'Best and Final' Offers

Kaberle15

Hi,

I'm new to this, and a first time buyer.

I have been reading about scenarios where you are asked for a 'best and final' offer. I appreciate that this largely is as it says.

However, if you were to re-evaluate after giving your best and final, and decided you actually wanted to increase it slightly, would that be possible, or is it a case of what you say in the first instance as your best and final is absolute final?

Thanks!

googler

If you either revise your offer, or the selling agent considers others after inviting B&F from all, it kinda defeats the point of asking for B&F in the first place.

However, there's not much value in revising your offer if the agent and seller accept someone else's from a selection of B&Fs including yours.

Racml34

We were in this situation recently. There were several interested parties following an open house and because they received so many offers they asked for a best and final offer by a certain time and date, effectively sealed bids I suppose. Our offer won but we went quite a way over the asking price as did most others!

I thought the point of BAFOs was to end the offer process so a sale could get moving. Surly if you were to go back and increase your offer this defeats the object. What's to stop other bidders doing the same?

Kaberle15

Thanks, very helpful.

However, would you say the same if the deadline for B&Fs hadn't yet passed.

So if, for example, a deadline was set, you gave your B&F 2 days prior to that deadline, but then realised the day before that you actually wanted to increase it, would you say this still wouldn't be advisable / possible?

Racml34

Erm I suppose it would be possible but we literally got about 4 hours to make our BAFO so I hadn't thought about changing it. Really though your BAFO should be the maximum you are prepare to pay for that particular property. We ended up paying more than the limit we had originally set ourselves because there were so many others making offers I didn't want to lose it. I would say it's easy to get carried away when you love a property so think carefully before making a BAFO and then don't go over that. If the house wasn't a renovation project there's no way we'd have got into a bidding war like that. Thankfully we are still getting it at a good pice as it was priced extremely low to start with to generate interest.