Why would EA suggest likely to go to best and final offers with only one offer on the table?

amboo.13

Love the house. I put a serious offer on the table after that, although am willing to stretch my budget as it’s the right place. I know best and final is common these days but it seemed a strangely premature thing to say at the point when there is apparently only one offer down. Unless they had a lot of enquiries and are basing it on that?

eddddy

Did you give the EA the impression that you might increase your offer?  For example, did you describe it as "an initial offer" or similar.

If so, the EA is probably encouraging you to make your best offer now, to save all the "back and forth negotiation".

It's up to you whether you do that - or whether you say your current offer is your best and final offer. (As you can always change your mind.)

MeteredOut

Is the "serious offer" below the asking price? Perhaps the EA does not think its a serious offer.

AskAsk

It could be anything. 

1.  The EA could be using that to get you to increase your offer
2.  Your offer could be falling short of what the seller would accept as a minimum
3.  The seller may only have one offer on the table but it may be one that is already acceptable to him so the EA is waiting to see what your best offer is before the seller makes a final decision between the 2 offers

How long has the property been on the market?

amboo.13

It’s been on the market a week. I have offered a bit over asking, which was my plan and I felt like I wanted to do after being told the existing offer is at asking. 

I am interested in making a best and final offer to try to secure it, but I am worried such an offer made too soon would be used as leverage for another offer to be made, since EA told me about offer at asking. I’m wondering if I wait til next viewings are completed before making my best and final? Or wait til/if the sea calls a best and final round (which they’ve said is likely). 

Any tips on probing questions I could ask EA?

sheramber

it might be The eat the EA will know the market locally and may just be advising you not expect an answer on your offer at present.

AskAsk

amboo.13 said:

It’s been on the market a week. I have offered a bit over asking, which was my plan and I felt like I wanted to do after being told the existing offer is at asking. 

I am interested in making a best and final offer to try to secure it, but I am worried such an offer made too soon would be used as leverage for another offer to be made, since EA told me about offer at asking. I’m wondering if I wait til next viewings are completed before making my best and final? Or wait til/if the sea calls a best and final round (which they’ve said is likely). 

Any tips on probing questions I could ask EA?

A week is too early for a seller to accept an offer, although it isn't impossible that they could accept an offer and take the property off the market that early.

I think the agent is trying to get a bidding war going.  You could ask the agent if your offer as it stands is acceptable to the seller, so you could buy time and let them think that you may increase your offer or you may not, but you are still in the race.

MeteredOut

Since you offered over asking, the only way I'd offer more now is if they accept it and take the property off the market.

Bigphil1474

Sounds like the EA is wanting to get more people bidding. I would be surprised if a seller accepts a week into being in the market, as the EA is probably telling them they can get more as it's clearly an interesting property. Maybe they marketed at the lower end of the range to drum up interest. Personally, I'd make a final offer and tell them to take it or leave it, and look elsewhere if they don't accept it.

TheJP

I went to best and final on day 2 of my house being on the market with 2 bidders. I knew they were both keen and i wanted to get on with it. 

Jemma01

Offering over the asking price is already too much. You're pushing the price up for yourself and for other people.