Having waited 18 months to find a Buyer for my property I have now received three offers in the last few days all at different prices. What should I do?
The rules for dealing with more than one Buyer are strict. There is nothing to stop more than one contract being issued by your Solicitor, but he must make it clear to other prospective buyers that contracts have simultaneously been issued to others.
If you cannot decide between your prospective buyers and you wish to give them all an opportunity to proceed on a “first come first served” basis, then this will amount to a “contract race”. This is hardly ideal as far as a buyer is concerned, but it is the only way that you as the Seller can secure the best possible price from a buyer wanting to proceed at the earliest opportunity.
It will need to be made perfectly clear to all three prospective buyers as to the basis on which you intend to select the successful buyer – such as the first person to be in a position to unconditionally exchange contracts will secure the property.
Any specific requirement as to the payment of a deposit to facilitate such exchange must also be made perfectly clear to all parties to ensure all three buyers have an equal opportunity to secure the property. It is then literally the first person to satisfy the exchange criteria who will secure the property