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    • Chris422
    • By Chris422 6th Aug 18, 2:45 PM
    • 1Posts
    • 0Thanks
    Chris422
    First time buyer, unusual reply from estate agent.
    • #1
    • 6th Aug 18, 2:45 PM
    First time buyer, unusual reply from estate agent. 6th Aug 18 at 2:45 PM
    Hi guy's,

    First time posting. I've recently just put in a offer for a house and the estate agent got back to me with the following.

    Multiple offers have been put forward, come back with your final and best offer and we'll present them to the vendor in a few hours. (1:30 hours from now).

    I find this weird. They didn't tell me if I was outbid nor did they tell me the highest bid. Unsure if they're trying to get more money out of me or they're being honest.

    I put in a offer ~5% less than the price advertised.

    Thoughts?

    Thanks in advance.

    - Chris.
Page 1
    • Linton
    • By Linton 6th Aug 18, 2:51 PM
    • 9,826 Posts
    • 10,087 Thanks
    Linton
    • #2
    • 6th Aug 18, 2:51 PM
    • #2
    • 6th Aug 18, 2:51 PM
    If there are a lot of offers rather than trying to negotiate on all of them individually in parallel it is common for AEs/vendors to go to "Best and Final offers" so that the house can be sold quickly with minimal hassle.


    So put in an offer of what you think the house is worth to you and hope for the best.
    • RiversTam
    • By RiversTam 6th Aug 18, 2:52 PM
    • 64 Posts
    • 79 Thanks
    RiversTam
    • #3
    • 6th Aug 18, 2:52 PM
    • #3
    • 6th Aug 18, 2:52 PM
    We had the same when buying our home - there's was several offers put in, so they asked for bed offers and it meant no haggling.
    Just email or ring with you final best offer and wait and see.
    The vendor picked our bid even though it was 2k less than top one as we weren't in a chain.
    The trouble with having an open mind, of course, is that people will insist on coming along and trying to put things in it.
    • lookstraightahead
    • By lookstraightahead 6th Aug 18, 2:55 PM
    • 476 Posts
    • 447 Thanks
    lookstraightahead
    • #4
    • 6th Aug 18, 2:55 PM
    • #4
    • 6th Aug 18, 2:55 PM
    I would look elsewhere personally. No house is with haggling over in my opinion.
    • SteveKendo
    • By SteveKendo 6th Aug 18, 3:02 PM
    • 5 Posts
    • 0 Thanks
    SteveKendo
    • #5
    • 6th Aug 18, 3:02 PM
    • #5
    • 6th Aug 18, 3:02 PM
    Vendor trying to avoid a dutch auction that could go on forever. Its pretty normal these days especially if there is a lot of interest for them to ask for 'sealed bids'.
    • Comms69
    • By Comms69 6th Aug 18, 3:03 PM
    • 4,952 Posts
    • 4,978 Thanks
    Comms69
    • #6
    • 6th Aug 18, 3:03 PM
    • #6
    • 6th Aug 18, 3:03 PM
    None of this is relevant. You can supply an offer tomorrow and be accepted.


    Until contracts exchanged nothing is certain
    • G_M
    • By G_M 6th Aug 18, 3:06 PM
    • 45,564 Posts
    • 54,793 Thanks
    G_M
    • #7
    • 6th Aug 18, 3:06 PM
    • #7
    • 6th Aug 18, 3:06 PM
    Indeed.
    If you 'best/final' offer is rejected, you can still put in a higher one.


    The seller might or might not consider it.
    • sal_III
    • By sal_III 6th Aug 18, 3:17 PM
    • 651 Posts
    • 663 Thanks
    sal_III
    • #8
    • 6th Aug 18, 3:17 PM
    • #8
    • 6th Aug 18, 3:17 PM
    5% under asking is quite significant. It's true that it's not exactly sellers market these days especially in London/SE, but still. If it's new on the market it's unlikely the Vendor will entertain such offer.

    The only "final offer"* is the one that is accepted and takes the property off the market.

    *In quotes, because even that might not be final if the deal fells through before exchange
    • Linton
    • By Linton 6th Aug 18, 4:02 PM
    • 9,826 Posts
    • 10,087 Thanks
    Linton
    • #9
    • 6th Aug 18, 4:02 PM
    • #9
    • 6th Aug 18, 4:02 PM
    Indeed.
    If you 'best/final' offer is rejected, you can still put in a higher one.


