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

masjntt1977

RelievedSheff said:

Just offer what you are comfortable offering.

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

Yes I would kick myself tbh but at the same time I don’t want to over offer. I ll just keep thinking it all through - thank you 😊 

chanz4

just because agent says asking, doesnt mean have to they likely bluffing

Gavin83

masjntt1977 said:

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 

I agree with some of the others. Ultimately the most important aspect is what you offer. Circumstances come second to that. If you and someone else offers the same amount then your cash buyer status will likely help but most vendors would rather have extra £ in their pocket than a slightly easier sale.

In your shoes I'd offer what I'm comfortable with. If you really wanted to offer asking my advice would be to offer slightly over by a few thousand. There's likely to be a number of people submitting bids at asking and the extra few thousand could well separate you from the rest. You might get someone offer way over asking (happened to us twice) but there's not much you can do about that.

Anyway technically speaking best and final isn't the end and you can offer again afterwards. However I expect the EA would recommend the vendor doesn't accept and I'd like to think most vendors wouldn't entertain such an offer. I wouldn't.

RHemmings

RelievedSheff said:

Just offer what you are comfortable offering.

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

As a house buyer, I've already come to the conclusion that it's very possible that I'll end up losing a house over a few grand. I think it can't be avoided without offers considerably over market value. 

Chemistry777

Another factor that could help you if you are willing to do it,, is to say that you are a cash customer and are prepared to move forward at the price you are proposing with "no survey".   

A survey is not mandatory as you are not getting a mortgage and in some circumstances they are not worth it anyway.

Sellers will often see surveys as a vehicle for a buyer to get the price down post acceptance of an offer.  So proceeding "as seen" could be very attractive for them if want to take the risk.

We didnt get a survey (for many valid reasons) and had no problems at all.

masjntt1977

Thank you some really helpful comments there would it be better to submit my offer nearer to deadline ? I think this was suggested earlier in this post ? 

Chemistry777

Our sale went to BAFO and previous bidders were given a deadline by which to submit their revised bids.  Our estate only contacted us after the deadline to give us all the updated info. 

incidentally  we  went with the highest bidder and the whole sale collapsed 3 months later.   Lesson learned for us

RHemmings

Chemistry777 said:

Another factor that could help you if you are willing to do it,, is to say that you are a cash customer and are prepared to move forward at the price you are proposing with "no survey".   

A survey is not mandatory as you are not getting a mortgage and in some circumstances they are not worth it anyway.

Sellers will often see surveys as a vehicle for a buyer to get the price down post acceptance of an offer.  So proceeding "as seen" could be very attractive for them if want to take the risk.

We didnt get a survey (for many valid reasons) and had no problems at all.

As a first time buyer the concept 'no survey' strikes fear into my heart like an icy dagger. 

jimbog

masjntt1977 said:

Thank you some really helpful comments there would it be better to submit my offer nearer to deadline ? I think this was suggested earlier in this post ? 

I wouldn't. I would also ring them to confirm that they've received it

Herzlos

eddddy said:

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.)

Would you do the same if the higher offer had a property that was yet to go on the market? It might be completed in 10 weeks, it might be longer.

With our recent sale we'd discussed going with a chain free offer as long as it was within maybe £3k of the highest, because we didn't want to hang about for weeks waiting to find out if it'd fall through.

In the end the highest bidder was chain free anyway so we didn't have to put our money where our mouth was though.