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Property sell terms 'End date Sale'

Discussion in 'General Property Chat' started by JLin88, 21st Jul, 2016.

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  1. JLin88

    JLin88 Member

    Joined:
    26th Jun, 2016
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    5
    Location:
    WA
    Hi Guys,

    When someone advertises 'Set Date Sale' or 'End Date Sale' what does it mean?

    Been seeing it on a few ads but do not know what it means.

    Thanks

    JLin
     
  2. Ghoti

    Ghoti Well-Known Member

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    Location:
    Melbourne
    "Sale by set date" is something the Barry Plant franchises are keen on in Vic. It is sale by tender. You submit your proposed purchase price and terms and on the nominated date the vendor opens all tenders and selects one...or not. The vendor is not compelled to accept any offer so its just another way agents create competition.
     
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  3. Big Will

    Big Will Well-Known Member

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    18th Jun, 2015
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    Location:
    Melbourne, Australia
    Like @Ghoti says there are many names, tender close date, expressions of interest by, sale by set date (tm BP), Set sale.

    It has its advantage and disadvantages for both vendor and purchasers.

    Adv for vendor as it provides a call to action (not that they have to accept the offers). It it doesn't sell it may impact the price as people will think it was a dud (like auctions).

    Think of it as a private auction except you only get one bid :)
     
  4. dabbler

    dabbler Well-Known Member

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    Was going to say it is like a silent auction...