'best and final offer'

Nedworth

Hello,

so we've seen a flat for the second time, and the first EA who showed us round mentioned that there were other offers but they had been rejected for being too low. We asked realistically what would they be likely to accept. She said a price that we thought was fair (and below what we were going to put in!) so we offered it. That was all fine until two days later I get a panicked phone call from a different EA who was dealing with us saying that (as he keeps mentioning) there were other bids and we had to give them our 'best and final' offer now to compare to the others. I didn't want to rush into it so said I would speak to my husband about it.

I've emailed him today and asked if he could just confirm if our offer has been rejected or not and he calls my husband saying we need to give the 'best and final' by mid-day, and completely avoided the question.

My questions are:
That yes there were other offers, but they had been rejected (unless they put something else in) so should we not be told if ours was accepted or not? Or is it acceptable for him to keep harassing about the 'best and final' and completely ignoring to answer our question about the offer?

My issue is if we say we'd be willing to go up to X amount, and someone is only willing to go 10K less than that (for example) of course they will take ours at 10K more, but will they take the top bid or just 2/3K over the others 'best and final'?
I feel by showing them our top they will try to get closest to that as possible even if no one else is near. Is this correct? Sorry, FTB and new to all of this >.< Did try and look around but couldn't find. Any help is much appreciated.

Grenage

Put emotion aside and state the price you'd be happy to pay for that particular property. Don't over-think it, don't concern yourself with how any other people are interested.

If the house hasn't been on the market long, then it's quite possible there may be other bids (potentially low offers). If it's been on the market a while, then it's less likely.

But don't pay a penny more than a figure at which you feel you could resell the house. When we've been asked for best and final offers I've always been clear that it's the only offer I will be making.

Fed

I'd be tempted to stick to your offer and see how it pans out. Or if you're really set on it, raise it to what you were going to put in

Cakeguts

Just offer what it is worth to you and no more. Don't allow the EA to try to squeeze more money out of you than you want to pay.

Hoploz

If they say they've had multiple offers and are asking you for a best and final, it sounds as if yours has been rejected and others may be at a similar level. It's up to you ... If you have the nerve you could try resubmitting the same offer as before, but I think it's unlikely they will accept it unless the other bidders drop out. Bid what you're willing to pay.

Some people might add that there could be room for re-negotiation later if anything unforeseen comes up eg survey identifies work required. But it would be mean to be planning this in advance and could backfire if you rely on it.

eddddy

Nedworth wrote: »

My issue is if we say we'd be willing to go up to X amount, and someone is only willing to go 10K less than that (for example) of course they will take ours at 10K more, but will they take the top bid or just 2/3K over the others 'best and final'?

Just to clarify this point....

They will accept your full offer (not £2k above the second highest offer).

For example, if the following 'best and final' offers are made

• You: £250k
• Mr A: £210k
• Mr B: £205k

They will accept your offer of the full £250k.

And...

• They won't tell you what Mr A and Mr B offered,
• They usually won't tell Mr A and Mr B what you offered (but they might)
• And if Mr A later increases their offer to £255k, the vendor might accept it.