and be happy either way.

“Why are the sellers using this method?”

The real estate market is forever changing, whether it's going up or down, or steady for a while, sooner or later it will shift. We recommend that our sellers do not lock themselves into a price bracket that might be too high and their property becomes a comparison for selling other houses - especially in a falling or stagnant market. Of course, no one wants to sell too cheap, so our sellers, by using T-SALES, can catch the wave if prices are rising too. Buyers win either way, because they, after all, are the real price setters.

“When do tenders close?”

This will be determined by the interest we are receiving on the property, and the vendor's instructions. If the property is really 'hot', we will receive tenders for up to a week and usually close tenders at 4pm on Mondays, although this might vary in special circumstances. Generally, the vendor will make their decision within 24 hours. If no tender is accepted, then the property goes back on the market for another week and the process repeats - hence the name 'Revolving Tender'.