A property advertised as an “End Date Sale”, or sometimes “Set Date Sale” or “Expressions of Interest”, means the property is being sold by tender process.
Basically, it means that if you want to purchase the property you have until the certain, specified date to submit a written formal offer or written expression of interest, to the selling agent.
After the specified date, unless sold prior, all offers will be shown to the seller and if your offer is accepted, then the property could be yours. If no offer is accepted, the seller will generally put the property back on the market and is not obliged to move forward with any of the tender offers presented.
Usually, the selling agent will stipulate the clause “unless sold prior”.
As with the auction method, sellers reserve the right to accept an offer placed on their property before the stipulated date, so waiting until the very last minute might not be the best strategy.
So, is this just a marketing ploy to grab your attention and get the most money out of you? It’s certainly a way of creating competition and demand which can naturally drive the price up, but it’s not about tricking you into paying more.
No one is making you put in a wildly inflated amount just to ensure a win over the competition. If anything, it calls for the savvy buyer to do more research on what the market value of the property is, combined with the value they personally place on the property, to make an informed decision.
We suggest approaching an end date sale as you would a private treaty, minus the assumption that your first offer may just be a point from which to negotiate. Remember, with this method, you may only get one shot at it.
So, know your budget and limitations - what you can and can’t afford - and what you’re looking for in a property. If the property in question ticks those boxes and you want to proceed, then all you need to do is make your best offer before the cut-off date.