Eagle Canyon property to be sold by public tender

Taking advantage of a new trend in property sales, a prime property in
Honeydew's Eagle Canyon Golf Estate is to be sold this Sunday - 29
January - by way of public tender. The property is to be sold without
reserve, but subject to confirmation within 48 hours. The property is
open for viewing by prospective buyers on Sunday afternoon, immediately
prior to the closing of the tender at 5.30 pm.

William Campbell, Principal of Lew Geffen Sotheby's International Realty
Umhlanga Rocks and qualified auctioneer, says that more and more sellers
are seeing the benefits of selling their properties by way of auction or
public tender. While the two processes are similar, public tender is
silent, and no one bidder will know what anybody else has bid. Sealed
bids are placed in a special box during the tender period and when the
final day arrives and all bids are opened, the seller has the option to
choose the best offer or to negotiate with select bidders if he wishes.

"By selling one's home by way of auction or public tender, sellers avoid
the inconvenience of show houses and the ongoing invasion of their
privacy. The tender allows all prospective buyers to view the property
at one time, and it's not unusual to have 100 or more viewers at a
preview. The majority tend to be able and willing buyers, and as only
bids backed by bank guaranteed cheques, cash, or cash and bonds are
accepted, all "subject-to" offers are knocked out," he says.

Noting that these alternative selling methods have become increasingly
established practice in Australia and the USA, Campbell says that some
85 percent of all properties sold by public tender realise the seller's
asking price, and sell far more quickly than properties on the open
market. Also, in direct contrast to the traditional market, the buyer
pays the commission and transfer duty in most cases.

"Selling by public tender creates a hype in the market, and the level of
interest tends to be extremely high at the preview, in contrast to
regular show houses where you have to wait for the buyers to come. It
is important, however, to utilise the skills of a qualified professional
representing a company with a good reputation and proven track record,"
says Campbell.

The Eagle Canyon property features a magnificent double volume Balinese
home on the most prime stand, with golf course frontage and expansive
waterways. The home boasts four en-suite bedrooms, several reception
rooms, and a landscaped garden complete with outside fitted bar, Jacuzzi
and rim flow pool, amongst a number of other features.
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