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

Martico

No harm adding a few lines to appeal to their ego/emotions - if (as it sounds) it's a house they've taken great pride in, let them know of any particular things that you like. Particularly if it's a detail that you think they've invested in or are proud of. People like to know that their legacy will be looked after

dannim12345

We were told (who know if it’s sure) when we bought our last house the family choose us over another offer as we were a couple who were gonna make it their home. So anything like that could help too. 

When we sold we went to BAFO’s, the two highest were the same and we chose the FTB over a very small chain that was almost ready to exchange. 

Bigphil1474

When I sold my dads house earlier this year, we accepted the lower of two offers as the higher offer was from a couple who had a house that the estate agent said would be difficult to sell (something about it being metal framed), and the other offer was from a FTB. There was only £1k in it, so it made sense to me at the time.

OP, I'd offer what you can comfortably afford. If that's asking price or above asking price, it doesn't really matter. You are very unlikely to lose out financially in the long run as most properties go up in value over the long term. If i was buying a house that I loved and expected it to go for a high price, and I could afford it, I'd be looking at a few £k over asking price and see what happens.

MobileSaver

Gavin83 said:

Anyway technically speaking best and final isn't the end and you can offer again afterwards. ... I'd like to think most vendors wouldn't entertain such an offer. I wouldn't.

Ditto, I've been that vendor and the unsuccessful bidder was apparently rather unhappy that I wouldn't accept her revised higher offer.

Chemistry777 said:

say that you are a cash customer and are prepared to move forward at the price you are proposing with "no survey".   ...  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.

Again, ditto, the last house I bought I didn't bother with a survey and I used this as one of the positives to seal the deal.

When buying my own house I did want a survey as it was a seven figure, hundred year old property but I made it clear to the seller that I was a cash buyer and that I wouldn't try and renegotiate the price unless the survey threw up really serious and unexpected issues.

caprikid1

"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."

AS has been said offer what you are comfortable with, I suspect anyone else really interested with a good position will offer asking.

Personally I would always go a bit above what I am comfortable with if I can afford it, just because I would not want to miss out on a small amount.

For a £250K
If I thought the house was right for the market and had no issues to put buyers off and priced correctly I would be thinking of £253-£255K. There is likely to be someone in an equally good position as you who may offer asking too.

Property does feel to be moving again now so prices may remain static / climb now.

masjntt1977

Thank you again some more really good points and advice etc

caprikid1

One thing to be sure in 10 years time you will probably not remember what you paid or really care about £5K. That said £5K in your pocket now is a chunk of money that could make a difference. That is the problem, now £5K feels a lot in the future with 10 years in the house of your dreams you would not really care about that £5K.

masjntt1977

**Update**

Agent contacted me to advise she had received a cash offer in excess of asking price.

After further probing she told me offer is more than £330k but less than £340k ( asking price was £325k)

There 45 mins of viewings booked in for tomorrow and offers to be in by 9am  Monday 

jj_43

Sounds to me it’s all about the price and the agent should be checking all offers can proceed. I’d be asking myself why I’d want to be in this situation and be detective about whether what the agent is saying can be independently confirmed.

masjntt1977

From what I can establish I think it’s two cash buyers going head to head and certainly I agree now price is going to be the factor 

My gut feeling is the agent was being truthful, I know it’s difficult to totally read people, she seemed to take a liking to me from the start but bottom line I know is business is business. 

I wish I wasn’t in this position in all honesty- love the house, location etc.

Didn’t mind going over asking price but didn’t want to be in a bidding situation either which I’m now at. 🤦🏼‍♀️