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Being asked for ''best and final offer''
insomnia1
Posts: 3 Newbie
I am a FTB, just made an offer to EA yesterday about 10k below asking (There was a recent sale of an identical house just 3 months ago with 2000 pounds below my offering price), EA came back to me few hours later said the vendor want the ''best and final offer''...
Not been told whether there's any other bidder, not been told whether the ''best and final offer'' was subjected to any time limit... asked the EA, said wouldn't know as he was not been told by the vendor as well
Is the EA playing trick?? I am confused...
Not been told whether there's any other bidder, not been told whether the ''best and final offer'' was subjected to any time limit... asked the EA, said wouldn't know as he was not been told by the vendor as well
Is the EA playing trick?? I am confused...
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Comments
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Just tell them that your best offer is £XXXXXXEstate Agent, Web Designer & All Round Geek!0
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Tell the the offer you gave was your best and final offer and tell the ea about the house that sold for 2k less
Do not get drawn into increasing your offer0 -
He is trying to get you to bid against yourself. Respond to the agent re-tabling your original offer and ask if it has actually been accepted or rejected.0
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a friend of mine had this a couple of years ago, he never put a higher offer in and he still got the house, seriously i told him to lower the offer by a 1000 see what happened then, EA usually are the dregs0
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If what you offered is as high as you're prepared to go, then go back to the EA, state that IS your best and final, and outline that you want it accepted or rejected by a certain time on a certain day (say 1pm Friday), or it will be assumed to have lapsed. If it's accepted, all good and well, if rejected, go look at other houses.0
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angrypirate wrote: »He is trying to get you to bid against yourself. Respond to the agent re-tabling your original offer and ask if it has actually been accepted or rejected.
Just got an update from the EA, said there's another offer but lower than us, still no deadline as vendor still want to property to be opened to the markets.
I've asked the EA what the vendor wants and EA said will ask the vendor if once we place our ''best and final offer''...
Really don't want to get into the bidding war...0 -
Not a lot of point in asking the vendor what they would accept after placing 'best and final', by definition of 'best and final'.Just got an update from the EA, said there's another offer but lower than us, still no deadline as vendor still want to property to be opened to the markets.
I've asked the EA what the vendor wants and EA said will ask the vendor if once we place our ''best and final offer''...
Really don't want to get into the bidding war...
I would probably be saying "if vendor wishes to negotiate, then let negotiations start, but I won't be placing a 'best and final'"Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0 -
I have been asked this and even told the second party higher offer but stick with what you think it is worth, declare the good bits of your offer eg cash buyer, first time buyer, move fast, work to their time scales. often this is worth more than a few hundred pounds.0
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They are playing games - the other offer is lower than yours so why should you increase?
Tell them your offer stands as is and to let you know if the other party gives a better offer than yours - pointless exercise otherwise.0 -
I also think you should stand firm.Grab life by the balls before it grabs you by the neck.0
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