We are offering for sale a beautiful property in Beecroft, but instead of selling at auction, Douglas Macarthur and the owners have agreed to sell by tender. It is worth explaining why they are taking this option.
The problem with bidding at auction is that you have no opportunity to vary the terms of the contract, and in particular the contract settlement date. We have a number of people who really want to buy the property, but have to sell their existing property first, so they want a delayed settlement. This means they daren't bid at a regular auction.
A tender sale process allows each prospective buyer to submit an offer which is a mix of price and settlement date, and the owner is free to choose the most attractive offer out of all those received. The owner is not bound to accept the highest offer, or indeed any offer, but has the opportunity to consider bids from people who just are not in a position to bid at auction.
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