On Thu, 02 Sep 2004 14:25:28 +0100, Andy Hall
wrote:

On Thu, 02 Sep 2004 14:04:45 +0100, Mike Mitchell
wrote:


Nobody actually said that you you had *accepted* the first offer.
Had you done so, then I agree, it is important to be of your word.
If you hadn't, and wanted to wait for other offers, it would be
completely reasonable to do so, even if they are above your asking
price.

But if I had accepted the first offer, then you agree with me that it
is wrong to then accept a higher offer, yes?

No. I would go back to the first bidder and appraise them of the
situation, inviting them to raise their bid.

Sorry, no can do. That's not how we do things here, I'm afraid. You're
asking me to cheat the first, committed buyer out of his future home,
for heck's sake!

However, I would have made them aware that I would leave the field
open to other bids until they sign the contract. This is an
encouragement to the purchaser to encourage the agents and parasites
(sorry solicitors) to get a move on.

I don't know why you are so down on solicitors, as they are only doing
a job and not charging a great deal in relation to the value of the
property. Mine will be charging a fixed price (hee hee!) of £300 plus
VAT.

Since we have a system whereby nothing is binding or with penalty
until contracts are exchanged, any bid can be withdrawn up to that
point.

Legally it can. But there are some laws of the jungle that no
legislation can override or excuse. That's why we shake hands on a
deal, or promise to pay the bearer, or agree to buy a property.

The vendor also has to consider each bid in the light of what they
understand of the bidder's ability to raise money and complete in the
required timescale.

The vendor must do this *before* accepting the offer. Otherwise it's
no wonder if the buyer then turns out to be a time waster. I believe
there are Ways and Means to establish the bona fides of a genuine
offer.


If you feel otherwise then I would stay out of the property market, or
include a note in the details that you will take the first close
offer. People will be amazed by your naivete and it might help you
make a sale.

People are already aware that I am willing to take a close offer,
because that's what I tell 'em!

Fine. That's entirely reasonable. Their view of "close" may differ to
yours of course.

One offer I had was 20 grand below the asking price. That ain't close!

MM