By Mashe Umaru Gwamna
An Estate Surveyor and Valuer ESV Amos Kassim , said one of the best ways to sell one’s properties is by closed bidding system.
ESV. Kassim stated this yesterday in Abuja, saying that closed bid system, is a viable source to achieving sales in the face of the prevailing market realities.
He explained that every investor, property owner wants to have good return on his investment.
According to him in this system, advertisement is very key in selling your properties.
“The property is advertised calling for the public interest to bid on terms and conditions that shall be stated in the advertisement”.
He said in advertising this properties terms and conditions such as :
the property is offered “As is” and “where is”, A certain percentage of the value of the bid price is required as bid guarantee, the duration of the bid exercise and the submission of the bid in a sealed envelope cannot be withdrawn.
The property is offered to the highest bidder above the reserved price and where there is a tie or the bids falls short of the reserved price, bidders shall immediately go into a second round of bidding and highest bidder above the reserved price shall be the preferred bidder and required the bidder to make the difference in his/her bid guarantee within a stipulated time.
He said successful bidder shall be required to make full payment for the property within the stipulated time; failure is to comply will lead to forfeiture of the bid guarantee and the property offered to other bidders.
“All bid guarantees of unsuccessful bidders shall be returned at the condition of the bid exercises.
When the submission of the bids close, the collected bids are opened in the presence of all the bidders and the highest bidder shall be given consideration to pay for the property as stated in the advertisement”.
“This process of sale does not drag because it is transparent and conclusion is usually within a day unlike the conventional sales method that takes a longer time to sell.”
