I have found what i think to be a great deal on a commercial property in north QLD, the only issue is it is sale by tendor not sure how this works never delt with it before wondering if any one out there can help with this issue or had delt with it before and can give me some tips on how best to deal with the tendor.
A tender basically means that unlike at an auction you have a closing date and you only get one crack at putting in a price.
The agent should provide you with a tender package ie all of the information regarding the property, you do your due diligence, work out how much you are going to pay and submit either a conforming or non-conforming tender. A conforming tender matches the condtions proposed by the vendor, a non-conforming tender has additional/alternative conditions attached (proposed by yourself) these may or may not be attractive to the vendor and may risk the tender being declared invalid).
Tenders should be submitted in a sealed envelope and are opened after the close of tender. The tenders are then reviewed by the agent/vendor and further negotiation may enshew.
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