Multiple asking price offers - what next?

fluffy123

Hi everyone,

We put our house up for sale at the end of last week for 200k. We were swamped with demand beyond our expections and have ended up with three offers from FTB’s all at asking price at the first offer.

Our EA had informed them all that it’ll be a few days for a response due to demand and pre-committed viewings (although as it stands, we have suspended future viewings), they’ve also outlined to them that they’ll likely be contacted again for a final offer due to the demand.

Is this the best course of action? It’s not about money for us, asking price is great (obviously anything over that is realistic is a bonus) but it’s about finding the strongest candidate to commit to it.

TIA

Thrugelmir

I'd ask all of them to submit a full and final offer. No more haggling. Straight question.

Hopefully your EA has already reviewed their financial circumstances etc sufficiently enough to weed out timewasters.

firebubble

Get your EA to ask the buyers for an email about their situation - are they waiting to sell, have they got finance in place, are they in a chain or chain free, and give them the opportunity to restate (or increase) their offers, but making clear to your EA that it's not about price, it's about their situation. Then go from there. It's a good position to be in!

hazyjo

I'd go for the one with the biggest deposit. Small chain would be fine. FTBs in my experience are more likely to have cautious lenders as they've not previously proved themselves. An offer in excess of asking price may result in down-valuations.

SmashedAvacado

Perhaps when asking for "best and final" i might ask them to confirm:

1) What is their timing?
2) Have they got a lender lined up?
3) Have they got a solicitor lined up?

I would also make it clear that any accepted offer is conditioned on the buyer instructing a solicitor and lender, and that solicitor making contact with yours within 72 hours to confirm they are instructed, are in funds to proceed with searches and have undertaken their KYC. Ask the agent to guide them in this to make sure they understand, as often it is the case that the buyer has an offer accepted and then they dont act with any sense of urgency in kicking off the process.

knightstyle

We had a similar situation in the 80s. In the end we accepted an offer over the asking price from a couple who came round one evening to make the offer in person.
So have you seen any of them when they viewed, if so which one did you like? First impressions are often best.

Slithery

Hold on for a few days and see if you can get an asking price offer from a non-FTB.

I'd take an experienced buyer over an FTB any day of the week, even if the offer was lower.

middleclassbutpoor

We have just sold to a FTB with no issues and I read as many stories about experience buyers trying their luck as much as new ones so I would want more details on their situation as possible.

As stated above, deposit size is a good indication and so is those who have got their solicitor lined up.

I would ask the EA if any of them have been more difficult to deal with than the others - i.e. any insights to how they may behave should any 'issues' arise as part of the conveyancing process.

If all pretty similar - go with the one whose final offer looks most sensible but be mindful that just because the offer more, it doesn't mean it will value up so be wary of too big an offer as this may backfire.

kinger101

Ask for best and final offers. But bear in mind those with low deposits are at higher risk of hitting a shortfall at valuation stage.

fluffy123

Thanks - we have one more prebooked viewing in tomorrow.

Think we'll let them come and then get EA to contact our three confirmed offers so far on Thursday to ask them to submit a best and final offer and outline their case. If in the meantime, anyone else crops up, they'll be asked the same.

Does that seem workable? It's not a situation we expected! Obviously if anyone comes in with a ridiculous bid, we might have to dismiss it due to valuation etc.

fluffy123

Well, gone to final offers this morning. Within the hour had all four recontact with an increase. One by £1,050, one by £3,000, one by £5,000 and one by £5,500

Veering towards the £5,500 seller as they’re currently renting but not a FTB, however they’re offering up a 40% deposit. There are other FTB’s in the mix too and waiting to establish other details, one is a seller who has sold STC.