Best and final offer advice

Clarie_2

Hello, we are first time buyers and have put an offer in on this house: (link no longer valid) along with 4 others, all around asking price, 4 of the 5 (including us) with no chain.

They have asked us for a best and final offer.

What would you offer?

What other advice do you have for us?

Thanks!
Clarie

PS if you too have put in an offer for this house, fancy a pact to offer 10 grand less than asking?

pinkteapot

We were in the same position with our purchase.

We offered the most we were willing to pay for the house. An amount where if we hadn't got the house we'd have had no regrets.

We took the price another had sold for six months earlier and offered slightly more because (1) the market in our area has risen and (2) houses in the location we're buying in rarely come up for sale (only three this year of which ours was the last) and we're keen to move.

We got it and don't regret the price we're paying.

Look at what similar properties have sold for and add a bit if you really want the house!

gazzabboi

I would say around £150k, dont let the other parties make you offer higher, unless you really like it. It needs a lot of updating, probably a new kitchen etc. But that said it is a fair price for Bristol, and beggars cant be choosy. I think there may also be some scope to extend outwards in future. I would certainly be looking at changing the kitchen/ dining room into a large kitchen diner

Halle71

When you present your bid don't forget that it's not just the price that is being judged but your position.

We recently won a final offer bid and we treated it like a formal sealed bid - we included our position (BTL so no chain), mortgage details ('agreed in principle from lender xxxx'), solicitor's details (we used 'In-deed', an online conveyancer who let us use the details of one of ther solicitors before actually committing to anything).

Even though a bit of blagging was involved, it made it look like we were in a position to move quickly and were taking the process seriously. We won despite not being the highest offer.

Good luck!

Clarie_2

Hi all, thanks for your help! We went with the amount which we felt the house was worth to us, and where we wouldn't feel gutted if we had missed out and wished we'd put that bit more in. It was above asking price - apparently between 6 and 12% above asking price is the norm at the moment for first time buyer houses in Bristol, just in case anyone else is wondering!
Our offer was accepted and all is going well.

Clarie

patricia..xx

I was going to add, when we sold our flat in 2009 and house in 2012 both went to final offers between 2 parties. In both cases one stuck to their original offer and one went up £1k. I was surprised as if it were me I would likely cave and give the full asking price. I will use this information to my advantage hopefully in the near future, but I think just sticking to what you are happy with is the best advice

Oh and congratulations!

pinkteapot

Congratulations!! Thanks for the update, and fingers crossed everything goes smoothly with your purchase.