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11-10-2010, 07:22 PM
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offers in writing
We're currently looking at a property which is listed as "INFORMAL TENDER offers in writing to be received by" a set date/time.
The price is listed as 'in excess of' i kind of understand the process but am unsure how to offer in such a way that we dont pay more than we need to to secure it. there are two scenarios as i see it - plenty of interest and lots of high bids to secure it - or no interest at all. There is nothing really comparible in the local area to gauge the market, there are properties in good state that are going for 25-30% more, this one needs a lot of work, which may or may not work in it's favour - ie bought for development. the time for offers is approx 1 month from being listed. any thoughts / advice appreciated Regards, Chris 
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15-11-2010, 01:27 PM
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Re: offers in writing
It's just an auction, and intended to benefit the sellers. There is no guarantee there is anyone else actually interested, so feel free to bid only what you believe is a reasonable offer.
Ironically, a lot of estate agents are listing properties as "offers over" knowing that they will receive offers under that amount only. Don't feel pressured into paying more than you would be comfortable with - it's a buyers market at the moment.
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