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Best and final offer not in fact the final offer
medgoode
Posts: 9 Forumite
My partner and I have put in an offer on a house that we are interested in with a guide price of £350,000 to £375,000. We put in an initial offer of £365,000 and were then told that there had been 4 offers, so it was going to best and final offers. We have put in our best and final offer of £371,500. The estate agent has subsequently called us back to say we are one of the top two bids and the two bids are 'virtually the same'. They would like to know if we are able to offer a bit more. I was under the assumption that best and final was our final bid. Is this normal practice?
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Best and final offer means whatever each party in the exchange want it to mean, there is no legal definition. If you want to increase your offer - do so, if you don't - don't.
With 2 identical offers the EA/Vendor are simply trying to squeeze just a bit more cash, instead of "flipping a coin" to see which of the 2 offers to accept.0 -
Do you have any other factors that might set you apart from the buyers who have submitted the other offer....if so I would make those clear to the vendor as part of your offer,either the original one or any subsequent higher one you make....for eg are you big deposits,able to move quickly etc
I've got to say unless you really are in love with this house tread carefully once you get into a bidding war its difficult...what starts as a little more from you will be passed back to the other bidders for their "little more" and so it continues......
You also need to not get carried away to a price that actually is unrealistic. There are times when the survey valuations don't match the offered price and the purchaser is then faced with negotiating with vendors who believe the worth of their property,because that's what you offered or as purchasers you cover the shortfall with possibly extra deposit which may make you feel you have overpaid...you can of course take the 3rd option and pull out but then the whole process starts again of finding a property and a partial solicitors bill to cover for the aborted purchase.in S 38 T 2 F 50
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In my experience (large commercial IT contracts..) BAFO rarely was BAFO. Seem to recall at least 3 on one matter...0
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Sounds like we're in the same game (or even the same company).theartfullodger wrote: »In my experience (large commercial IT contracts..) BAFO rarely was BAFO. Seem to recall at least 3 on one matter...
I don't think I've ever heard of a BAFO being the BAFO :rotfl:The smaller the monkey the more it looks like it would kill you at the first given opportunity.
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newsgroup_monkey wrote: »Sounds like we're in the same game (or even the same company).
I don't think I've ever heard of a BAFO being the BAFO :rotfl:
Retired over 11 years now...0 -
Depends if you think your EA and Seller are people of their word, and if you think you are.
Personally I won't play games and if I make a Final offer then it is what it says. So I would tell the EA that. You only have their word there are others involved anyway.0 -
Or add 50p.
Usual advice in Scotland (where closing dates are more commonplace) is not to offer a round figure, but that still leaves you guessing about whether your offer of £200,123 is better than the £200,321 the competition might be offering.0 -
Walk away. So many post about this, BAFO should be exactly that, if there already asking you to increase what else will they ask you for if you actually get the property.0
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Thanks for the responses. We are prepared to offer a bit more, but that will be our final offer.0
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