wHAT does it mean and how do you work it?

luigi21 - 2020-11-28 19:02:00

Sale by deadline ? Is it an Auction or what?

luigi21 - 2020-11-28 19:04:00

It means you put in your highest bid. All bids are kept from the seller until the deadline date. Then they are revealed. The seller picks which one to accept, or none at all. The highest bid is not necessarily the obvious one to be accepted. Conditions outlined by the potential buyer are also taken into account.

kitty179 - 2020-11-28 19:58:00

It’s a bit like a tender, they don’t put a price on the property and they give the date for buyers to say they’ll pay XXX amount for it.
That’s my layman’s interpretation. I’ve never bought this way though so hopefully someone in the business will explain better.
Personally I prefer to see a price but I suppose if I found something I wanted I’d go for it...

lovelurking - 2020-11-28 20:09:00

???? Slow typer, I see kitty has already explained.! ????

lovelurking - 2020-11-28 20:12:00

Mmmmm Ok Thaks for that folks.

luigi21 - 2020-11-28 20:23:00

luigi21 wrote:

Mmmmm Ok Thaks for that folks.

We just sold one this way.
The second higest bidder when told by the agent that he wasnt succesfull said he had kept some money back because he wanted to put in a new kitchen.
There was nothing wrong with the kitchen. Newish stove, dishwasher.
Lots of cupboard space but not modern.
If he had added what he had set aside for the kitchen he would have won the house.
But would have had to put up with an older kitchen for a couple of years.
Now he can buy the kitchen but wont have a house to put it in.

bernie184 - 2020-11-28 20:34:00

luigi21 wrote:

wHAT does it mean and how do you work it?

Other than an obligation to comply with the law there is no regulated meaning of deadline sale.

You must ask the agent. They will explain how that particular deadline sale will proceed.

Contrary to above a deadline sale can be sold prior to any nominated date.

johnston - 2020-11-29 07:14:00