Negotiating a Coastal Escape

The brief

A client came to Garrington having found their ideal holiday home. Aware that very few properties of its type in this location come up for sale and after missing out on a previous property due to being outbid, the client wanted to be sure they were in the best possible position in order not to miss out again, so they sought professional representation.

As an executed sale, the Executors of the Estate had a duty to ensure that the property was sold for not only the best possible price but also with the most favourable terms.

Constructing an offer

Whilst the guide price was fair in the current market, based on other recent sale prices and the property’s distinct rarity, it was likely the value would be pushed upwards due to high interest from potential buyers.

Quickly establishing an effective relationship with the selling agent, Garrington learnt that the property had attracted a great deal of interest, with three serious buyers having been identified and were preparing to offer.

The vendor decided that a best and final, sealed bid scenario would be the most efficient way to move forward.

The negotiation

After thorough analysis of the market using evidence of comparable, recently sold properties, Garrington discussed figures with the client and agreed to offer a robust figure.

While the aim was to outbid other interested buyers, it was also key that the offer was realistic and that the client was not overpaying for the property. It is a delicate balance to strike when it is the only offer that can be put forward.

Due to the weight of the offer, including the merits of the client’s position and the figure put forward, the client’s bid was accepted over the other interested parties.

Value delivered

Putting forward a bid in a best and final scenario of this kind weighs heavily on Garrington being able to construct a watertight offer, as there is only one chance to get it right.

Accurate comparables, staying close to the vendor’s representatives and in-depth knowledge of market conditions, which can often dictate the ‘atmosphere’ of the negotiation, are all key factors to be considered to ensure a successful bid is put forward.

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