House Sale Etiquette
I recently heard of a property sale that caused a few raised eyebrows in the town where I now live. When the house went on the market, there was an offer to buy at the price advertised. Apparently, it was then decided that if it were that easy to achieve the asking price, perhaps more could be obtained by inviting sealed bids (a sort of Russian roulette, but with money instead of bullets). The result was that the house was sold for a sum higher than the original price, so the vendor got more money than they originally expected, and the estate agent got more commission than was expected. Win, Win. Unless, of course, we introduce the former tenant of the property into the equation, then it becomes, Win, Win, Lose.
A sort of Russian roulette, but with money instead of bullets.
Most of us don’t get to ‘road test’ the property we decide to buy, but on this occasion the tenant knew the house was just what she wanted because she had been living in it for fifteen years and was happy there, so the opportunity to buy seemed to be one that was too good to miss. Although most of us put in an offer on a house we want to buy (I don’t know why, we don’t put in an offer for a tin of beans when we go to the supermarket), the tenant decided to secure her future by offering to buy the property at the full asking price. But, it was decided that the full asking price would not be enough to allow her to stay in her home as an owner instead of as a tenant.
We don’t put in an offer for a tin of beans when we go to the supermarket.
Of course, no one is suggesting that anything illegal has taken place here. After all, greed isn’t a crime, although some may point out that it is one of the seven deadly sins, but let’s not get theological. At the end of the day, buyers and sellers will do what they think is right for them and, in a perfect world, they take into account what matters to other people involved so that everyone ends up being happy.
..in a perfect world, take into account what matters to other people involved so that everyone ends up being happy.
I have some personal experience here. When we decided to sell our home in Northamptonshire, we turned down an early offer from a buyer and ended up accepting a better offer by a different buyer. The people who made the original offer then came back with an offer which was better than the one that had just been accepted. They were told that a sale had been agreed and so the better offer was, unfortunately, being made too late in the day. Our chosen buyer then revealed that they were having problems with finance for the purchase. Long story short, the matter resolved itself and the sale went ahead. But as you can imagine, it made us wonder whether the better offer should have been accepted and the person whose offer was originally accepted should have been told that they had been gazumped. On reflection, we decided we had done the right thing because it was consistent with our beliefs and values. Added to which, we didn’t foresee there would be problems, and who would have had any sympathy for us if, having told the buyer that the sale was off, we then went on to have problems with the people making the better offer? I suspect the expression ‘just deserts’ may have been used.
..who would have had any sympathy for us if, having told the buyer that the sale was off, we then went on to have problems with the people making the better offer?
David Cosby Chartered Surveyors and Estate Agents have nearly 20 years professional experience when it comes to the legal (and surveying) aspects of buying and selling property, so staying on the right side of the law shouldn’t be a problem. But when it comes to the morality of what is and isn’t right, that is down to the individuals involved. I have my own concept of what is right and what is wrong and so, I am sure, do you.
Jeff Osborn
Copy Editor at David Cosby
Established in 2003, David Cosby are a firm of Chartered Surveyors and Professional Estate Agents. We have the benefit of surveying and legal expertise to help facilitate the smooth sale of your home. With successful sales throughout Northamptonshire, we have a proven track record which is supported by impressive Google reviews.
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