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Hello, I made an offer yesterday to purchase a commercial property (prior to its auction next Tuesday) via my purchasing agent. It was for an offer for £275k and marked subject to contract. There was one other interested party and they were at £270k and about to exchange contracts that day before our offer was made. We also said we could exchange that day if £275k if our offer was accepted. The selling agent put us head to head to seek best and final offer by midday. However, neither party increased their offer and my agent said my offer "remains at £275k". He didn't mark that email subject to contract. I was then told by my agent that I had been successful and if I wanted the property I should contact the sellers agent. I had deliberations and so I didn't. The sellers agent then called me to get solicitors details, I gave him some of it but said I would contact him to confirm things [I was having second thoughts about buying]. I then emailed to withdraw the offer. The sellers agent then called to confirm that this was what I wanted to do and said he had told the other buyer he had been unsuccessful. Later last night I had a lot of emails that arrived delayed from my server. They were between the seller's agent and my agent and my agent had confirmed that my offer was on the table and as mentioned "remained at £275K. The seller is now left without a purchaser and putting the property in auction on Tuesday. I think it is unlikely to sell. I emailed the sellers agent this morning to apologise for the situation (I need to get on with local agents) and said said that I can see how this situation arose with the other buyer being informed he was unsuccessful and that it was due to my emails not working that I was at a bit of a loss on what was going on and withdrew my offer. I am concerned that the seller may have some kind of claim against me for lost opportunity or any additional losses they suffer due to this and that there may have been an acceptance of my offer and I was too late to withdraw. It will probably sell in the auction for about £250k or may not even sell. I regret admiting by email that this situation is my fault. Am I being paranoid?
P.S the other buyer has withdrawn and apparently is no longer interested
Hello my name is XXXXX XXXXX I will help you with this. Please note that I am a working Solicitor and may be on and offline as I have to attend Court and meet with clients, even at weekends. As such you may not get an instant response when you reply as this is not an ‘on demand’ live service, but rest assured I will be giving your question my immediate attention upon return. There is no need to wait here, you will get an email when I reply.
You need not worry. All property purchases are subject to contract, this is because either party can pull out at any time.
Even on a commercial property searches etc have to be done and contracts drawn up.
So even if you did not explicitly say it your offer would have been subject to contract.
Can I clarify anything for you about this today please?
Thank you for your email. Is this even the case if I am in possession of the full auction pack containing everything?
Groovy. Have a good day? :-)
If it sold at auction that would be its own contract.
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Thanks for your help.