"best and final" time :/

49IM

I am interested in a property for BtL, listed for 150-160

It's worth about that much, going by what else is around here. I put in an offer of 152 and was phoned back two hours later telling me that there was one other offer today and they want best and finals by tomorrow morning.

I'm without a chain (but the vendor hasn't found yet anyway, so not sure that helps them).

Any quick tips on strategy? I guess I'll at least try 155 or something but am reluctant go more simply because of how objectionable the whole process is and how I could well just be bidding against myself. Sigh.

Got a few hours to decide, anyway.

sparky130a

Despite EA BS it's not "final " till completion, or in most cases exchange...

MyOnlyPost

Stick to your valuation and push your positives, no chain, funding in place etc etc.

The highest offer isn't always the best offer

Doozergirl

Try not to overthink it.

Go with the price you'd be happy with.

And yes, push your positives.

Lemonsqueezer78

Hate all this "best and final" rubbish. Its just a way to try and get someone to panic and over pay. I was recently asked for my best and final on a property that both me and another person were interested in. I refused and said I'd up'd my bid in increments I was comfortable with and told the EA that if the other party increased their bid, it was entirely up to them whether they wanted to come back to me to see if I was interested in increasing my bid further.

Obviously they did come back. A few times.

glasgowdan

I hate it, it's how almost all desirable properties are sold in Scotland, but they call it closing date. Last one before our current house I made a clear offer, they came back with closing date after taking nearly a week to get back to me and I didn't make a closing date offer at all out of principle. I hate the system where an open and keen offer can't just get a yes or no.

MistyZ

We bought our last house in this way. 'Best and final' happened via an afternoon of frantic phone calls whereby (alleged) other would-be buyers bid against us. We ended up getting the house and it was great. However we never really got over the feeling that we'd been had, and were surprised how that lingers.

I do think that unless you've got bottomless pockets it's better to feel more or less okay about the way in which you buy your house. It's always pressured, it's always a huge expense, but you need to be sure that every 'concession' sits as well as possible with you. If you roll over and down the hill at a great speed, there's likely going to be some resentment.

It's not a sure fire advantage, but the fact that you're without a chain has to be a big plus in most situations. Don't underestimate it in the heat of the moment. I guess you may have made the decision by now though. How did it go if so? And Good Luck!

armchaireconomist

Stick at £152k, at best stick another £1k on to show some concession. EA is trying to bump up the price. They will phone you back... Don't overpay for sake of panic.

49IM

I decided to go to 155, now in the unusual situation of the agent phoning back to say that an identical offer is present from a different agent, specifically citing 155.

I'm asked to "bridge the gap" (i.e. offer more)

Pixie5740

I wouldn't offer any more and I would start looking at alternative properties. You're an investor so it's not like you have an emotional attachment to the purchase and to maximise your profits you have to buy for the best possible price.

49IM

Pixie5740 wrote: »

I wouldn't offer any more and I would start looking at alternative properties. You're an investor so it's not like you have an emotional attachment to the purchase and to maximise your profits you have to buy for the best possible price.

For sure. I have another viewing scheduled this afternoon elsewhere, in fact. Same price - 160 asking. They all are. This one would do the trick but so would another if it came to it.

There aren't a LOT of properties around at this price range in this rental catchment (university), usually 2-3 up at a time and they do sell.