Progressive Tender Program: A Transparent Approach to Real Estate Bidding 🔹 Objective: Enhancing the tender experience by establishing a transparent and strategic bidding process that benefits both Sellers and Buyers. Key Features: 1. Transparency: Unlike the conventional “blind” offer system, this method discloses the highest bid after each round. However, bidder identities remain confidential until the final offers are declared. 2. Informed Decision Making: Buyers can view top bids, allowing them to consult with family, lenders, and compare their valuation against market sentiment. 3. Optimized Pricing for Sellers: Ensures the property achieves its maximum market value at the time, but still grants Sellers the discretion to accept, reject, or select a preferred buyer. 4. Extended Timeframe: Bidders are given ample time for counterbids— not just minutes as in auctions. 5. Bidding Rules: • Bidders have until noon the following day to improve offers. • A minimum increase of 2% over the highest previous bid is mandated. • No “matching” bids permitted. • Failure to respond within the timeframe or increase sufficiently results in the last bid being taken as the Final Offer. 6. Final Selection: Once all Final Offers are in, the full bidding history, along with names, is presented to the Seller for a final decision. 7. Right of First Refusal: Any holder of this right is given a pre-defined period to respond. 8. Sealing the Deal: Once agreed upon, a Contract of Purchase and Sale is drawn by the broker and shared with respective legal teams. 🔸 Benefit at a Glance: Our Progressive Tender Program ensures a fair, transparent, and informed bidding process, aiming for optimal satisfaction for all parties involved. Dive into a seamless tender experience today!
