Must put in final offer

Heisenberg87_2

I have put a bid of £183,000 on a 2 bed flat and have been told by the east agent that 3 other people have put in offers all around the same mark. I have now been told that each of us has to put in one last offer. Anyone had this before? I will happily go to £190,000 and maybe £195,000 but I'm worried that I put in an offer of lets £190,000 but the next highest bid is only £185,000. I end up paying an extra £5,000. Any advice would be great?

pinkshoes

This is quite common when there are several interested parties. It saves it going to a bidding war!

Just offer what you are willing to pay, then leave it to fate.

You will not find out what the next highest bid is. Would you be gutted if you lost the house?

MysteryMe

None of us know what the other bidders will bid so the only advice would be to put in a bid that you are comfortable with based on how keen you are to buy it, how it compares to other properties you have viewed and the availability of other similar properties.


Include what your position is, i.e. FTB with mortgage arranged, cash buyer etc with your offer. Not all vendors go with the highest offer if the next highest are in a better position to proceed.


There are always risks with buying, you could buy for £183,000 and an identical house then sells for £180,000. That's how it is. Just don't offer more than you feel the flat is worth to you. It may be that you don't wish to increase your original bid you, are not forced to.

jjlandlord

A trick is not to offer a round number. E.g. offer 191k instead of 190k.

It does not help much if you are clearly outbid, but if others also think 190k and offer just that then you break the draw to your advantage.

silvercar

What is the asking price?

We recently bid on a flat and were told that an asking price offer was needed as there were other bidders. We agreed to asking price and then they asked for final offers as there was more than one asking price offer. We walked away; no point paying more than an EA thought it was worth.

System

Yes, happened to me last week. This was on the back of an open house after which 5 others and I made an offer. Once the counter offers reached the asking price, EA said only fair way is final offers.

I went £5k over asking price. I made this in the basis of actually seeing the other parties in person at the open house and making an estimate of what they would be willing to pay and made an offer based on that estimate.

ognum

Just put in your considered best offer. Include your status, first time buyer, cash buyer, mortgage agreed etc.

Also include your time scales for moving or will work with the sellers time scale.

Add anything that makes you a better bet than other buyers.

Seller does not have to take the best offer in cash terms just the best offer to them in buisness terms.

Heisenberg87_2

Thanks for everyones advice. We have been told the vendors want to move asap and we are first time buyers with a MIP as well as Solicitors ready to go if we are accepted. The property is up for £180,000 but within that area most 2 bed flats go for around £200,000...

rosie383

It is a bit tempting to think that you don't want to pay more than what you could have got it for if you knew what the other bids are. I'd say to approach it with the attitude that if you really want it, this is the maximum I would be prepared to pay. If you then do get your offer accepted, it would not help in any way to know what the other bids were.
We had one recently that we desperately wanted but which was over budget. We put the maximum bid that we could possibly put but lost out to another buyer who could afford more than us. Because we were buying mortgage-free and were in a position to move ASAP as we have already sold, the vendor seriously considered our offer but it just wasn't enough.
If you don't offer as much as you would be happy to pay, and you lose out, you will kick yourself. I think it depends on how much you want the property.

ognum

rosie383 wrote: »

It is a bit tempting to think that you don't want to pay more than what you could have got it for if you knew what the other bids are. I'd say to approach it with the attitude that if you really want it, this is the maximum I would be prepared to pay. If you then do get your offer accepted, it would not help in any way to know what the other bids were.
We had one recently that we desperately wanted but which was over budget. We put the maximum bid that we could possibly put but lost out to another buyer who could afford more than us. Because we were buying mortgage-free and were in a position to move ASAP as we have already sold, the vendor seriously considered our offer but it just wasn't enough.
If you don't offer as much as you would be happy to pay, and you lose out, you will kick yourself. I think it depends on how much you want the property.

Offer enough that you won't regret no getting it but no more!