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    • mandgreen
    • By mandgreen 14th Feb 18, 9:30 AM
    • 28Posts
    • 9Thanks
    mandgreen
    Advice on best & final offer?!
    • #1
    • 14th Feb 18, 9:30 AM
    Advice on best & final offer?! 14th Feb 18 at 9:30 AM
    Hi

    We have made an asking price offer of £269,950 on a house that has been up just over a week. From what I can gather 2 other parties have also put in asking price offers.

    My estate agent rang who the house is up with and found out the other parties involved are in a similar position to us, sold to first time buyers.

    He suspects it will now go to best and final offers. Does anyone have any advice on what a winning offer could be??

    I dont want to go in too high as I honestly think its priced correctly (a house a few doors down sold last Sept for £280,000 but it has an extra bedroom in the loft and has been completed to a much higher spec) but at the same time the area is very competitive and there is nothing else around similar to it at the moment so I dont want to risk losing it...
Page 1
    • Kittenonthekeys
    • By Kittenonthekeys 14th Feb 18, 9:37 AM
    • 306 Posts
    • 203 Thanks
    Kittenonthekeys
    • #2
    • 14th Feb 18, 9:37 AM
    • #2
    • 14th Feb 18, 9:37 AM
    Assuming the very first offer at asking price was proceedable, I would want to be asking why the vendors didn't simply accept it and take the property off the market?
    Unless it was "offers in excess of?"
    Last edited by Kittenonthekeys; 14-02-2018 at 9:40 AM.
    • juniordoc
    • By juniordoc 14th Feb 18, 9:41 AM
    • 315 Posts
    • 258 Thanks
    juniordoc
    • #3
    • 14th Feb 18, 9:41 AM
    • #3
    • 14th Feb 18, 9:41 AM
    Offer what you think it's worth and no more, and remember there's nothing to say the "2 other offers" aren't a work of fiction.
    If anyone does offer over the odds a mortgage lender may bring them back down to earth once when the valuation comes in at less than the agreed price.
    What doesn't go in your favour is that it has only been up a week and you have offered early so they know how keen you are.
    In a similarly competitive market (5 offers initially, then went to best and final where 3 offers were submitted) we secured our flat for £6K over asking (Total price £292K) to give you an idea. Our mortgage lender then did agree a value of 292 so no problems there, but if they hadnt have, we'd have then had to lower our offer.
    • AnotherJoe
    • By AnotherJoe 14th Feb 18, 9:53 AM
    • 8,232 Posts
    • 8,962 Thanks
    AnotherJoe
    • #4
    • 14th Feb 18, 9:53 AM
    • #4
    • 14th Feb 18, 9:53 AM
    All i can say is, make your B&F offer an odd number in case the sellers are going for maximum price. Don't offer (say) £274,995, offer £275,250 or something like that.

    Also emphasis other points in your favour - mortgage agreed, flexibility on moving date as your buyers are relaxed about moving dates, you'd like to buy some of their furniture if its up for sale, whatever fits your circumstances.

    If this is a long term buy and prices are rising where you are dont be too concerned about paying a little extra as in the long term it doesn't matter. My daughter paid £6k over asking in a "B&F" situation, within 18 months it was worth roughly £75k-£100k more. Losing out by offering less could easily have cost £10k-£20k by the time she found somewhere else, and also this house was far better than any others she'd seen.
    • NaughtiusMaximus
    • By NaughtiusMaximus 14th Feb 18, 10:05 AM
    • 587 Posts
    • 1,417 Thanks
    NaughtiusMaximus
    • #5
    • 14th Feb 18, 10:05 AM
    • #5
    • 14th Feb 18, 10:05 AM
    Assuming the very first offer at asking price was proceedable, I would want to be asking why the vendors didn't simply accept it and take the property off the market?
    Unless it was "offers in excess of?"
    Originally posted by Kittenonthekeys
    Depends on the circumstances, if the first offer came in after the vendor had already agreed to viewings with 2 other potential buyers it's perfectly reasonable to wait until those viewings went ahead before accepting the offer IMO.

