"Best and final offer" ?

halfone

woodsey2002 wrote: »

I've just actually had an email stating that the vendor is still currently considering all the offers but I'm not holding my breath.
I too had my price and I'm not prepared to go over it and to secure this one I think we'd have needed to go considerably over asking especially competing with a cash buyer.

Good luck anyway.

To you too
You may well be lucky - in my situation the mortgage buyer did win out. I'm not sure whether they were moving from rented or having to sell their house, though. I suppose it all depends on the vendor's priorities.

Gwhiz

You should play the "mental" game.

When you have already offered a final offer and they ask again you should REDUCE your offer by £1000. And then another £1000 every time they contact you for a new best anf final offer.

Throws them off balance every time

ess0two

Gwhiz wrote: »

You should play the "mental" game.

When you have already offered a final offer and they ask again you should REDUCE your offer by £1000. And then another £1000 every time they contact you for a new best anf final offer.

Throws them off balance every time

Yep thats sure gonna work.

Melaniep101

I've had the same situation this morning, put in an offer for a house only to be informed that someone else has also put in an offer this morning. Apparently the offer's are "close" so the EA has asked for a best and final offer.

I can't help thinking that I'm being done over, surely the better offer should win in this situation.

We've upped our offer, but the more I think about it, the more I'm put off.

Gwhiz

ess0two wrote: »

Yep thats sure gonna work.

You need to lighten up

halfone

Gwhiz wrote: »

You should play the "mental" game.

When you have already offered a final offer and they ask again you should REDUCE your offer by £1000. And then another £1000 every time they contact you for a new best anf final offer.

Throws them off balance every time

Well, I suppose if 'final offer' doesn't mean 'final offer' then it's a free for all...:eek:

In all seriousness, I believe I got an idea of what the vendor was prepared to accept before all the nonsense occurred, so I'm in a fair position if they were to come back to me.

halfone

Melaniep101 wrote: »

I've had the same situation this morning, put in an offer for a house only to be informed that someone else has also put in an offer this morning. Apparently the offer's are "close" so the EA has asked for a best and final offer.

I can't help thinking that I'm being done over, surely the better offer should win in this situation.

We've upped our offer, but the more I think about it, the more I'm put off.

As I understood it (before my latest experience), 'best and final offer' is a useful way to draw things to a close, to get people to put their cards on the table, instead of endless negotiating. But they might be trying to tempt you into stretching further.

I think it's probably normal to be uncertain, but as long as you've offered what you think the house is worth/what you're prepared to pay, then that's fair enough.

chocolatum

halfone wrote: »

As I understood it (before my latest experience), 'best and final offer' is a useful way to draw things to a close, to get people to put their cards on the table, instead of endless negotiating. But they might be trying to tempt you into stretching further.

I think it's probably normal to be uncertain, but as long as you've offered what you think the house is worth/what you're prepared to pay, then that's fair enough.

I thought the same until today.

There was plenty of interest in a vacant property in the past two weeks - not sure how many bids were put in but the price was well under market value. The EA then did final offers.

I submitted and won but I did go higher to what I think is still a good price. However, I was then told the property still stays on the market until exchange so I can still get gazumped! Although the bid won't be published, it still doesn't stop the new and rejected bidders coming back and doing 'blind bids'.

We'll see how it progresses....

halfone

I didn't know that about the property staying on the market until exchange, cholocatum.

I don't want to alarm you but are you sure the amount you've offered is confidential? The EA I used offered up the information about the final bid the vendor has accepted even without any prompting. Presumably, with regards to the house I was interested in, anyone could ring up and find out how much the offer was, then submit a higher offer...

I assume yours will be showing "Sold STC" soon though - that would put most people (well, me ) off 'blind bidding' anyway.

chocolatum

Hi halfone, I was advised my offer wouldn't be made public at all so hopefully the information won't be divulged to new bidders and Joe public.

I have been given 14 days to complete so whether it goes to SSTC status I'm not sure - they may not have time!