Mrs. Turner has decided to start her own business running a private day nursery. It is

necessary for her to find appropriate premises. She sees a detached house, which would be

appropriate, on the market for $200.000. After having viewed the property she decides to make a bid for the property for $150,000. The sellers state clearly however that they will only accept $180,000. Mrs. Turner then sees another property on the market for $250,000. She offers the asking price for this and it is accepted 'subject to contract. However, a week later the sellers of the first property contact Mrs. Turner again stating that they have reconsidered are now happy to accept her bid for $150,000. Your supervisor has requested that you research the relevant issues and compile a report for her attention which, outlines your findings.