Open Tender

An Open Tender is a formal invitation to public individuals and entities to trade under the terms of offer and the documents associated with that offer. In other words, the seller sets the terms of trade (e.g. no cooling off period, offers are irrevocable) and supplies the documents outlining the terms of trade and the documents necessary to submit your offer.

As with Set Sale® and Auctions, there is a cut off date for offers.
Similarly to Set Sale®, potential buyers do not know the details of other bids.
The resulting winning bid is often viewed as a better indication of true market value, as a buyer has the opportunity to offer what they will truly pay to secure the property, and not just offer a bit more to trump the last bidder at a public auction.

The Open Tender process is commonly used in the sale of commercial premises, and like Set Sale® and Auctions, are often applied to residential property that possess high value, or some form of uniqueness that eliminates any major competition.

Expressions Of Interest

Properties can often be seen advertised with 'Expressions of Interest'. This method is a subset of the Open Tender, with less restrictive guidelines and conditions. E.g. offers are not necessarily irrevocable, the potential buyer may choose whether to waive a cooling off period or not, choose to make their offer unconditional, or include conditions such as a satisfactory pest and building inspection. Again, Expressions of Interest are often seen on high end properties, or properties possessing some unique feature.

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