Efficiently engaging the market

Vendorable allows insolvency practitioners to get real estate assets onto the market quickly and with confidence. By inviting tenders for real estate services, practitioners and co-owners ascertain a market view of appraisals and costs for a potential property transaction.

Vendorable accommodates the timing issues of administering insolvent estates allowing practitioners to easily go to market, retreat and return to the market when the time is right to execute a transaction.

Example case study

A bankruptcy trustee requested initial proposals to assess the equity position of the property of a bankrupt estate.

These initial submissions were then presented in court as part of a submission to sell the property where the co-owner was a contentious party.

Post completion of the legal process the trustee, with the authority to sell, then appointed the agent electronically in the platform.

The property then proceeded to sale and was sold.

Outcomes

The following outcomes were achieved:

• A successful recovery process took place over 12 months with continuity of process as a result of the platform.
• Over 36 submissions were received throughout the process.
• Agents surrounding the property gave a solid range of proposals.
• Starting commissions were reduced by 1% from the start of the tender process to the end.
• The property was sold within the appraisal range, and within 3% of the upper price estimate.