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

princeofpounds

Yes absolutely B&FO. There is nothing rude about telling everyone it is a competitive situation and it gives everyone a fair opportunity to secure the property. You just don't want a drawn-out back-and-forth, so this solves it neatly for you.

Don't always assume cash buyers are better. They often are, but as bhaisab says, you can still get gazunderers. Hopefully your EA has a nose for who is most committed; do ask them. They will want to transaction completed more than a k or two on the price so their input on this point will usually be honest.

fackers_2

Thank you everyone for your input, much appreciated. Decided to stick and offer to the Cash buyer who has the cash awaiting and verified by the EA’s. We’re after a fairly quick sale and cash will likely make it quicker... PLUS they are incredibly familiar with the area (family within 2 streets away). 

Treshan16

My house went on the market and sold within 5 days.. all viewers offered asking price.. the cash buyer offered 5k over asking price. Estate agent took it to best and final offer and the cash buyer offered 20k more than the sale price. This was in February. My sale was completed last week Friday @ 20k more than the asking price and sold to the cash buyer 

fackers_2

Treshan16 said:

My house went on the market and sold within 5 days.. all viewers offered asking price.. the cash buyer offered 5k over asking price. Estate agent took it to best and final offer and the cash buyer offered 20k more than the sale price. This was in February. My sale was completed last week Friday @ 20k more than the asking price and sold to the cash buyer 

Fair play!! That’s a pretty sizeable hike! What was the asking price?

Thrugelmir

fackers_2 said:

Thank you everyone for your input, much appreciated. Decided to stick and offer to the Cash buyer who has the cash awaiting and verified by the EA’s. We’re after a fairly quick sale and cash will likely make it quicker... PLUS they are incredibly familiar with the area (family within 2 streets away). 

Doesn't mean that they might now decide to apply for a mortgage.

tom9980

danlightbulb said:

fackers_2 said:

danlightbulb said:

fackers_2 said:

Thank you everyone for your input, much appreciated. Decided to stick and offer to the Cash buyer who has the cash awaiting and verified by the EA’s. We’re after a fairly quick sale and cash will likely make it quicker... PLUS they are incredibly familiar with the area (family within 2 streets away). 

Well personally I think you're a *censored*.

Its hard enough for FTB to find good houses and you've just sold to a cash BTL probably who is just then going to milk more people with rip off rents and stopping person/persons with family getting a home of their own.

I hope you get ripped off somewhere along the process, will serve you right.

more fool you!!

The cashbuyer is a young lad with money from parents who live in the area looking for his first home.

You know what is made of people who make assumptions... Donkeys!  lol 
Uncalled for and just outright keyboard trolling here.  You don’t know my circumstances, the type of property, location and the situations of each person behind the offers as I do. 

Constructive feedback and kindness is all it’s about to help people here! Makes it a much nicer place.

Im glad you clarified the position. These situations, where you come on a forum asking for advice, you should have set out the circumstances of each buyer from the outset. Why? Because it matters, morally. It was unlikely that a young buyer would have been cash, much more likely to have been a BTL and as you didn't say, I assumed.

Whilst I am partially glad you haven't sold to a BTL, its not really much better what you have done. £150k 'gift' from parents. What a lucky boy eh? Buying a house that maybe that FTB who needed a mortgage really is all they could afford to get their own home and here comes this public school boy with his bags of cash.

You want kindness from internet strangers (not that it matters), then provide full details instead of trolling about which of your money bags offers to take to stuff all the others up.

Keep digging that hole.

getmore4less

Did you price to sell or get offers?

5 close to asking suggests it is very competitive in the local market or even undervalue.
How sure are you there is not EA connections to the buyer.?

What market research have you done? 

hazyjo

Want some salt and vinegar to go with that massive chip?

Again, so many presumptions and thinking the worst.  I think good luck to him. Maybe there's a sad story of family inheritance, or perhaps they built up a company from nothing and want to be generouswith their money, or a whole heap of other things. Never ever would I feel bitter or resentful. 

And so what if he had been a landlord. Not everyone wants to buy. Many CHOOSE  to rent.

Agree with the trolling comment. Does seem out to provoke.

Treshan16

fackers_2 said:

Treshan16 said:

My house went on the market and sold within 5 days.. all viewers offered asking price.. the cash buyer offered 5k over asking price. Estate agent took it to best and final offer and the cash buyer offered 20k more than the sale price. This was in February. My sale was completed last week Friday @ 20k more than the asking price and sold to the cash buyer 

Fair play!! That’s a pretty sizeable hike! What was the asking price?

My asking price was £330. Although the house was valued at £340 but put on the market at £330. I couldn’t believe my ears when the estate agent mentioned the offer. 

fackers_2

getmore4less said:

Did you price to sell or get offers?

5 close to asking suggests it is very competitive in the local market or even undervalue.
How sure are you there is not EA connections to the buyer.?

What market research have you done? 

Thanks, we had 3 separate EA’s value it without the knowledge of other EA’s doing the same. They all priced at the same amount. We have also compared based on local market and similar style property on the market with same number of bedrooms etc.  It’s an incredibly popular area, properties don’t last longer than 2 weeks (SW of England). We also advertised it loads on facebook too, with many many ‘shares’ - Of 11 viewers booked for the week, 5 of them were from facebook post and of those 3 made offers. I had everyone share it as best as we can - Yep we could have done it privately but this is the first time selling a property and we want it to all go through smoothly so we thought best to go with an EA. 


Well the situation changed last minute as one of the offers upped to asking price having learned of the others... They’ve all been asked to submit best and final offers by today by the EA. They insisted in doing so as they had people chasing up about their offers and due to the 3rd Asking price offer coming in. Excited to see what happens now!