What is the best bid for a freehold sale?

— 18 Nov 2020 17:40:49 by James Haywood

A best bid scenario is often requested when selling a freehold property, depending on the level of interest. It allows for a fixed period of marketing, with interested parties invited to put forward their best and final offer, subject to contract.

Offers should be put forward no later than the agreed date. Each one should include whether it is subject to finance, building surveys or any other conditions the purchaser may have. The vendor then assesses all the options and is able to choose the party best suited to their needs, whether that be the highest offer received or not.

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