Two Offers At Asking Price

flora48

Are they both in a position to proceed. I would want confirmation that finance/mortgage was in place having had a cash buyer in the past who proved to be anything but.

moneyistooshorttomention

lee111s wrote: »

Have the estate agent inform them that there have been two equal offers of asking price and that you'd like to have the prospective buyer submit their best and final offer.

Once you have chosen a buyer based upon the highest offer, please do the honorable thing and stick with that buyer. Don't accept another offer if the other party comes in a few thousand higher!

Assuming they both offered at pretty much the same time and you hadn't accepted either offer, then you are free to do the above.

In the event, I had two people coming along at once on my last house and putting in offers. Both offers were put the same day, as I recall, and I hadn't accepted the first one I heard when the second offer came in. My estate agent got told to tell both of them about the other one and that neither offer had been accepted yet and they then had a "bidding war" as they both put further offers. At the end of that day, I duly decided which one of them to go with and accepted their offer and that is the person who bought the place.

EDIT; My estate agent did advise me which one of the two to pick if possible but, in the event, that person was the one who offered most anyway (if not by very much at all).

Mallotum_X

Check the status of the buyers, funds in place, mortgage approved, anything to sell? Length of chain.

By all means go best and final, but take the above into account.

Mickygg

Mallotum_X wrote: »

Check the status of the buyers, funds in place, mortgage approved, anything to sell? Length of chain.

By all means go best and final, but take the above into account.

Maybe re read the First post, all answered there.

jjlandlord

moneyistooshorttomention wrote: »

Assuming they both offered at pretty much the same time and you hadn't accepted either offer, then you are free to do the above.

He is free to do the above as long as he hasn't exchanged contracts, though a buyer may be p*ssed off if OP already told him he accepted his offer.

Hoploz

We offered on a house we knew we wanted following an open day. We had tried to buy it some months before but it had been taken off the market. There were several other offers, I don't know what they were. It went to Best & Finals, which we were pleased about as it gave us another crack of the whip. If they had just refused and gone to someone else we would've been gutted. We duly offered a bit more (we were truly stretching by this point, we had in no way tried to get a bargain before, we already knew we had to have it)
And we were thrilled when we got it!
And the seller must have been thrilled also as they made an enormous profit far beyond the original asking price when we were originally shown it.
Best and finals just gives everyone a last chance, do it!

steveodan

Thanks for all the advice. In the end I included the Range Cooker and some blinds and asked both parties for their best and final offer. Both increased their offers and I went with the highest offer as their circumstances were very similar

suicidebob

jjlandlord wrote: »

The higher offer gets them the house. That's something.

It's always easy to give away stuff for free when that stuff belongs to someone else.