“Best and Final Offers” however estate agent is still accepting viewings

Phillippa9319

I’m after some advice.

On Tuesday we went to view a property and we put an offer in. On the Wednesday the estate agent phoned to say they have had a number of offers on the property so it was going to best and final offers, so we subsequently put in our final offer.

the mortgage adviser for the estate agent then phoned us later that Wednesday afternoon to say that they still have viewings on the property for the weekend, and then said that because the property is still for sale on Rightmove they have to honour those who call up to view, which we know is BS.

im just curious if anyone else has been in this situation, as I personally feel that it was ethically and morally wrong to push for best and final offers but then call to say that other people are viewing the property at the weekend. I did try and contact the estate agent for further clarity but they never called me back. 

Thanks 

comeandgo

The words ethical and moral do not fit with estate agents and the English system of house buying.  The EA is trying to maximise the sale price, it’s their job to do that.

Phillippa9319

Forgot to add, we will find out on Tuesday if our offer has been accepted or not. So 6 days after putting the final offer in. 

user1977

So what were you told was the deadline for "final" offers? Sounds like you've actually got until Tuesday.

ironlady2022

It will be the Seller instructing the EA. And it's entirely up to them really. 

Scotbot

Look at it from the vendors point of view. You put your house on the market get viewings booked for the next few days and following weekend . Offers come in after intial viewings but you still have viewings booked for the weekend.  Of course you are going to let the weekend viewings happen , you want the best possible price. The EA could have been clearer about the deadline but that's about it.

youth_leader

I'm glad you have time to think how much this house is really worth to you, and you could increase your best and final offer. Don't lose it for £ you could afford.  Have you been looking for long?  Have you looked at RightMove to see how much similar houses have gone for? 



  

lookstraightahead

It's called gearing up for a bidding war.

Keep looking yourself and don't make the mistake of paying more than you think it's worth, or that the lender thinks it's worth if you're relying on a mortgage.

it's a horrible system where the vendor wants people to outbid each other. They think they have your offer in the bag and will tell everyone else they have an offer so that they offer more (via the EA). Then when they get a higher offer they will come back to you to increase yours. 

Ksw3

Yes I've been in this situation. 6 failed bids down and still waiting to 'win'. Even had a second round of best and final.  It's crap but it's a seller's market in a world revolves around money. 

lookstraightahead

comeandgo said:

The words ethical and moral do not fit with estate agents and the English system of house buying.  The EA is trying to maximise the sale price, it’s their job to do that.

Absolutely true.

IAMIAM

In a nut shell....this is the world we live in at the moment....its a SELLERS market.

Sellers do what they like in association with their representatives aka the estate agent.

Sealed bids, open viewings, selected days only for viewings, specific buyer criteria, remarket, increase price due to too much attention, cash buyers only, lie about sealed bids, full and final offers, then reject and remarket, find another buyer if valuation doesn't match offer price. The list is endless.