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.
