"Offers over" on house listing

Irishpearce26

NameUnavailable said:

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.

The sellers know the OP is interested, they have a figure in mind but clearly don't want to play micro bidding games. The best and final route is a means to an end with this interested party. Yes if the offer is close to the figure they have in mind then they may say meet us at £x and its yours but in reality they are hoping the OP will max out their budget.

Best and final is not the final bid for the house its the final bid from that interested party, it eliminates time wasters. Sure they can reject their best and final bid and carry on marketing.

pieroabcd

I interpret "Best and final" as a way to solicit buyers to offer the top of their budget.

"My offer is X.
If the seller rejects it, please send me a formal rejection note, in which case I'll decide my next steps.
Please, don't telephone me because due to support duties my telephone has to be shut down all day, so I can't answer, but I'll keep monitored my email."

Lucylo

Lots of advice we can agree on, thank you everyone.


Slight update - 

We went in at 195k yesterday, we thought it was reasonable. It got accepted however they want to do a last viewing today. Bit annoyed with them really if they think they can keep us on the table and then gazump us or start a bidding war.

Think we've both just decided we won't be messed around with now, we're currently chain free and wanting a quick exchange so we don't want this sneaky behaviour.

If only it we're that simple ?!

NameUnavailable

Lucylo said:

Lots of advice we can agree on, thank you everyone.


Slight update - 

We went in at 195k yesterday, we thought it was reasonable. It got accepted however they want to do a last viewing today. Bit annoyed with them really if they think they can keep us on the table and then gazump us or start a bidding war.

Think we've both just decided we won't be messed around with now, we're currently chain free and wanting a quick exchange so we don't want this sneaky behaviour.

If only it we're that simple ?!

So they haven't accepted your 195K. They're saying they'll take it if they don't get a better offer. I'd be worried about spending money on surveys etc. only to find they keep taking viewings and eventually get a higher offer.

Proceed with caution!!

AdrianC

Lucylo said:

Slight update - 

We went in at 195k yesterday, we thought it was reasonable. It got accepted however they want to do a last viewing today. Bit annoyed with them really if they think they can keep us on the table and then gazump us or start a bidding war.

Think we've both just decided we won't be messed around with now, we're currently chain free and wanting a quick exchange so we don't want this sneaky behaviour.

They aren't being sneaky, they aren't messing you around.

They're being absolutely up-front and honest with you.

There's another viewing booked. Unless that comes up with a better offer, they'll accept your £195k.

[Deleted User]

elsien said:

[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. 

Saying that is fine, but they didn't say that. They are trying to run an auction, inviting gazumping, and generally making life worse for everyone but themselves.

ReadingTim

Lucylo said:

Lots of advice we can agree on, thank you everyone.


Slight update - 

We went in at 195k yesterday, we thought it was reasonable. It got accepted however they want to do a last viewing today. Bit annoyed with them really if they think they can keep us on the table and then gazump us or start a bidding war.

Think we've both just decided we won't be messed around with now, we're currently chain free and wanting a quick exchange so we don't want this sneaky behaviour.

If only it we're that simple ?!

It's not sneaky - that viewing may have been booked before you made your offer, so they feel duty bound to honour it - especially if it results in an offer which is higher than yours.  They've also told you they're doing that, rather than going behind your back.  

However, I would say to the agent that your offer is conditional on the property now being taken off the market: they can have this viewing, but no more!

980233

Lucylo said:

Lots of advice we can agree on, thank you everyone.


Slight update - 

We went in at 195k yesterday, we thought it was reasonable. It got accepted however they want to do a last viewing today. Bit annoyed with them really if they think they can keep us on the table and then gazump us or start a bidding war.

Think we've both just decided we won't be messed around with now, we're currently chain free and wanting a quick exchange so we don't want this sneaky behaviour.

If only it we're that simple ?!

Sneaky would be holding this viewing without your knowledge after saying yes to the offer.

Things I have learned over the years is ignore agents/vendors like this and walk even if the house is decent. Put an asking price on the house, none of this gibberish marketing. Sometimes they come back to you, sometimes they don't. C'est le vie.

Bendy_House

Lucylo said:

We've been looking at a house for 200k that has the phrase "offers over" on a listing.
"We want your best and final offer"

These two phrases are effectively meaningless, in that they might want it to mean what it says, but in reality the final sale outcome is unlikely to be decided by either.

Of course they'd like 'over £200k', and if they want to try holding out for this, that's up to them. But if they want to sell, then they'll likely have to compromise - and good chance that will be under the £200k 'minimum'. So it's little different in practice to an asking price of £220k (where folk would be throwing in low offers) or one of £190k (where it might attract more interest and more competing bidders); the house will likely sell for just what it's actually worth - what someone is ultimately prepared to pay.

Ditto with 'best and final'. How they'd love you to actually believe that, and be pressured into going 'high' to secure it - just in case they do mean it! Again, if they reject your initial B&F offer, you really think they won't listen if you increase it?! For a start - the EA has to pass on any credible offers, and you can bet the EA will be constantly advising their client what to do.

Sadly, the same applies to "I'll offer £Xk if you stop marketing it". Even if the EA could be trusted to do this (some can, some cannot - I've come across both), they'd still need to pass on any offers that subsequently turn up. The calibre of the EA will determine how much they try and put these new higher bidders off; some will try to, others won't try so hard.

Yes, it's a murky business.

I wish you the best of luck - because luck is a large factor in this.

Titus_Wadd

The vendor is asking for your best and final offer without offering best and final acceptance.