Best & Final Offer On House - how to pitch it to be successful

masjntt1977

Hi

I have to submit my best and final offer for a house I really like.

There has been enough interest for the agent to remove the listing from Rightmove. 

We viewed yesterday, agent said owner won’t accept lower than asking price and only wants offers from those who are proceedable.

I’m in a strong position ( I completed on Fri and have cash in bank ) I won’t be needing a mortgage / finance, have a solicitor in place and can move at buyers pace. 

I believe due to the amount of interest in the property that I am going to offer asking price or higher to be successful 

Other than explain in my offer what I ve explained are there any other suggestions that may help me cinch this house ? 

I believe the asking price to be fair, I’m unsure of whether to offer that or go over and if so by how much 

If my bid isn’t successful - can I resubmit after a best and final offer? If so how would I go about that 

Sorry  for so many questions 
Thank you 

masjntt1977

This thread is asking for advice on submitting a successful best and final offer.

It is the same house but asking for slightly different advice - my last thread which was similar took a turn in discussion away from my original question so thought would be easier to start a new thread for this and allow old threads discussion to continue for those that still wanted to comment on epcs which was never a part of my original thread. 

sheramber

best and final offer

That would indicate you won't be given the chance to increase your offer.

However, if no offer reached the sellers minimum  proce then it may be opoened up again.

Herzlos

How much are you willing to pay for it? Pick that figure and go with that, making it clear you have the cash in the bank and are chain free. Some buyers will take the quick sale over a 1 or 2 % price difference.

jimbog

Based on what you have said earlier I would go straight in at the asking price with an explanation of the strong position you are in.

You may be asked if you want to increase your offer to match someone else's (maybe because you are desirable) but so might other people. You might just not hear again - would you then regret not having offered over the asking price?

masjntt1977

jimbog said:

Based on what you have said earlier I would go straight in at the asking price with an explanation of the strong position you are in.

You may be asked if you want to increase your offer to match someone else's (maybe because you are desirable) but so might other people. You might just not hear again - would you then regret not having offered over the asking price?

Thank you 
I had originally hoped to get the property a little lower than asking price given that my position is quite strong - obviously the popularity of the property I think means I would have to offer asking price as bare minimum - I could go higher but didn’t particularly want to buy then equally if I lost out by a couple of K I would be annoyed at myself 😱.  I’m just finding it so hard to make a decision - I’m getting on my own nerves let alone probably everyone’s on here 🙈.

Whitlane

In these situations I have always gone for the maximum that I am comfortable to pay for a property.

That way if I get it then great (even if it’s way over what other people may have bid) and if I don’t then I know it was all I could afford or was prepared to pay.

Taking that approach you don’t end up with any regrets.

Jonboy_1984

Whitlane said:

In these situations I have always gone for the maximum that I am comfortable to pay for a property.

That way if I get it then great (even if it’s way over what other people may have bid) and if I don’t then I know it was all I could afford or was prepared to pay.

Taking that approach you don’t end up with any regrets.

This - and bear in mind that by the time this and any sale complete, and the actual price you lost by is a matter of public record, you will likely have completed on another property and no longer care...

(Or alternatively if it falls through at an early stage they may go to second best offer, as happened in our case)

eddddy

masjntt1977 said:

Other than explain in my offer what I ve explained are there any other suggestions that may help me cinch this house ? 

Realistically, the amount you offer will be the most significant factor.

For example...

• If you offered me £x saying you hope to complete in 6 weeks
• Somebody else offered me £x+£5k saying they hoped to complete in 10 weeks (because they need a mortgage)

I'd probably wait 4 extra weeks, in order to get an £5k extra in my pocket. (Although maybe it depends on what else is happening in my life at the time.)

masjntt1977 said:

If my bid isn’t successful - can I resubmit after a best and final offer? If so how would I go about that 

You can submit an offer anytime up to exchange of contracts.

If you submit an offer to the estate agent, by law, the estate agent must pass it on to the seller.


But it might make the estate agent very angry, and they might try very hard to deter you - and they might recommend to the seller not to accept your new offer. (And they probably won't tell you what the current winning offer is.)

Essentially, it makes a mockery of the process, if everyone continues to make more offers after the closing date and it turns into an extended auction.

But ultimately, it's up to the seller to decide whether their morals allow them to let you 'gazump' the offer they've already accepted.

RelievedSheff

Just offer what you are comfortable offering.

Would you be annoyed if you lost it over a few grand?

theartfullodger

BAFO is often in my experience neither best nor final...