A tender is a method of selling a property which requires all buyers to submit their sealed offers to the seller - through the seller’s agent - by a set date.
How does the process work?
When a property is advertised by tender, there is a set period during which potential buyers can inspect the property and submit their sealed offers. Properties offered by tender are generally advertised on the basis of “not selling prior”. This means that buyers must submit their offers along with all other buyers, and the seller will not negotiate with any buyer before the closing date.