Since my house went under offer, my agent has continued to send me other offers – one of them actually lower than the one I have already accepted! Why?

This is one of those issues often raised as an example of how unprofessional estate agents can sometimes be. However, the plain fact is that your agent is actually legally obliged to pass on all formal offers right up until contracts are exchanged. Remember, it is only then that anything becomes legally binding on either party. Up to that point, your buyer is perfectly entitled to change his or her offer at any time – and by the same token, you are equally free to accept another offer altogether. Hence the legal obligation on your agent to continue passing offers on. 

Now, this might make sense in the case of higher offers. But why on earth would an agent continue to pass on any that are lower? Isn’t this just a case of taking the legalities a little too literally? 

Not necessarily. In certain circumstances, a slightly lower offer may actually be in your best interests. Imagine, for example, that you absolutely must move by a certain date. You’ve already accepted an offer, but your buyer is trapped in a slow-moving chain (a not-uncommon state of affairs at the moment), and time is starting to run out. Under those circumstances, a marginally lower offer from, say, a cash buyer – someone who can effectively guarantee completion within your time frame – may well be worth considering. 

There is a broader point here, too. Particularly in the kind of market we are currently experiencing, when buyers are rather spoilt for choice, offers of any kind are not necessarily that easy to come by. This is not to say that you should instruct your agent to continue actively marketing your home. But, it does mean that you shouldn’t be too quick to turn your nose up at any serious offer that happens to come your way. 

However…if when all’s said and done you really are set on accepting a particular offer, irrespective of any others that might materialise, then you can always absolve your agent of his legal duty by confirming your wishes in writing.

Increasing the opportunities to bid helps Tudor Estates Network Auctions achieve another excellent sale

Tudor Estates Network Auctions auction held in Central London on 1^st May achieved a sales success rate of 74% and saw bidders from across the UK and Europe getting involved.

Prior to the auction, a record number (418) of legal packs had been downloaded from the Network Auctions website. 

The May auction was the first time that Tudor Estates Network Auctions had provided an online bidding facility and, whilst none of the online bidders were successful, it kept auctioneer Guy Charrison busy as he juggled online bids with bids in the room and telephone and proxy bidders.

There were some notable sales at the auction including: 

Lot 1:  A flat requiring modernisation in Milton Keynes which carried a reserve of £62,500 was sold in the room at £79,000. 

Lot 25: A fire damaged house in Powys requiring a total re-build. This property had a reserve of £10,000 but with three telephone bidders as well as bids in the room, eventually sold at £26,000, a significant 160% uplift on the reserve figure. 

Lot 26: A commercial property in Leicester which was reserved at £160,000. In total there were three bidders in the room and one telephone bidder from Germany. The gavel eventually came down at £252,000. An excellent price especially considering that the property had previously been available at £225,000 on the open market.

Guy Charrison said after the auction: “With lots for sale from all corners of England, Scotland and Wales it is important that we create the opportunity for potential buyers to bid by whatever method they choose. By adding online bidding we have improved the opportunities for our seller clients to sell and our buyer customers to buy. An undoubted success” 

Network Auctions operate across the UK with a network of partner agents and therefore provide local expertise with national exposure. 

Tudor Estates Network Auctions next auction is scheduled for 3^rd July and will, once again be held at the Glaziers Hall near London Bridge. 

David Kirkman of Tudor Estates Network Auctions can be contacted on 01702 346818 or by email at davidkirkman@tudorestates.co.uk or via their website at www.trustintudor.co.uk/auctions