Ask The Agent.


Richards is an independent Estate Agents in Corfe Mullen, specialising in residential properties for sale and rent as well as property management in Corfe Mullen, Wimborne and the surrounding areas.


Jason Spiers MNAEA, the owner of Richards Estate Agents, has been an agent for over 25 years.


Let us know any


questions you may have about moving and he’ll answer them for you.


Dear Jason, Hello Jason,


I recently made an, admittedly low, offer on a property (it needs a lot of work), but when another potential buyer came in with a higher offer, the agent asked for best and fi nal bids. I now believe I offered the most – above the original asking price, in fact – but incredibly, I still lost out to the other person! What can I do? Phil Ryder


Hello Phil,


It’s a very good question as I am seeing more and more properties have open house style marketing and informal tenders. The short answer, I’m afraid, is nothing, as neither the agent nor the sellers have done anything wrong.


Had your original offer been accepted, then I could understand you feeling slightly aggrieved – although even then, the simple fact is that where offers are concerned, nothing is legally binding on either party until contracts are exchanged. Up to that point, both the seller and the buyer are equally free to change their minds, for any reason they like – or for no reason at all, come to think of it.


Still, as it happens, it looks very much as though your


initial offer wasn’t accepted – presumably because it was too low (I’m working on the basis that you were in a position to proceed on this property and didn’t need to sell). By offering this way you can upset the seller and they perhaps feel that you were trying it on. This can result in them deciding that they wouldn’t sell to you, whatever you offered – something, as I said earlier, that they are perfectly at liberty to do. If that was the case, the fact that you eventually came in with a bid above the original asking price probably wouldn’t have made any difference.


Bidding low is risky, however if you get the property at your bargain price then it may be a risk you are prepared to take.


It may also be that the other buyer was in a much stronger buying position than you and the seller decided that they were a better option regardless of the fact you (think) you offered the most.


Incidentally, it’s probably worth reiterating that Estate Agents are rarely, if ever, at fault in this kind of situation. They are legally bound to continue passing on offers right up to exchange – unless they have been specifi cally instructed in writing by the seller not to do so. Besides which, of course, it is entirely up to the seller to choose which offer to accept.


So, frustrating though it may feel to be on the receiving end of such a decision by a seller, it seems to me that in this instance your low-offer strategy has backfi red. Of course, we all like a bargain. Nevertheless, on balance, I would generally say that the best way of maximising your chances of securing a property you want – particularly in the current market, when demand (and therefore competition) is relatively strong – is to go in straight away with your best offer or if you like a bit of negotiation then near to your best offer.


Good luck in your move. Jason


Ask The Agent is brought to you by Richards Estate Agents in Corfe Mullen.


If you have a question for Jason, please email: jason@richardsestateagents.co.uk or feel free to pick up the phone and call us on (01202) 602121.


66 To advertise, please contact 01202 657317 or email karen@broadstonelink.co.uk


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