Can I avoid the dreaded best and final offer scenario?

Thrugelmir

propertyhunter said:

Thrugelmir said:

What's dreaded about best and final? Saves a lot of unneccessary hassle and cuts to the chase for all concerned. 

Agree, it cuts to the chase. I think what I don't like is that there's no scope for discussion, feedback or negotiation with the vendor. The EAs are also really reluctant to answer any questions. 

What's there to say? This is a monetary transaction. The vendor simply wanting a hassle free sale. Having been an auditor for some years in the past. I would never take a complete stranger at face value. People all have their own agendas. 

propertyhunter

Aren't nearly all sellers accepting an offer after taking a stranger at face value? We hear all the time of people offering over asking and then attempting to negotiate downwards based on unjustified reasons often citing the survey or bank downvaluations. This happens regardless of whether it is a best and final situation. 

jenni_fer

14 offers! Wow!
It's so frustrating to not know where you stand isn't it. 

tracytown

Sounds awful. Surely some of these offers are going to be way over what buyers have and when it comes to mortgage valuation they will be over valued and need to make up the extra.

I guess just keep trying and you'll get one in the end! 

propertyhunter

**UPDATE**
So, despite having to go through best and final - I did actually have my offer accepted! 3% above asking. It's a crazy market out there, but don't give up hope. It took me 7 months, but it feels totally worth it now. 

Gavin83

propertyhunter said:

**UPDATE**
So, despite having to go through best and final - I did actually have my offer accepted! 3% above asking. It's a crazy market out there, but don't give up hope. It took me 7 months, but it feels totally worth it now. 

Congrats. It is certainly a great feeling when you have your offer accepted after having several rejections!

jenni_fer

propertyhunter said:

**UPDATE**
So, despite having to go through best and final - I did actually have my offer accepted! 3% above asking. It's a crazy market out there, but don't give up hope. It took me 7 months, but it feels totally worth it now. 

Congratulations!
I hope the rest of the process is nice and straightforward for you.

Rosa_Damascena

OP, I'm so pleased for you!

lookstraightahead

ah op how fantastic! Good luck keep us posted ! What happened to the other 14 offers 😂

lookstraightahead

Rosa_Damascena said:

Murphybear said:

csgohan4 said:

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

This happened to us some years ago.  We offered on a house that was the top of our budget.  A week later the EA told us they’d accepted a higher offer.  We carried on looking and the EA contacted us and said the buyer had dropped out and were we still interested?  We said no because we couldn’t trust the seller not to do it again.  The EA was gobsmacked, he genuinely couldn’t understand why  
We bought the bungalow of our dreams after that 

Because EAs think the rest of the world sees life through a prism of greed, not principal.

This is very true. 

I do see vendors and buyers sometimes like the spoilt children in Charlie and the Chocolate factory (verucca salt?).