Best and final offer approach. Good or Bad?

eddddy

DAVESQUARED wrote: »

None of them operated this approach and one told me actually referred to it as a "dangerous game" read into that what you will.

I guess I read 2 things into this.

1. EAs will say whatever they think you want to hear. If you say "best and final offers are bad" - they'll agree. Because they're salespeople.

2. EAs really, really, really like to discredit their rivals. If you say that another EA is taking a property to best and final offers - they're likely to say that's proof they the other EA is a rogue, and should be avoided at all costs. (Similarly, if you say that another EA is wearing green socks - they're likely to say that's proof they the other EA is a rogue, and should be avoided at all costs.)

It's all a bit of a game really. I'm glad things are working out for your son's purchase.

Thrugelmir

DAVESQUARED wrote: »

None of them operated this approach and one told me actually referred to it as a "dangerous game" read into that what you will.

Up to the vendors to decide if it's the approach they wish to take. EA's are merely there to advise and guide.

MysteryMe

Lungboy wrote: »

Best and final doesn't mean anything in England though.

It's means everything if that is what the vendor wants, which was the case when I helped my mother sell her house.

The vendor can instruct the agent not to pass any offer on which does not meet their criteria, which could include people who ignore a deadline for a best and final offer.

MysteryMe

DAVESQUARED wrote: »

Been a busy few weeks during which my son found and had an offer accepted on another much better house at a good price.
Whilst trecking around houses with him I had the chance to chat with a couple of other estate agents and mentioned about the whole "best and final offer" method. None of them operated this approach and one told me actually referred to it as a "dangerous game" read into that what you will.
What they all agreed was that it was purely a tactic to close the deal with as little hassle to the estate agent as possible. Whilst some other posts have described the "hassle" of multiple calls this is only for the buyers and the agent. The seller would only receive a call once a final price has been reached. If a seller did not want this "hassle" then they could just say it was their best and final offer at any point. The only person saving unwanted effort here is the estate agent.
The only "game playing" is the game started by the agent in the first place hoping people will over-bid to win. i think the actual loser in the whole deal is the seller so the lesson I've learned from this is that next time I come to sell a property I would not go with an agent that handles multiple bids this way.

What I am reading into this is you are still engaging in self justification. The Estate Agent works for the vendor, not you. If they were showing you around properties they will be doing what is best for their client not you. If they see they have a potential purchaser with a bee in their bonnet about best and final offers they will tell you what you want to hear. If they turned around and told you that you were wrong and your understanding of it was warped it's not very likely that you are going to buy their clients property is it. Wise up.

I think you informing us that your son had found a better house at a better price was a given but hopefully now he is on the property ladder he can stand on his own two feet and make his own decisions.

Slithery

DAVESQUARED wrote: »

Whilst some other posts have described the "hassle" of multiple calls this is only for the buyers and the agent. The seller would only receive a call once a final price has been reached.

That's simply not true. EA's are legally obliged to forward all offers to th vendor.