    The seller might or might not consider it.
    Originally posted by G_M

    Yes but that is the case with any offer right up to exchange of contracts. Fortunately most vendors would keep to an agreement to sell. An agreement to sell is the outcome of the best and final process. I suspect an EA would be wary of continuing to deal with a client who demonstrated that they were not acting in good faith.
    • Comms69
    • By Comms69 6th Aug 18, 4:07 PM
    • 4,952 Posts
    • 4,978 Thanks
    Comms69
    Yes but that is the case with any offer right up to exchange of contracts. Fortunately most vendors would keep to an agreement to sell. An agreement to sell is the outcome of the best and final process. I suspect an EA would be wary of continuing to deal with a client who demonstrated that they were not acting in good faith.
    Originally posted by Linton
    Huh? What does this mean
    • eddddy
    • By eddddy 6th Aug 18, 4:16 PM
    • 7,089 Posts
    • 7,059 Thanks
    eddddy
    ...An agreement to sell is the outcome of the best and final process. I suspect an EA would be wary of continuing to deal with a client who demonstrated that they were not acting in good faith.
    Originally posted by Linton
    I really can't believe that.

    The EA will have found a buyer who wants to proceed. I can't see that an EA would walk away, when there is the prospect of a commission cheque just a few weeks away.


    Although bear in mind that the OP's offer may already be the highest. The EA may just think the OP has more to offer, so is pushing a bit.
    • Cheeky_Monkey
    • By Cheeky_Monkey 6th Aug 18, 4:20 PM
    • 1,853 Posts
    • 4,050 Thanks
    Cheeky_Monkey
    I find this weird. They didn't tell me if I was outbid nor did they tell me the highest bid. Unsure if they're trying to get more money out of me or they're being honest.
    Originally posted by Chris422
    I used to be indecisive - now I'm not so sure
    • datlex
    • By datlex 7th Aug 18, 6:15 PM
    • 1,798 Posts
    • 1,704 Thanks
    datlex
    Out of interest OP did you use the estate agent's mortgage broker or in any way let them know your full budget?
    • MysteryMe
    • By MysteryMe 7th Aug 18, 6:33 PM
    • 1,987 Posts
    • 2,405 Thanks
    MysteryMe
    I was helping my mother sell her house, she received two full asking price offers within a short space of time so I told the agent to get back to the buyers and ask for their best and final offer. I had absolutely no idea who could afford what. One buyer kept to their original offer and the other upped their offer by 1500 and they got the sale. Sometimes it's as simple as that, there is not always some dark motive behind everything.
    • bouicca21
    • By bouicca21 7th Aug 18, 7:02 PM
    • 3,956 Posts
    • 6,270 Thanks
    bouicca21
    What's the market like in your area OP? This was exactly the kind of behaviour of EAs when London property prices started to explode a few years ago.
    • Doozergirl
    • By Doozergirl 7th Aug 18, 7:10 PM
    • 25,951 Posts
    • 70,173 Thanks
    Doozergirl
    I was helping my mother sell her house, she received two full asking price offers within a short space of time so I told the agent to get back to the buyers and ask for their best and final offer. I had absolutely no idea who could afford what. One buyer kept to their original offer and the other upped their offer by 1500 and they got the sale. Sometimes it's as simple as that, there is not always very rarely some dark motive behind everything.
    Originally posted by MysteryMe
    I went a bit further for you.

    All these tales that people tell of agents being snidy is simply a way to get vendors and purchasers to meet at a point that everyone is agreeable to. There's no motive to get buyers to pay more than they need to, they need everyone to be as comfortable as possible with the agreed price to make sure it turns into commission. They give a hard time to vendors too! 1-2% of something is better than 1-2% of nothing and ultimately they being paid to sell, not to indulge everyone - hardly anything would get sold if they did!
    Everything that is supposed to be in heaven is already here on earth.
    • Thrugelmir
    • By Thrugelmir 7th Aug 18, 7:16 PM
    • 60,195 Posts
    • 53,525 Thanks
    Thrugelmir
    I find this weird. They didn't tell me if I was outbid nor did they tell me the highest bid.Unsure if they're trying to get more money out of me or they're being honest.
    Originally posted by Chris422
    Submit the same offer. If you have no wish to bid higher.

    A property is only worth what somebody is prepared to offer.
    Financial disasters happen when the last person who can remember what went wrong last time has left the building.
    • ThePants999
    • By ThePants999 7th Aug 18, 9:55 PM
    • 1,288 Posts
    • 1,660 Thanks
    ThePants999
    Last time we sold, we were listed at OIEO X and got two offers of X. So the agent asked for best and finals, and they came back X and X+10K. Bang, done. Much simpler for everyone involved than trying to run some kind of bidding war, especially if you have MORE than two offers.

    On our purchase, it was even simpler than THAT - the house had an open day for viewings, and the agent made clear to everyone on the day that the process was best and final offers only, by a deadline two days later. So everyone just put in one offer, and the best won. (We went 17K over asking, but have no regrets at all.)
    Last edited by ThePants999; 07-08-2018 at 9:59 PM.
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