5 Offers made... Do we accept best offer OR engage in Best and Final offers?

fackers_2

As title says really, In a very lucky position where our home is up for sale at around the £150k mark... We have had 5 offers so far, 2 cash buyers (one asking price and one is just below) and 3 FTB’s (one for asking and the other two are just under asking price)?

The EA has asked us if we would like to take it to a “best and final offers round” to be in by 10am tomorrow (friday)... So my question is do we go with the cash buyer offering asking... OR put it to a bid and potentially get a few K more which could potentially risk losing them... 

Appreciate your constructive and balanced opinions on this

NinjaTune

Personally I'd go for the cash buyer currently offering asking price.  You get the money you wanted and (hopefully) a relatively straightforward sale.

Doozergirl

Just ask for best and finals.   You still get to choose who you want to buy it.   

There's no reason that a cash buyer would pull out if they were asked for a B&F.  If it's the current offer, they'd just stick to it. 

Don't automatically assume that cash is best.  Ask your estate agent to check out everyone's position and stories carefully before you commit to any one buyer.   Some people aren't cash when they say they are and some aren't that committed.  

Enthusiasm goes a long way for me, I wouldn't just pick the cash buyer first.  

fackers_2

Doozergirl said:

Don't automatically assume that cash is best.  Ask your estate agent to check out everyone's position and stories carefully before you commit to any one buyer.   Some people aren't cash when they say they are and some aren't that committed.  

 

EA has checked cash buyers position and has been shown the money in the bank. 

fackers_2

NinjaTune said:

Personally I'd go for the cash buyer currently offering asking price.  You get the money you wanted and (hopefully) a relatively straightforward sale.

My rational side of my brain says this too, it’s a safer bet. But having 5 bids may pop it up an extra few K. Which quantifying it would pay for a landscaping of the garden, or go towards an attic conversion... 

janzbro

If somebody has offered you your asking price and is a cash buyer I would accept it - they have offered what you wanted and being a cash buyer you wont have a chain to worry about falling through.
Your estate agent should have asked them all to prove that they have the funds available or have offers in principle from mortgage company and are in a position to buy, but I wouldnt except any offer until its proved they have the funds 
  

eddddy

I don't see the harm in asking for best and final offers.

The cash buyer might offer a bit more, or even if they don't you're still free to accept their current offer anyway.

I doubt they'd withdraw their offer and storm on in a huff, because you ask for their best and final offer. (And if they did do that, it would suggest that they are a flaky buyer, who was likely to storm off over something else.)

NinjaTune

fackers_2 said:

NinjaTune said:

Personally I'd go for the cash buyer currently offering asking price.  You get the money you wanted and (hopefully) a relatively straightforward sale.

My rational side of my brain says this too, it’s a safer bet. But having 5 bids may pop it up an extra few K. Which quantifying it would pay for a landscaping of the garden, or go towards an attic conversion... 

It's possible the offers that were just under will be raised to asking price but I doubt they will offer over (could be wrong).
Cash buyer and FTB offering asking price might raise it by a small amount, but if the FTB has a mortgage offer based on your asking price then they may not be able to find an additional amount.

You may find that everyone just submits the same offer anyway, but nothing ventured nothing gained.  If someone is put off by B&FO then I guess they probably weren't that keen in the first place.

Doozergirl

eddddy said:

I don't see the harm in asking for best and final offers.

The cash buyer might offer a bit more, or even if they don't you're still free to accept their current offer anyway.

I doubt they'd withdraw their offer and storm on in a huff, because you ask for their best and final offer. (And if they did do that, it would suggest that they are a flaky buyer, who was likely to storm off over something else.)

Exactly that.  It's a no brainer.  

Thrugelmir

Ask for best and final offers. A couple of extra £k will pay your EA's fee. Someone obtaining a mortgage shouldn't be discounted. 

bhaisab

always worth asking...

going through house sale/purchase atm
luckily we had several offers at or just below asking price of £140k
after best and final, several topped up to asking price, and some over it, ended up accepting £146k  from FTB professionals with mortgage
We also received a cash offer of £145k from an investor, which I thought would be preferable but EA warned us away from going with that one as they were worried he might later reduce the offer due to Covid19 or nitpick during sale