"Offers over" on house listing

Lucylo

We've been looking at a house for 200k that has the phrase "offers over" on a listing. We've seen it twice, really like it, it's been up for a while. So today we put an offer in at 190k, it is a lovely house however needs some alterations given the price, other issues ect.

We have got turned down (which we were expecting) but then given the phrase "We want your best and final offer".. we were told that we were the only buyers interested, other people who had seen it, viewed but weren't interested so just us.

Bit confused as of what to do next, we've had a talk again about another offer but feeling this is a bit of a weird game given we are the only bidders.

MaryNB

They may think you've put in a initial low offer (below the max you would be willing to pay) with a view to offering higher when rejected, which is a common tactic. They may just be holding out for £200k+.

How much do you want the house? You could say £190k is your best and final and walk away if they reject it. You could try £195 or £200k and say that's your best and final.

I bid on an "offers over" house. Went £10k under was rejected, submitted a second offer just under asking and it was accepted. With my second offer I said it was my final offer and there way no way I would be offering higher given the market at the time (after 1st lockdown when there was a lot of uncertainty). It said "offers over" but I knew they dropped the asking so I knew they weren't getting high offers. 

steve866

Sounds to me that you are close and want an increased offer by a decent chunk rather than going back and forth a million times. I would probably tell the agent you have spoken to a family member who has agreed to lend you some money to high enabled you to increase to a final offer of £193,750.

theartfullodger

About 20 years ago I offered well over 10% less than the "offers over" price asked for,

Rejected forcefully, bluntly, rudely by agent on behalf of their client.

I thanked them kindly for their response.

A week later I made exactly the same offer.  Accepted.

Sold it 2 years ago, nice house...

Offer whatever you want, there are no rules.

[Deleted User]

It's just a scam to get more money out of you. Tell them that £190 is your best and final offer. If they reject it and they haven't had anything better in a few weeks time you can always go back to them.

AdrianC

RatInACage said:

"We would like you to panic and over-offer like this is a real best and final offer situation, even though you're not bidding against anyone."

You're bidding against it remaining on the market.

They're saying "we're rejecting £190k as too low, but we don't want to play games with multiple +£1k increases. Give us one more offer, we'll take it or leave it."

NameUnavailable

It can't be a 'best and final' offer because if your offer isn't accepted they are just going to wait for a better offer to come along, or if it doesn't they'll possibly reduce the asking price (or take it off the market).

What is the vendors position? If they're waiting to get an acceptable offer before they start looking then they'll be holding out for as much as they can get. If they have another place they're trying to buy then you have a stronger position.

How disappointed would you be if you lose it?

You could go back and ask what is their best and final asking price!

Irishpearce26

NameUnavailable said:

It can't be a 'best and final' offer because if your offer isn't accepted they are just going to wait for a better offer to come along, or if it doesn't they'll possibly reduce the asking price (or take it off the market).

What is the vendors position? If they're waiting to get an acceptable offer before they start looking then they'll be holding out for as much as they can get. If they have another place they're trying to buy then you have a stronger position.

How disappointed would you be if you lose it?

You could go back and ask what is their best and final asking price!

Of course it can be best and final you don't need more than one bidder to go to best and final, the OP has made an offer and the sellers want more hence why they want the OP to make their best and final offer. If they like it they accept if they don't they carry on. This eliminates the back and forth process of micro offers each time. 

OP i would increase your offer slightly by say £2.5k, they either accept it or not. Then if not give it a week and then state your offer is still on the table.

elsien

[Deleted User] said:

It's just a scam to get more money out of you. Tell them that £190 is your best and final offer. If they reject it and they haven't had anything better in a few weeks time you can always go back to them.

How is someone saying “it’s too low, we want a higher offer” a scam? 

Normal part of house selling process, surely. OP is free to either offer more, hold out for longer, or walk away. That’s not a scam. 

lookstraightahead

I don't even read those words. They are fuzzy in my brain, I just offer what I want.

NameUnavailable

Irishpearce26 said:

NameUnavailable said:

It can't be a 'best and final' offer because if your offer isn't accepted they are just going to wait for a better offer to come along, or if it doesn't they'll possibly reduce the asking price (or take it off the market).

What is the vendors position? If they're waiting to get an acceptable offer before they start looking then they'll be holding out for as much as they can get. If they have another place they're trying to buy then you have a stronger position.

How disappointed would you be if you lose it?

You could go back and ask what is their best and final asking price!

Of course it can be best and final you don't need more than one bidder to go to best and final, the OP has made an offer and the sellers want more hence why they want the OP to make their best and final offer.

Yes, but best and final is usually where there's several parties interested and the vendor is going to sell to one of them, depending on whose offer is deemed 'best'. That's why it's also final as you don't get another chance to negotiate (in practice it often goes to round 2 or 3!).

What I mean is that the OP puts another offer forward, they say no, but it's not final because the house still won't have sold. So the OP could go back again if they wanted to or the vendor might mull it over and come back to accept the offer they initally rejected.

So it's not best and final it's just a rejection on the inital offer.