The UK housing market is incredibly buoyant again, with prices on the rise and many estate agents witnessing record sales months. Whereas at one time you would drive down a street full of ‘For sale’ boards, you are now hard pushed to find boards at all! (except sold boards)
Whilst a property market with very few available properties is great for sellers, it creates its own problems for buyers. This fierce competition means that buyers are now regularly competing to secure property, with prices often exceeding asking price, leaving at least one party frustrated and disappointed in losing out.
We recently had a property on the market which was in a highly sought after area, naturally this lead to us receiving plenty of viewing requests and several offers were put forward. As estate agents we advise that buyers do not get embroiled in ‘Dutch auctions’, we feel that the fairest way forward is to set a ‘best and final’ deadline – which is what happened in this instance.
We explained that it gave all parties the opportunity to put forward their ‘best’ offer, enabling them to have a good think about what they felt the house was worth, taking into account the work required and what they could realistically afford. We also advised everyone that the sellers had stressed that after the decision had been made there would be no ‘gazumping’, which was re-assuring to all involved. It was also explained that the ‘best buyer’ would also be decided on a range of criteria, including financial position and timescale – not purely the price.
After the bids were assessed, the seller decided on the buyer that best suited their needs and all parties were swiftly informed of the outcome.