Can I avoid the dreaded best and final offer scenario?

propertyhunter

Hi all, 
We want to offer on a property we saw yesterday in Pinner, Harrow (off market listing) and I know this house is going to have multiple offers on it come Monday since I've studied the market for months. Is there a way to avoid it going to best and final if we present our offer in the right way?
First off, I'm offering 3% above asking - a price I'm happy with. I'm no chain, high deposit (40%). It's on one of THE most desirable roads. 
The house has been granted probate (phew) - so is it destined to go to best and final regardless?
Anything else I can throw into the deal to make them pick us?
Thanks!

wilfred30

propertyhunter said:

Hi all, 
We want to offer on a property we saw yesterday in Pinner, Harrow (off market listing) and I know this house is going to have multiple offers on it come Monday since I've studied the market for months. Is there a way to avoid it going to best and final if we present our offer in the right way?
First off, I'm offering 3% above asking - a price I'm happy with. I'm no chain, high deposit (40%). It's on one of THE most desirable roads. 
The house has been granted probate (phew) - so is it destined to go to best and final regardless?
Anything else I can throw into the deal to make them pick us?
Thanks!

In which case, I very much doubt there's anything you can do to stop it going to best and final offers if the property is that desirable.

That said, your offer sounds quite good (depending on the sale price) so if I were you, I'd just give it a go and keep your fingers crossed.

Ramouth

I think on location location location they had a couple buying a probate property that was full of stuff and they included in their offer that this could be left if the sellers wanted.  Saved the sellers having to clear it.

knightstyle

there is no final offer scenario!  some years ago friends went for a house, several others wanted it so the agent told them to send bestand final offer to them by a date. They were the highest  so things started progressing, 10 days later they were told an underbidder had increase their offer and the vendors were now going with them!
friends bought elsewhere and a couple of months later the agent contacted them to see if they were still interested as the buyers had dropped out!

csgohan4

knightstyle said:

there is no final offer scenario!  some years ago friends went for a house, several others wanted it so the agent told them to send bestand final offer to them by a date. They were the highest  so things started progressing, 10 days later they were told an underbidder had increase their offer and the vendors were now going with them!
friends bought elsewhere and a couple of months later the agent contacted them to see if they were still interested as the buyers had dropped out!

The sellers got what they deserved accepting gazumpers

Soot2006

Ramouth said:

I think on location location location they had a couple buying a probate property that was full of stuff and they included in their offer that this could be left if the sellers wanted.  Saved the sellers having to clear it.

We did this in 2008 - basically said we'll take it as it is and clear it out ourselves. We were renting so knew we'd have some crossover weeks anyway. The vendors were very happy to not have to deal with it any more. EA told us other viewers had already started stipulating "this needs to go" (ancient gas cooker), "that needs to go" (crappy built in closet) before they could consider making an offer, so I guess we looked like an easier option.

lookstraightahead

Do they seem reasonably savvy? We sold a probate house and it was great to sell to someone without a chain. We had two offers and went for the lower one because of their situation.

if they are sensible then your situation will carry weight. If not then you will just have to offer what it's worth to you and see.

one thing I would say though, stick to your guns. Your 40% hard earned doesn't want to be wasted more than you're happy with.

propertyhunter

@lookstraightahead
Well it's the daughter selling it for her late mother. I think they will prioritise the highest price to get the best value for the beneficiaries. I suppose the chain only becomes relevant if they are desperately wanting of the funds from the house sale, and I can't gauge that from the EA. The EA just says 'I don't know' - whether they do or not is another matter. 

@Ramouth and @Soot2006
I did think about offering to deal with unwanted items too - I'll put it into the offer, thanks.

A new but related question then - if it's going to best and final because lots of people are interested - what do I offer first? Or do I just offer my best and final as my first offer and leave it at that? I wonder whether the EA will tell other buyers after giving their first offer that they've received one offer well above asking, and this triggers a wave of over asking offers at best and final. 

jenni_fer

Sadly I think it's inevitable. Having the same discussion in our house today.

We think we'll go with asking and then see what happens. Both times we've been on the selling end we've had asking and over first round and then increased over and stuck at asking second round. But we'd have accepted asking had noone else offered.

We've lost out a few times with crazy offers though. 

propertyhunter

I've lost out to crazy offers too - hence putting in my own crazy offer. 

I'll speak to the agent on Monday to gauge interest levels/numbers of offers. Some people might be put off with the condition of the property, but I still expect multiple offers. 

Ksw3

We've had endless rounds of best and final, even twice on one house. Lost out on them all as they sold at 10% over in the end.

Wish you all the luck.