DOING THE RIGHT THING
Sometimes in our Estate Agency game you do the right thing and it turns round and smacks you in the face and this week it happened to us and has now cost us a £6000 fee to the office
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This house came on the market about 3 weeks ago for £450'000 and although it is a quieter time of year there are still some motivated viewers out there and after 5 viewings in the first week we were lucky to have 2 competing offers on the property at £440k and £445k respectively.
Client A is sold subject to contract through ourselves and ready to go at 440k
Client B is on the market with us and not sold but comes from a well off family who can help him proceed without selling but his offer at 445k is based upon a sale on his house which is £25k overpriced
After both offers were place the vendors after advice from us decided to accept client A's offer and the process starts, but 72 hours later client B has knocked on the door to see why they were not successful in being accepted to be told that they were not proceedable which they then told the vendor they could proceed by selling the property to his sister who didnt need to sell rendering their offer the better offer.
So naturally as we abide by the Estate Agency act we resubmitted the offer based on this info and told client A that a higher offer had now been made and he was no longer the chosen buyer but could obv raise his offer and we would resubmit it to the vendors, I also took the time to speak with all 3 parties including the vendors to go through the various scenario's of what if and if client A raised to £445 then we should ask both parties to submit "best and final" offers in writing by a deadline of Thursday 5pm.
Client A raised and we went to best and final and waited till 4pm before contacting both clients to be told by client A that - they had now offered on another property as were not prepared to offer higher than 445k and 3 mins later an email (bottled the phone call) came in from client B saying he was withdrawing his offer due to not wanting to enter into a bartering situation that he felt we had caused and was not proceeding any further.
We tried to get client A to change his mind and even intimated that if he reduced his offer to the previously agreed figure of £440'000 then it may be looked on favourably so as of today I have informed the vendor that having had 2 buyers we now have no buyers due to handling things in the right way instead of telling them to stick with client A and trying to hide the other buyer away