    Difficult to say how much to bid without knowing the house and the local market but my gut feeling would be 5-10k above asking price. By way of comparison a property we were interested in over the summer which was listed for 200k (not offers over), is showing on zoopla as having sold for 207k.
    Last edited by NaughtiusMaximus; 14-02-2018 at 10:08 AM.
    • Surrey_EA
    • By Surrey_EA 14th Feb 18, 10:22 AM
    • 1,417 Posts
    • 1,744 Thanks
    Surrey_EA
    • #6
    • 14th Feb 18, 10:22 AM
    • #6
    • 14th Feb 18, 10:22 AM
    Assuming the very first offer at asking price was proceedable, I would want to be asking why the vendors didn't simply accept it and take the property off the market?
    Unless it was "offers in excess of?"
    Originally posted by Kittenonthekeys
    Because the sellers have now discovered an opportunity to sell their house for more £££ and make their financial position better. Can hardly blame them.
    • hazyjo
    • By hazyjo 14th Feb 18, 10:33 AM
    • 10,099 Posts
    • 12,941 Thanks
    hazyjo
    • #7
    • 14th Feb 18, 10:33 AM
    • #7
    • 14th Feb 18, 10:33 AM
    Because the sellers have now discovered an opportunity to sell their house for more £££ and make their financial position better. Can hardly blame them.
    Originally posted by Surrey_EA
    Exactly. Plus there's no exact science to valuing a property. Sometimes EAs don't realise how popular it might be. A property is worth what someone will pay, not what price tag an EA (or vendor) slaps on their property.
    2018 wins: Single Malt Whisky; theatre tickets
    • mandgreen
    • By mandgreen 14th Feb 18, 10:52 AM
    • 28 Posts
    • 9 Thanks
    mandgreen
    • #8
    • 14th Feb 18, 10:52 AM
    • #8
    • 14th Feb 18, 10:52 AM
    Thanks everyone for your replies...After all that I have received a call and my offer has been accepted at the asking price! EA said they had offers over the asking but something clicked with me...obviously take that with a pinch of salt but the important thing is we got the house and I'm happy!
    • ReadingTim
    • By ReadingTim 14th Feb 18, 10:57 AM
    • 2,386 Posts
    • 3,394 Thanks
    ReadingTim
    • #9
    • 14th Feb 18, 10:57 AM
    • #9
    • 14th Feb 18, 10:57 AM
    Because the sellers have now discovered an opportunity to sell their house for more £££ and make their financial position better. Can hardly blame them.
    Originally posted by Surrey_EA
    Vendor "wants to make as much money as possible" shocker....
    • Kittenonthekeys
    • By Kittenonthekeys 14th Feb 18, 12:10 PM
    • 306 Posts
    • 203 Thanks
    Kittenonthekeys
    Because the sellers have now discovered an opportunity to sell their house for more £££ and make their financial position better. Can hardly blame them.
    Originally posted by Surrey_EA
    No, they can't be blamed and it's fine for them as sellers, but maybe not quite so great from a buyer's POV.
    As a buyer, I'm afraid I'd be concerned about the possibility of being gazumped further down the line if a seller umms and ahhs over what is after all, full asking price that they themselves have set. If they wanted more, they should have set their asking price higher in the first place, but of course that wouldn't catch buyers searching in a lower price bracket, would it?
    Yes, a house is only worth what someone will pay for it - or what a mortgage valuer thinks it's worth.
    • hazyjo
    • By hazyjo 14th Feb 18, 12:40 PM
    • 10,099 Posts
    • 12,941 Thanks
    hazyjo
    As a buyer, I'm afraid I'd be concerned about the possibility of being gazumped further down the line if a seller umms and ahhs over what is after all, full asking price that they themselves have set.
    Originally posted by Kittenonthekeys
    Wouldn't worry me. If I'd agreed a price and someone came back with more and they tried to get more out of me, yep I'm with you. But not when it's trying to find its level before anyone's even had an offer accepted. As I said, there's no science to valuing a property - especially if it's unusual or not much has sold nearby that's similar. In a rising market or popular area, bidding wars are common.
    2018 wins: Single Malt Whisky; theatre tickets
    • Oxid8uk
    • By Oxid8uk 14th Feb 18, 1:24 PM
    • 131 Posts
    • 76 Thanks
    Oxid8uk
    Thanks everyone for your replies...After all that I have received a call and my offer has been accepted at the asking price! EA said they had offers over the asking but something clicked with me...obviously take that with a pinch of salt but the important thing is we got the house and I'm happy!
    Originally posted by mandgreen
    Whilst it is assumed that most EAs lie they may actually be being truthful in this case. When we sold our last house we had 3 full asking price offers within 48 hours of it going on the market. All offers were from people who were proceedable and had nothing to sell. Our EA recommended Best and Final Offers but my OH and I both agreed we would rather go with the person that was less likely to mess us around and complete the deal quickly (we had found a new build we wanted, already completed and ready to move into and didn't want to miss out on it).

    So that is exactly what we did. We probably could have got more if we had gone to Best and Final Offers but for us securing a deal so we could get our dream forever home was more important than a few extra ££.
    • Kittenonthekeys
    • By Kittenonthekeys 14th Feb 18, 1:27 PM
    • 306 Posts
    • 203 Thanks
    Kittenonthekeys
    Whilst it is assumed that most EAs lie they may actually be being truthful in this case. When we sold our last house we had 3 full asking price offers within 48 hours of it going on the market. All offers were from people who were proceedable and had nothing to sell. Our EA recommended Best and Final Offers but my OH and I both agreed we would rather go with the person that was less likely to mess us around and complete the deal quickly (we had found a new build we wanted, already completed and ready to move into and didn't want to miss out on it).

    So that is exactly what we did. We probably could have got more if we had gone to Best and Final Offers but for us securing a deal so we could get our dream forever home was more important than a few extra ££.
    Originally posted by Oxid8uk
    ^^^this
    • Tom99
    • By Tom99 15th Feb 18, 12:37 AM
    • 1,271 Posts
    • 808 Thanks
    Tom99
    I sold a house with an asking price of £525K, had several offers very quickly the most at £525K. Went for B&FO and the best price offered was £545k, no one else offered over the £525k asking price.
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