selling house by tender, but received no bids

spring_chicken

I am selling my house by tender, had an open day last Saturday, and received no bids, what happens next? Waiting on call from estate agent

eddddy

spring_chicken wrote: »

I am selling my house by tender, had an open day last Saturday, and received no bids, what happens next? Waiting on call from estate agent

Did many people turn up for the open day? If so I guess the house may be over priced (i.e. viewers thought they could get better value elsewhere within their budget.)

Or one other thought... is it the sort of tender where the buyer has to pay a 2% buyer's fee to the EA? That may have put people off - especially if they didn't know in advance of the open day.

dominoman

Sale by Tender is a nightmare. As the previous poster says the buyers often don't realise they have to pay the agent an extra 2%.

Don't use agents that do sale by tender. You can negotiate them down to 1% as a seller without too much trouble.

cattie

Personally I'd never have any interest in a house that is for sale by tender. Why should I as a buyer have to pay for showing interest in your house with no guarantee that I'm going to be the successful bidder?

I really can't see that ftb's can keep forking out like this & don't think that it's fair that the ea makes most of his money via potential buyers rather than the vendor. Especially as the ea is supposed to be working for the vendor, so I see it as a conflict of interests if taking money from any interested buyers.

There is one ea in my area that has started offering practically all properties for sale by tender & this particular ea has always over valued properties anyway.

As a seller I'd much prefer the process of listing my property with a high st ea that I know & trust, with the full knowledge that they are going to do the best for me in achieving a quick sale & am quite happy to pay the 1% fee that I usually negotiate, on completion of the sale.

I see sale by tender as just a way dreamed up by certain ea's in an effort to increase their profits even further.

PasturesNew

Most people don't know what the phrase means - so they won't bother coming to an Open Day or enquiring.

Other than that ... it's overpriced

marlot

This to me is the big problem with open days - now everyone who was aware of the day is confident they think your house is over priced.

Open days do raise the pressure - but on the seller as well as the potential buyers

BeauLiLuLu

I immediately dismissed any properties 'for sale by tender'....
I know a few others who would do so too

TheCyclingProgrammer

spring_chicken wrote: »

I am selling my house by tender, had an open day last Saturday, and received no bids, what happens next? Waiting on call from estate agent

I'm looking for a house right now and anything on by Sale By Tender (where the buyer pays a fee) is automatically off my list. I'm not sure many buyers are particularly overjoyed at paying 2% fees that *you* should really be paying (especially as its often more than what the seller would normally be charged in todays market). Especially if they are selling and also having to pay estate agent fees to their agent - a double whammy of fees.

If you want to save money on estate agent fees, perhaps you should consider an online estate agent rather than passing the cost on to your potential buyers. How would you feel if you were paying estate agent fees to sell your house then found out you also had to pay 2% to another agent just for buying a place? Its a total con...especially as the agents are still working for the seller, not the buyer. A total conflict of interest.

dominoman

TheCyclingProgrammer wrote: »

Its a total con...especially as the agents are still working for the seller, not the buyer. A total conflict of interest.

There's no conflict of interest. The agent is working for the seller but is paid a percentage of sale price, regardless of who pays them.

PasturesNew

I'm intrigued/interested: From the seller's point of view, what's the point/benefit of sale by tender? What made you, the OP, choose to do this rather than selling it the regular way?

hazyjo

I would also vote with my feet.

Unless I got it at a bargain price to allow for the fees I'd have to pay (and presuming there was absolutely zilch on the market I was interested in for months).

Don't agree with it at all and would choose to avoid.

Jx